<p>I need to get about 20k in loans. Can I go through Cornell for that? They keep giving me e-mails about Fannie Mae and this and that. Can they help me with this or should I go to a bank?</p>
<p>Thanks :</p>
<p>Cornell has a list of preferred lenders...this should have been included in your FA award letter.</p>
<p>Probably :(</p>
<p>Well...I think the list is published on the FA site so you can check it out there. Do you need private loans?</p>
<p>That's weird... I thought Cornell was phasing out loans to be below $3,000.</p>
<p>Need-based loans are limited to $3,000 for those within a certain income bracket. This does not include those over $120,000 or the parents contribution. The need-based portion of your aid is the total cost of attendance less what Cornell determines your family should contribute.</p>
<p>We're under 70k actually, excluding myself.</p>
<p>The total contribution amount, including myself and family, is about 20k. I don't know how they got that figure, but whatever.</p>
<p>But my need based loans is close to about 3k.</p>
<p>They won't reply to my e-mails either, so I guess its in stone. I'm on campus and I'll give 'em a call and walk-in. Thanks</p>
<p>Well...you've got plenty of loan options...so stop in and chat with an FA counselor. They'll help you out.</p>
<p>First thing you do is call them. Give them a call Monday morning bright and early. Ask a few questions and find out why they are asking for $20k. If that amount feels excessive to you there may have been an error on their part.</p>
<p>They made a small, very understandable, mistake with my financial aid which meant a huge difference in my aid amount. It has since been remedied because I called them and followed their instructions after the misunderstanding became apparent. Don't give up on that front yet.</p>
<p>As far as the loans go, I believe you are entitled to about $10k in loans a year that are gov't subsidized(the government pays your interest while you're in school). Make sure you get these loans because they are by far the best available to you (no interest until after you graduate).</p>
<p>I think the best thing to do is ask the financial aid department about how you go about obtaining the best loans possible, and if you can do so through Cornell, while you are on the phone with them on Monday...</p>
<p>Good luck.</p>
<p>Can I talk to the financial aid offices staff once I am there? Or by then would it be too late to change anything that the decisions are already made?</p>
<p>You can talk to the financial aid officers whenever you want...if your claim is ligitimate then you are never too late! But the sooner you get in touch with them, the sooner your problem will be solved.</p>
<p>In total its gone up 7k. Geeze laweeze.</p>
<p>The loans they offer you are probably better than many others...they're designed for students like you. Do try to appeal, and add things that may not have appeared in the initial financial application or stress on things that would prevent you from being able to pay the current amount.</p>
<p>Well I'm going through Sallie Mae....so yeah.</p>
<p>I'm trying to get a Perkins first maxing it out at 4k and the rest as a Stafford. Let's do it!</p>
<p>For loans you will want to do this:</p>
<ol>
<li>Max out on stafford loans (they are the cheapest in terms of intrest rate @ 6.8% and repayment is after you graduate)</li>
</ol>
<p>Select a lender that gives 0% fees on top of your loan. Ignore the preferred lenders that Cornell gives you because preferred lenders are notorious for making deals with colleges to offer their name in place of better ones.</p>
<ol>
<li><p>Consider the installment plan that Cornell offers that lets you pay in monthly payments.</p></li>
<li><p>The parent plus loan should be a last resort because repayment starts immedately (your parents will have to start making payments right away) and have a realtively high intrest rate.</p></li>
</ol>
<p>Eh I'm maxed out in regards to stafford loans it looks like...somehow. It's only ~3k on my finaid.</p>
<p>Private loans...here we goes.</p>