<p>So, I received my financial aid package. From the college that I plan on attending, I received no loans whatsoever. However, about $7000 is left for me to pay each year. Considering that my parents will be able to contribute some what, I will still have to take out some sort of loan. Because the federal loans aren't offered on the package, does that mean I can't get them?</p>
<p>Additionally, could I possibly take out private loans? Or does the university have to approve those measures?</p>
<p>$28,000 in private loans is too much. Consider cheaper options.</p>
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<p>Chaos…read the quote below…the OP said his parents can contribute SOMEWHAT. </p>
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<p>To the OP…you should be able to request the Stafford loan. For freshman year, it is $5500. It is $6500 for Soph year, $7500 for junior year, and $7500 for senior year. The total of these is $27,000. </p>
<p>$27,000 is a very typical amount of loans for a student to take in their own names. If the use of the Stafford loans will fulfill your financial need…then I would suggest that you contact the school to ask that you be given these loans.</p>
<p>Hopefully you won’t need any loans beyond the Stafford loans as these would have to be private loans…taken out either by your parents (in a Plus loan) or cosigned by them (if any other private loan). I would suggest that you try to limit you undergrad loan debt to the Stafford loans only.</p>
<p>Thank you! Does the fact that the college already met my EFC mean anything?</p>
<p>It sounds like the college met your the balance of your bills (Cost of attendance minus EFC) without loans. I believe you are still able to take the Stafford loans out in addition.</p>
<p>You should be able to request to borrow $5500 in unsubsidized Stafford loans. Some colleges do not include loans in the financial aid package (some folks like that idea, others are confused because they don’t realize that the loans are available for them to borrow if they wish). Other colleges do not participate in federal loan programs … most do, but you will need to find out whether or not this particular college does.</p>
<p>Thank you both so much!
I’ll call Georgetown tomorrow to request it!</p>
<p>OP - I think not including loans in your package was a very good thing, it made you think about paying that amount rather than automatically assuming that it’s a good idea to borrow or the only way to do things. </p>
<p>When colleges include loans as part of FA the 17 year olds (and their parents!) who read the letter don’t always see, rationally, how much money they are being asked to pay per year, by the time they really absorb the true cost to them they have already been ‘sold up’ to a higher level of borrowing than they were previously comfortable with. This only gets worse if affordability is iffy and aid isn’t exactly as planned for years 2, 3, and 4.</p>
<p>Sounds like you have a very workable situation! Best of luck in DC!</p>