<p>If I am not offered the maximum amount of money a Stafford loan can provide, am I forced to find the remaining funds (if needed) from other sources (ie private loans), or can I request a larger loan?</p>
<p>You can request a larger loan, up to the maximum. The school has to certify all loans though so it must not exceed your COA less other financial aid awarded.</p>
<p>The things that concern me are emergencies. Say my laptop breaks or someone steals my textbooks. Would my COA be increased?</p>
<p>Also, if the school doesn’t give me anything (ie they think my parents can pay everything), can I request a Stafford loan?</p>
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<p>I don’t think the school will make adjustments in your cost of attendance for a broken laptop or stolen text books. </p>
<p>Anyone who fills out a FAFSA can take out a Stafford loan regardless of financial need. If your parents can “afford to pay” but won’t…your loan will probably be unsubsidized meaning that interest will accrue while you are in school.</p>
<p>Those are things that are routinely covered by student insurance, which is available from several companies as a separate policy (around $100, depending on your deductible and coverage limits) or likely can be covered on your parents homeowners/renters insurance.</p>
<p>Also, exercise CAUTION…don’t leave your dorm or apartment unlocked…ever…and don’t leave your books sitting anywhere without your presence (like on the library table or in the student center). In other words…be proactive about theft…don’t let it happen.</p>
<p>The key to your question is understanding what the maximum Stafford is for you. It will be divided over your school terms and the maximum varies depending on your year in school. After the Staffords (and a Perkins if it was in your financial aid letter) the only options are a Parent Loan or private loans I believe. If you received work/study and you find a job you will be paid according to your college’s pay schedule. The other option if you are concerned about unexpected smaller expenses (in the hundreds to replace a book, repair a laptop, etc.) would be to find a local job for 10-15 hours a week if you aren’t receiving work/study. Hopefully you can bring some of your summer job savings with you and won’t need it all off the bat for books or to tuition/room/board, etc.</p>
<p>You can have a budget adjustment to increase your COA to a million dollars … but you’ll still only get to borrow the annual max for year in school for Stafford loans (and the lifetime limit, which is $31,000 for a dependent undergraduate). </p>
<p>I’m curious. You say that you haven’t been awarded your maximum in Stafford loans. How much were you offered? What is your COA and what is your other aid?</p>
<p>Haha…I’m not in college yet. But understanding all the financial aid stuff is very confusing.</p>
<p>Is it typical for people to be awarded the maximum?</p>