<p>No, I think they put what they think you need to meet COA in your package. But you are entitled to a federal loan of 7,500 total for junior year, so if you didn’t use it you should have that available. You can contact the your FA office to tell them you need to take the total. There is also the ability to take out the rest you need from Parent Plus loans if your parents qualify. </p>
<p>well, I am thinking of getting private loans. Anyone have any suggestions for that ?</p>
<p>Yes. Don’t do it.</p>
<p>@ Erin’s Dad, why do you suggest not taking private loans ?</p>
<p>Private loans do not offer all of the protections that federal Direct loans do. Direct loans have the benefit of fixed interest rates, income based repayment, and you do not need a co-signer to be approved. If a private loan is your last option, really make sure to review all of the fine print to determine the interest rate, repayment plans, and deferment/forbearance options. All private loans set their own policies, so they vary from lender to lender. </p>
<p>@kgos16 thanks for the information. I have a Discover Card and I recently found out that they have loans that cover full financial aid and I can have them deferred while I am at school. It sounds too good to be true. </p>
<p>You REALLY need to take a look at the interest rate they offer, and if you will need a co-signer or not to be approved. You will want to see what the payments will look like when you are finished with school. For some loans, you might be paying 10% of the balance every month, which can be unaffordable for new college grads depending on your income. Also, (heaven-forbid) if you were to pass away, will the Discover loan be forgiven? Most private loans do not offer this protection, whereas the federal loans do. </p>
<p>Always use federal Stafford loans (and Perkins if they are offered to you) before considering any other type of loan. (There are a very few exceptions, such as some families with excellent credit and large amounts of home equity may have cheaper options). </p>
<p>@cptofthehouse, I spoke to the financial aid office but the only response I receive is “you get what fits your budget.” </p>
<p>The issue I think you are facing is that the school cannot give you need based aid that exceeds the cost of attendance. </p>
<p>Having said that…if you are a senior now, you should be able to take a $7500 Direct Loan, but I believe only $3500 can be subsidized. Go to your financial aid office and ask how to get that total loan. They will tell you.</p>
<p>Re:past years…they are past years. I don’t believe you can do anything about the academic years that are now closed…over. </p>
<p>And I agree with the above posters who note that $4000 of summer expenses would,have been your financial responsibility. </p>