<p>I recently received my financial aid offer from the school I will be attending next year. Some of this is in loans. Do I have to choose a lender for these loans or is it the school that is loaning me the money?</p>
<p>When should I start to apply for other loans? I have 10,000 that I need to cover, and my parents cannot cosign or give me financial support.</p>
<p>What other loans are there to apply for?</p>
<p>Haha, I'm kind of lost. Any help would be greatly appreciated!</p>
<p>Depends on the type of loans and the school. My daughter has Stafford loans and her school is adirect lender so her loans come from them. My son has Stafford loans and his school is not a direct lender so he has to go through a bank. Ask your school.</p>
<p>For outside loans you may find it hard to get a loan without a cosigner. If your parents apply for and are turned down or a parent PLUS loan that will make you eligible for an additional $4000 in Stafford loans which do not require a cosigner. (You are eligible for $5500 as a freshman, if they are turned down for the PLUS you are eligible for $9500)</p>
<p>If you are looking at more than $9500 a year in loans then you should consider a less expensive school. Please take the time to run your potential debt through a loan calculator such as the one here
FinAid</a> | Calculators | Loan Calculator
to get a realistic idea of the monthly repayments you are looking at. Remember to take into account that if you are not paying the interest as you go it will be added to the loan and you will pay interest on the interest. The debt will grow considerably before you start payments on it.</p>
<p>For instance $10,000 a year with 6.8% for 4 years with the interest compounded will have grown to over $47,000. The monthly payments would be $540 a month every month for 10 years.</p>