Need a loan FAST! Unsubsidized Stafford? PLUS? Private? Help!!!

<p>I need to take out a 10,000 loan this year. I'm completely confused as to what type of loan to take out. Last year we did a mix of our own cash and a PLUS loan, however, my dad is out of a job again and the cash is not likely to be an option. </p>

<p>I am a sophomore and was awarded a 4500 subsidized Stafford loan and a 2000 Perkins loan. What loan should I take out to cover the 10000? I read that Private Loans cannot be subsidized, and I'm also wary of all of them being variable APR rather than fixed. However, I do like the fact that I can defer these until after graduation.</p>

<p>Should I have my parents take out a PLUS loan again? I think this is the best option because payments while we are in school are minimal, and I can consolidate these when I graduate. Also, there is some type of tax rebate on this loan? </p>

<p>Can I take out a unsubsidized federal Stafford loan, or is that not possible because I was already awarded the maximum Stafford loan in my financial aid package for subsidized? </p>

<p>Also, I need some of this loan to be spending cash to pay for rent, books, meals, as I'm living off-campus. Are there certain loans that will only pay to the school, meaning I cannot pay off my rent/food/transportation/personal expenses with them?</p>

<p>Did you contact your school's FA dept stating that your dad is out of work? If not, do so immediately and ask if they would take another look at your financial situation. Sometimes adjustments can be made - meaning you COULD receive more aid.</p>

<p>I go to a 30,000+ student public school, I'm not getting any more aid.</p>

<p>A2Wolves - if your family's financial situation has change since you filed FAFSA (as in your Dad losing his job) you can talk to the financial aid department and they may be able to make a special circumstances adjustment to your FAFSA figures. This could cause your EFC to be reduced which may make you eligible for more grants and federal loans. You will have to provide documentation proving the change in circumstances.</p>

<p>My daughter also goes to a large State U and we were given an adjustment based on loss of income and also high medical expenses. It dropped our EFC by several thousand $$s which increased her federal grants and also eligibility for subsidised loans. Financial aid officers are used to dealing with the situation so go and talk to them.</p>

<p>We didn't get any more money, our income was adjusted and it wasn't low enough to get us the pell grant.</p>

<p>I'm ready to take out the PLUS loan.</p>

<p>Sorry to hear that. Sounds like the plus loan may be the best bet for you. If your parents were to get turned down for the plus loan (because of your Dad's job loss) then you would be eligible for additional unsubsidised Stafford loans of $4,000 (assuming you are a Sophomore). Any chance of Work Study? Hope you find something that works for you - difficult spot to be in so close to school starting. Good luck.</p>