<p>So it's gonna cost some money to go to college. I will no doubt need a loan, but I was wondering wha my alternatives are to federal/state loans (if there are good private loans I can take instead). Does anyone have recommendations for this?</p>
<p>As a student you can only take out Stafford loans, limited to $5.5K as a freshman. Anything else needs a cosigner (presumably your parents).</p>
<p>Oh sure, I can have a co-signer. Without one, only Stafford is possible?</p>
<p>Stafford is likely the only loan you can take in your name without a co-signer EXCEPT if the school offers you a Perkins Loan. If you Parents apply for a Parent PLUS loan and are denied you can get an additional $4000 (I think) in stafford loans as a dependent freshman (under the age of 24 or of qualifying as an independent for other reasons ([FinAid</a> | Calculators | Dependency Status](<a href=“Your Guide for College Financial Aid - Finaid”>Dependency Overrides - Finaid)). You would also qualify for that additional aid if you are 24 or older.</p>
<p>What about Sallie Mae loans? Are they private? They look more flexible.</p>
<p>Search this board. I answered the question previously.</p>
<p>Sallie Mae loans are private. You will need a co-signer. I think you also may have to make interest-only payments while in college - which is difficult for many to do.</p>
<p>Find out if you really do have a co-signer that will sign (and QUALFIY) for all 4 years. They need to agree to co-sign for 4 years straight…that may be hard since their credit score takes a hit every time they co-sign. Most people won’t co-sign because it’s too risky and new grads can’t often afford to pay the big loans back.</p>
<p>How much will you be borrowing each year? What is your future career? How much will you be earning upon graduation?</p>
<p>This is a family issue. The only loans you will likely be able to get are the Stafford loans which are pretty much guaranteed for you and are federal loans. $5500 is normally available for freshmen. Anything else, unless you have a credit record that private lenders will recognize and lend on it, will need a co signer. If your parents apply for PLUS which is a quick, easy, private, on line way to apply, and are turned down, you can get $4K more in Staffords. But they have to apply first and be denied for that to happen. </p>
<p>Anyone else who signs for you has to be credit worthy and it will be a load on their credit which can be an issue if they want to borrow before you pay back that money. </p>
<p>Some schools offer other loans in their aid packages (the Perkins being a federal subsidized one) and some states have loan programs.</p>
<p>Niklas…</p>
<p>In another post it looks like you’re low income AND you’ll be attending a UC (instate). If so, then your aid pkg should be strong enough that you don’t need outside loans.</p>
<p>Besides, if you’re low income, who would qualify for the co-signed loans?</p>
<p>Are you trying to borrow to cover the “student contribution”? </p>
<p>What is the breakdown of your aid pkg?</p>
<p>hello guys.i am a refugee here and having same problem.am about to get into college but i don’t have parents who can cosign anything or apply for plus loans.i wish to know if the federal aid can cover my entire education regardless if i had to pay back later.</p>
<p>If you’re very low income and you attend a community college, your Pell Grant plus Stafford should cover it.</p>
<p>Pitts…</p>
<p>No, as a student, you can only borrow $5500 in student loans as a frosh. New grads don’t earn enough to pay back big debt. </p>
<p>Do you qualify for a Pell Grant also? What is your EFC? if it’s 0, then you might get a 5500 grant.</p>