<p>How do I go about getting Student Loans? I just completed the school's financial aid packet but still need additional funds? How can I start this process and what am I looking for? I am trying to get all the loans myself and leave my parents out of the loan process...</p>
<p>Thank you!</p>
<p>Depending on how much you need, you may not be able to leave your parents out of the process.</p>
<p>I’m assuming that you’ve completed the packet and have already borrowed the maximum amount of Stafford loans. The max for the first year is something like $5,500 if you are a dependent student. After that, you kind of have to get your parents involved, because there are very few resources for dependent students to borrow from beyond the Stafford loans.</p>
<p>Your parents can apply for a Parent PLUS loan. If they are accepted…well, they are. If they aren’t, then you are eligible for an increase in your Stafford loan amount to the independent limits. But if your parents have reasonably good credit they likely won’t be turned down.</p>
<p>It’s also exceedingly difficult for students to take out private loans by themselves. Before the recession there used to be companies like Astrive that lent money at really high interest rates to students who wanted to borrow their own money and didn’t have or want co-signers. Since the recession, a lot of these companies crashed and burned, so really the only place to turn to for private loans are banks like Bank of America or Citibank. These places do <em>not</em> give private loans to dependent students easily, especially in the wake of the recession - I remember I was looking this info up in 2005 or 2006, well before the recession, and you had to have proof of steady unbroken income for 2 consecutive years before they would even consider you. Bank of America doesn’t even originate student loans anymore.</p>
<p>Citibank claims that they accommodate a wide range of credit histories, so you may want to inquire there.</p>
<p>Did your FA package include Stafford loans? If so, how much. </p>
<p>You’re limited to a certain total without parent involvement.</p>
<p>While I don’t recommend private loans without your parents consent, is it at all possible for you to go outside your immediate family such as a successful uncle or grandparent to either help you cosign a private loan or preferably loan you the money themselves at cost? alternatively, have you considered working a summer job or maybe taking a gap semester and working full-time during the winter so that you can enroll for the spring semster (calleges will sometimes agree to defer your acceptance for 1 semester like that, ASK!)</p>