Why can’t I take out up to the limit? How am I supposed to get into crippling debt on the $1k they loaned me this semester?
Okay, I was kidding about the last part.
Seriously though, I will gladly get $20k into debt in order to meet cost of living for a middle-class existence until I graduate. With an Accounting degree in a city like Austin which is a mecca for Accounting, the $20k can be paid off in less than four years by keeping the same standard of living.
How do they determine how much I can borrow?
What is the school’s cost of attendance, and what is your financial aid package? How much have you borrowed to date in loans?
The cost of attendance has changed. Texas has this weird “in-district” tuition that is different than “in-state”. The out-of district is $5k a semester vs ~$1k for in-district. I’m technically in-district now, though. I got full Pell and haven’t borrowed yet. But I think I understand you are saying that those are the determinants?
You can receive a combination of aid up to, but not exceeding, the COA - with the exception of the fact that you can receive a full Pell grant even if the amount exceeds the COA.
Federally funded loans…in your name only??
Here is the limit for the Direct Loans…which you can always get.
Freshman $5500
Sophomore $6500
Junior $7500
Senior. $7500
Perkins loans are given to a small number of lower income students at each college. They are not guaranteed for all.
Any other loans? Either you would need a qualified cosigner, or your oarent would need to take out the loans.
How is it determined? It’s a federal thing!
If you’re at a CC, then the school may not allow much borrowing.
If the community college offers the Direct Loan, you can borrow the amount for a first year student…if you are enrolled full time in a degree seeking program.
^^You can borrow up to the COA. If the student has a grant or some other funding, the difference between that and the COA many only be $1000, so that’s the limit.
True for colleges that cost less money. But even a community college full time, for the full year is likely to cost $5000.
@SolInvictus are you a student! Undergrad?
If so, YOU can’t borrow up to the cost of attendance if the amount exceeds $5500 which is the Direct Loan.
If you need to borrow $20,000 per year, you will need a qualified cosigner if you take a private loan.
Your PARENTS can borrow up to the cost of attendance in the form of the Parent Plus Loan.
Sorry for the delayed response. The $20k was for two years @ $10k a year. COA is $16k at this community college. I should be able to get extra funding per a financial aid session the college held Saturday. Thank you.