<p>Yes, the $5500 is the amount that you can borrow without a willing and qualified co-signer. </p>
<p>So, when you say that you’ll be paying for college, that sounds like you planned on borrowing the money. But, you won’t be able to borrow much.</p>
<p>You may not have intended to have to consider costs at this point, but the college app process is very time-consuming and expensive. Unless you have a lot of money for applications and sending scores, and a lot of time to do all these apps, you should consider whether you’d be wasting your time and money with too many schools that won’t likely work out.</p>