How to request more federal loans?

I completed my first semester, paying out of pocket for the amount financial aid didn’t cover, and I thought that I had enough to cover next semester as well. Some things happened and it turns out I don’t. I have $1000 in unsubsidized and $1750 in subsidized loans currently, so I was wondering if I could request more. I need at least a down payment of $845 by January 21st and I cannot get a private loan with my current income and credit score. I was just wondering if i could request more and how I would do that.

Have you checked your college’s financial aid portal? At my son’s school the federal student loans were listed in his package and we could go to the website to accept them. The federal student loan amounts are $5500/year for freshmen, $6500/year for sophs, and $7500/year for Juniors and seniors. If you only too $2750 then it seems like you should have some left to take for next semester.

My school has the amounts listed that I took out, but not how much I can still take. I accepted the loans at the beginning of the year but never got an option for more. Should I just email the financial aid office and see if I can adjust it?

Are you a freshman? If so, the maximum loan will be $2750 per semester. You won’t get more than that, so if you need an additional $845 to cover the spring semester you should talk to your financial aid office to ask about getting on a payment plan. Can you pick up some extra hours at work to make up the difference?

That’s actually what the $845 for is the down payment to enter a payment plan. It won’t let me enroll in a plan without a down payment. I can try, but I do freelance work and I know there’s almost no way I can make that much in this time span. I can email the financial aid office and see if they can extend it maybe

Did you take $2750 in loans for first semester, and are taking $2750 for second semester? Then that would be the $5,500 a year you can take as a freshman.

You’re parents could apply for a Parent Plus loan.

Are you working right now?

Yes, and I took $2750 for each semesters and still owe $2300 roughly for the spring semester. My worry about the Parent PLUS loan is my mom has terrible credit and my dad is nonexistent, but im going to see if she’ll apply for it. I just wanted to know my options.

I am working, but it’s freelance online work so my pay is sporadic.

It sounds like you already maxed out the federal loans. Freelance is a tough way to fund college. Can you work a part-time job for regular income until you catch up?

Talk to the financial aid office to see if they can extend the due date. If not, you could defer for a semester and use the time to try to save some money.

I’ve been looking for a job outside of freelancing, but I don’t have a car and the ones I’ve applied to haven’t responded to me. I think that’s what I’ll do, the financial aid office extended my last payments from last semester until I caught up. I just wanted to see what my options were.

There’s no way to extend the loan amounts? Special circumstance graces or something?

There’s no way in your situation to take out more than $5,500 in federal direct student loans…as said above, any other loans would require a co-signer. Talk to you fin aid office and discuss the situation.

It does sound like this school may not be affordable, especially if you don’t have regular cash flow from working. Are you living on campus or commuting to school?

Next year, you will be able to take out $6,500 fed student loan, then $7,500 each of the next two years…is that going to be enough?

My school’s main attraction to me was that it’s the cheapest in my state, I just screwed myself over majorly with scholarships and GPAs and not having any savings. I’m currently living on campus, in the cheapest dorm. For the next couple years, the increases should be enough. As of right now, I only have about $2000 not covered with loans and grants, so I think next year would be mostly covered.

One (possibly) stupid question; to apply for the PLUS loan, would I do that on my student aid account or would my mom do it on her own account?

So next year you would still be short at least $1K, correct? With next year’s loan you will only receive $1K more than you received this year. I strongly recommend that you get an on-campus job to have steady income. If you work 10-12 hours per week, you should be able to make $2K each school year.

Your mom would have to do that, and it will be her credit history evaluated for the loan and she will be the one responsible to pay the loan back.

I’ll look into it. I know a senior friend who works in the library, she may be able to recommend me for an opening.

That’s what worries me. Thank you for all of your help though, I know I’m a bit ridiculous

No. You have the maximum federally funded student loan for a freshman already.

Your parent would need to apply for the Parent Plus Loan. That’s a parent loan.

You say you are “freelancing”? Doing what? Can you get a paying job on campus starting next term? If you work 10 hours a week at $10 an hour, you would earn $400 a month…and 300 or so would be take home. You would be able to earn that $875 in a few months.

Is there anyone in your family who would extend you a $875 Loan? Or maybe put this on a credit card? I would want a written contract with you guaranteeing repayment.

You knew about this shortfall of money when you started at this school, right? Hoping you had a summer job last year and a school based job this last term.

ETA…your school wants $845 to set up a payment plan for $2000? Are you sure? I guess that is possible because you only have until the end of this academic year to make full payments for this academic year. That means if you start in January, you would only have 4 months or so to complete the payments for the full amount. My guess is this $845 is your monthly payment for the next few months and they want the first payment up front.

I’m freelancing doing online transcriptions and writing. I generally make $50-200 per week, depending how much time I get to work, but it’s been slow lately.

I didn’t know. My mother told me that she had the money for both semesters saved and that she would pay my first year. She paid most of the first semester, then some personal things happened and that money went to something else without my knowledge. I only found out at the end of the first semester when she couldn’t make the payment. I could ask my dad for part of it, although I highly doubt he’d give it. I have a credit card with a $300 limit I could use for some of it, I was saving it for a last resort.

I didn’t have a school job last semester as there weren’t any openings, but I’m looking into it.

What are you doing over your break. One of my kids made a ton of money babysitting over the holiday break.

In terms of school jobs…just don’t be picky. There are usually openings in the dining halls and call centers. They aren’t glamorous but they do pay a salary.

Ask your dad what he can pitch in…and your mom. Maybe between the two of them, they can help you out for this second term.

Over break I’ve been helping out my mom at work, unpaid, due to an injury and while I’m there I’ve been picking up some more transcription jobs online. I also have been walking dogs, but that wasn’t very lucrative.

I know a few openings in the food court I could apply for.

My mom, whenever I try to talk to her the answer is “we’ll figure it out.” I’ll keep asking, try to split it between me and her and maybe my dad if he lets me talk to him.

Also, the $845 is the down payment and the remaining balance is split into two equal payments over the semester or I can make smaller payments as I go, after I set up the plan and pay the down.

I would try to negotiate the $845 down payment with the fin aid office. Tell them you have been working all semester (making $50-$200/week), walking dogs on break, taking care of your mom after an injury, and are actively trying to get an on-campus job second semester…but right now you just don’t have that much money for the down payment. So ask if they would consider lowering that (which would increase the monthly payments), and communicate you fully intend on meeting your payment obligation.

If that doesn’t work, then perhaps between you, your mom and dad, you can cobble together $845. Babysitting is more lucrative than dog walking or working in fast food, I expect you could make $150-200 on New Year’s Eve alone (of course not knowing where you live.)

Good luck.

You also need to find out what your monthly payment will be. If you have $2300 you need in loans, and you only have until June 1, or whenever to pay in full, your monthly payments will be in the $450 a month or so range. Make sure you will be able to meet the monthly payments.

Do you have enough credits to be considered a sophomore? If so, you can take the spring loans at the sophomore amount ($500 more), Talk to the FA office.