<p>Ok...here is my dilemma. I am currently attending university. I had a private loan from Sallie Mae and after my school processed the amount they took the majority of it and left me with $800 for the rest of the year for living expenses...this is not enough as you can probably imagine. I need to apply for another private student loan ASAP to cover my living expenses or I might have to drop out just because I cannot afford it...is there anyway I can apply for another private student loan from Sallie Mae and get it within 2 months? Please help me! Thanks.</p>
<p>It will depend on your credit, if you need/have a co-signer, and if you’ve hit the limit in terms of what private lenders are willing to risk. Many lenders will lend out the first 10K or 20K… but once overall debt hits a certain limit based on the person’s credit and income/resource levels, the same lender (and other banks as well) will stop lending further monies.</p>
<p>So… what is your current total debt? Total resources/income? General credit? Age? How good is the credit of your cosigner (if needed, if have)? How much more do you need to borrow to finish out your degree?</p>
<p>Hi,</p>
<p>In total I am currently borrowing $5900.</p>
<p>My dad is deceased and my mom cannot financially help me because she is a single parent. My uncle is cosigning my loan currently but I dont know if he will cosign for another loan. To finish I need another $5000.</p>
<p>I’m confused…did you already agree to take the maximum Stafford loan for this year? Stafford loan limits are $5500-$7500, depending on your class standing. Are you a senior at a 4 year college and living off campus? What is your estimated cost of attendance and what other aid, including loans, are you getting for this year?</p>
<p>What is the COA of your school?</p>
<p>What is in your total aid package including this Sallie Mae loan?</p>
<p>Is your uncle going to co-sign a new loan every year?</p>
<p>Are you working? If not, have you thought about getting a part time job to help cover living expenses?</p>
<p>Why did the school keep your loan proceeds? Tuition? If so, how had you planned to cover that part of the bill even if you received your loan proceeds directly?</p>
<p>Did your school keep an amount that goes towards a meal plan?</p>
<p>Do you have work-study? That’s supposed to pay for personal expenses.</p>
<p>If you weren’t given work-study, then get a part-time job. In reality, work-study and/or part-time jobs and summer jobs are supposed to cover personal expenses. Schools don’t really want to be paying for your shampoo and haircuts. :)</p>
<p>Here is one option: Ask your mom to apply for a Parent PLUS loan. If her credit is denied, you will be eligible to borrow up to $4000 (fr/soph) or $5000 (jr/sr) additional unsubsidized loan … or up to the Cost of Attendance (total of all aid including private loans cannot exceed COA). If her credit is approved & she does not want to borrow a PLUS loan, she can cancel the loan by requesting cancellation through the school (but you won’t be eligible for the additional unsub).</p>
<p>I wonder if the student was offered work-study and is not considering that income as going towards personal expenses.</p>
<p>I’d like to see this student’s entire aid package details.</p>
<p>First off I am attending Webster University and I am at an international campus. In Thailand it is illegal to work while you are on an education visa. My university does not offer work study at this campus.</p>
<p>^^^</p>
<p>Then it sounds like you didn’t borrow the amount that would be up to the COA limits.</p>
<p>Contact Sallie Mae and see if you can borrow more.</p>
<p>Did you not take a Stafford loan or are those not available for int’l campuses?</p>