What are the rules of thumb and limits for borrowing?
Your daughter will be able to borrow the following:
Freshman 5500 (3500 sub, 2000 unsub)
Sophomore 6500 (3500 sub, 3000 unsub)
Junior/senior 7500 (3500 sub, 4000 unsub)
the graduate school part of the degree $20,000 all unsub (after completing the undergrad degree as she would be an independent student. Otherwise, she would still be a dependent student).
For PLUS loan, you can borrow the full cost of attendance - any financial aid. If you are denied a plus loan, then your D can borrow an additional 4k unsubsidized.
^^ Some of the undergrad may not be subsidized either. You have to qualify for that, and last year with ~$20k efc for each of my kids, they did not qualify as the merit and other awards brought they remaining amount owed into that EFC range.
So if school is about $50k/yr, and they borrow about $7k, that leaves $43k. I’m guessing no one is giving me PLUS loans for that amount x 4 or 5 years x 2 kids… ?
You can take a Plus Loan up to the cost of attendance every year…but honestly, that would be $160,000 in loans for you, plus $28,000 in loans for your student. That is a LOT of loan money for undergrad school, and I would not suggest it if there is any alternative.
Right, I agree. Just testing the limits. Is that unsecured debt? I do plan to pay about $20k per year per kid, and will have to pull from retirement funds.
Sybbie, even Oneonta’s 4 year pre-PA program at SUNY prices funnels to Albany Med for 2 years with a total cost of $116k. It seems there is no reasonable alternative.
Yes…you can borrow for all four years. . You just have to be current on your bill paying and have a reasonable income (which you have). Really, qualifying for a Plus Loan is not all that hard.