<p>On the fafsa website it says that the max a student can borrow for all 4 years is $31,000, but what if the school I am going to cost more than that, will my parents have to take out the rest or can I take out more if needed? They have $0 in saving for college so all of it has to paid out of loans and my parents are taking out a 25k loan for each of their kids, so I need to take out $49,000, but the max is $31,000, so I have a big problem. I can't take out a private loans because my parents credit is horrible and I didn't get any aid because they make 145k, what can I do?</p>
<p>The maximum aggregate Stafford loans for a dependent student are $31,000. If your parents apply for a PLUS loan and are turned down then you are eligible for an additional $4,000 a year unsub Stafford loans. But they must apply for the PLUS loans and they must be turned down. </p>
<p>There are also student loans called Perkins loans. These have very limited funding and some schools do not even have Perkins funds to award. Schools that do have Perkins funds set their own criteria for awarding them and also set their own maximum amounts (though I think the max allowed cannot be over $4000 in a year). Often they are awarded to students with high need. So getting them with a parent income of $145k is iffy.</p>
<p>If you do not qualify for the additional PLUS or for Perkins loans then the only other option is private loans. Those would require a cosigner.</p>
<p>$49,000 is a lot of debt to start your life with. I hope you have some more affordable options.</p>
<p>So I will have to take out the 31k and have my parents take out the rest, but I will have to help them.</p>
<p>School 1 - Private
Me - 31k
Parents - 43k</p>
<p>School 2 - In-State Public
Me - 31k
Parents - 37</p>
<p>Schools 3 and 4 - OOS Public
Me - 31k
Parents - 105k</p>
<p>$136k total debt for an OOS state schools seems ridiculous to even consider. If your parents credit is horrible then they may have difficulty with $105k in loans. Sometimes parents start off taking high loans for year 1 of an expensive school then lenders refuse to lend them more in subsequent year because they have too much total debt. </p>
<p>I would suggest focusing on the more affordable options. Any chance of merit aid? That can make a huge difference.</p>
<p>my parents are taking out a 25k loan for each of their kids, so I need to take out $49,000, but the max is $31,000, so I have a big problem. I can’t take out a private loans because my parents credit is horrible</p>
<p>How are your parents going to take out a $25k loan for each kid if their credit is horrible? </p>
<p>No out of school public is worth that much debt. That is crazy. Don’t even consider it. You seem to think your biggest problem is getting these extra loans. Let me tell you this…your bigger problem would be if you got those loans and had to try to pay them back. </p>
<p>BTW…there’s no way your parents will qualify to borrow $105k if their credit is bad. Also, how would they be able to borrow for your siblings if they have this outstanding debt with your education. </p>
<p>What school is school #1 and school #2? (School #3 is UDel or UMass…not worth that much debt as an OOS student!)</p>
<p>Did you apply to any in-state publics that you could commute to? If you didn’t, you should quickly apply to some to minimize your debt. At a minimum, you could go locally for 2 years and then transfer…a lot less debt that way.</p>
<p>Sometimes parents start off taking high loans for year 1 of an expensive school then lenders refuse to lend them more in subsequent year because they have too much total debt.</p>
<p>Exactly…then the student ends up going locally for the rest of his education. So, he ends up with a diploma from the local college. However, if he went locally first, then transferred, he’s have a diploma from his favorite school.</p>
<p>Just curious…what is your intended major and likely future career? How much do you think you’ll be earning during the early years after graduation? Do you plan to live at home for many years after graduating???</p>
<p>Is Stonybrook your instate choice?</p>
<p>What is the private school?</p>
<p>York college of PA is the private and Stony Brook is the in-state school, they cost about the same becuase I got 4k a year for York. I will probably end up going to York because I won’t get in the other schools. So I will need to take out 49k.</p>
<p>My intend major is Mechanaical Engineering and I can live at home after graduation for as long as I need to rent free.</p>