<p>I was told a dependant college freshman can only borrow 5,500.Can I borrow more if my dad who was a 780 credit score co-signs.I only need to borrow 1,500 more.</p>
<p>You cannot borrow more than $5500 thru the Direct Student loan program. However, your parent may be eligible for a Parent Plus loan. Please contact your school’s financial aid office to find out if your family is eligible.</p>
<p>With a co-signer, you could also seek out private student loans from a variety of banks and credit unions. You might start by inquiring at the bank with which your family has an account.</p>
<p>Would I be able to loan-out 5,500 from the direct,and then take out 1,500 from private loan?
Is my dad’s 780 credit score good enough for a private loan?</p>
<p>Uh…you can’t “loan out”…you are “borrowing”. The source of the money is loaning out. You aren’t. You are borrowing.</p>
<p>Since your dad has a very good credit score, he can either co-sign a private loan or take out a Plus loan. Be sure to look at the terms. </p>
<p>You need so little…why do you need a loan? Can’t you earn it? </p>
<p>Is the $1500 going for “direct costs” (tuition, dorm, meal plan)…or is it to cover the rest of COA?</p>
<p>Prior posters have given strong, accurate information. </p>
<p>Given the small amount that you need, and the likelihood that you are attending a private school (estoablished in other posts from you), allow me to add the following options:</p>
<p>1) Send a letter of appeal to the school of your choice explaining that you only need $1500 to commit to the school. This is usually only effective if done prior to the May 1 deposit deadline for private schools, if you are “desirable” to the school based on your merit, and/or the college is having difficulty meeting enrollment goals, but it may still be worth a try now.</p>
<p>2) Ask your FAO if they can offer you a Federal Perkins Loan, an institutional loan, or a low to no interest state loan. All three of these options would be better than a private and/or PLUS loan.</p>