How much can you really get with student loans?

Question

Hey guys, I need a huge student loan. I don't even think this is possible for undergraduates. I need $60,000 for all 4 years. Is this possible? If so...what if I have no credit history?

Answer 1

There are tons of scholarships that go unclaimed each year. Many $400, $500 or $1000 scholarships never even get applied for because people think it's chump change and not worth applying for. Well, get a few of those $500 scholarships and it'll really make a dent in your tuition bill.

People make the mistake of looking for one big scholarship to pay for everything when they should be targeting smaller scholarships that are more regionalized or specialized to their intended field or reflect something unique about them (son of Italian policeman, daughter of registered nurse, etc). Everybody goes for the big scholarships, the competition for those is much higher and your chances are smaller of getting it. Research and apply for anything and everything you are close to being eligible for no matter how small the scholarship.

Do a search on scholarships, search your major, your ethnic heritage, your town, your parents employers, your employer, hobbies, high school, local Chamber of Commerce/Rotary/ Lion's Club etc. Left-handed? There is a scholarship out there for you! Older woman returning to school? There are scholarships out there for you. Do combined searches on more than one criteria "hispanic women aviation scholarships" etc.

Go to the library and ask the reference librarian for a reference book on scholarships. They usually have more than one. There are all kinds of scholarships out there, you just have to start applying yourself and make it your summer career to send out letters everyday for scholarships. Good luck!

Answer 2

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RE How much can you really get with student loans?

Hey guys, I need a huge student loan. I don't even think this is possible for undergraduates. I need $60,000 for all 4 years. Is this possible? If so...what if I have no credit ...show more

Answer 3

It's absolutely possible; don't let anyone tell you otherwise. There are many undergraduate students who borrow much more than this.

You won't be able to obtain that much *federal* loan funding as an undergraduate, but make sure that you obtain as much of it as you can, since the rates and terms are almost always better on the federal side. Before you seek out non-federal (or non-state) funding, call your school and make sure that they have given you all that they can in Stafford (and potentially Perkins) loan funding.

Then, your focus will almost definitely need to be on private educational loan funding. Keep in mind that you apply annually for nearly all educational loans (i.e. you wouldn't apply for $60,000 now to use for the next 4 years; rather, you'd apply for $15,000 every year for the next four years). Make sure you borrow only what you really need.

Lenders of private loans WILL perform a credit check on you and, if you have no credit history, you may be denied for a loan through them. However, if this is your situation, you might be best served by applying with a co-signer (a.k.a. "co-borrower"); their credit will act as a sort of "stand in" for yours.

Some borrowers have a tough time getting a friend or family member to co-sign their loan, since, technically, the cosigner is responsible for the loan payments if you aren't good about keeping up with your payments. However, you can seek out a loan that offers a "cosigner release" so that, once you've made a certain number of payments on-time [36 or 48, typically], your co-signer will be let "off the hook."

Every company will have slightly different credit criteria, so you might get approved for a loan at one company but denied with another. If you're interested in learning more about the various lenders' credit criteria, start with the list of private loan lenders on FinAid's website: http://www.finaid.org/loans/privatestudentloans.phtml . You can go to each lender's site and read the terms and credit criteria of their loans until you find one that's right for you.

Answer 4

The total amount of federal loan money you can borrow as an undergraduate is limited to $23,000 if you are a dependent student or $46,000 if you are an independent student (dependency is based on how you answer the dependency questions on the FAFSA). The yearly amounts are limited to your grade level and the school's cost of attendance.

Answer 5

$60000 for four years? its not possible. what programs are you studying anyway? i couldn't think of any programs that need that much, unless you are an international student.

Answer 6

not sure.