<p>I may come off so naive asking this question, but it's a very serious question. I was offered a financial package from my university saying I should get almost 20,000 in stafford and PLUS loans...and I was simply wondering if I could get more than the suggested amount? Can I go for 25,000? I know it's more to pay off, but I think I'll need to grab more.</p>
<p>Thank for any responses/answers.</p>
<p>There are limits on the Stafford loans. You may be able to borrow more in Plus loans but you need to think long and hard about doing so. Student loans are not forgivable in a bankruptcy situation and you are talking about borrowing a lot of money for an undergraduate degree. Go to some of the loan calculators and figure out what the monthly payment on a loan of that size will be. Then figure that amount times the number of years you have left in school. Then think about what kind of income you may earn out of college and what your living expenses will be.</p>
<p>Stafford loans are student loans in the student’s name. The maximum a freshman can get is $5500 for the school year. You cannot get more than that. The one exception is that if your parents are turned down for a plus loan you would be eligible for an additional $4000 in Stafford loans.</p>
<p>PLUS loans are parent loans in the parents name, not the student’s name. The parent cannot get more in PLUS loans than the COA at the school less any other student aid awarded.</p>
<p>However, there are other private loans that I can receive, right?</p>
<p>Not private educational loans. These are certified through that school - and the student cannot certify any more than the COA minus any aid (including scholarships). If you have no aid, you can get the whole COA. If you want to borrow more than than the COA, it ceases to be an educational loan - it’s a personal loan.</p>