I have a question about federal student loan limits for undergrads.?

Question

First of all I have a total of 16,000 out in student loans. I cannot get grants because I make too much money (yeah right). I want to attend a university. It will cost me about 8,000 a year. For me to complete my degree, I am looking at 4 years. So this means I am going to need to have around 40,000 or so to finish my degree. I am an undergrad. I have been told there is a limit as to how much in loans an undergrad can have out. I think I remember being told approx. 25,000. If this is true I can only pay for one year. How can I get more money to go to school? What other loans are avaiable for me? I have no parents, and grants are not an option for me. What should I do? What are my options?

Answer 1

that's tough. my suggestion is to attend a JC for two years, kick butt and transfer in to a real school. that will reduce your borrowing time from 4 years to 2 years.

stafford and perkins loans are the best. but if they have caps on them, there are private loans available thru sallie mae. from what i remember, stafford loans are maxed at $18,500 per year, with $10k of it unsubsidized.

when i went to LMU for my undergrad and USC for my mba, i had to take out both loans. so it is possible to finance your entire education. you just have to make sure that you will make enough money with your degree to make the monthly payments.

here's a quick and dirty rule of thumb:

provided that you don't have massive debts (credit cards, car loans, etc) your annual salary should be at least the amount you owe on student loans. so if you want to finance $40k for your education, you better make sure you earn more than $40k per year in your job out of school.

Answer 2

For federal loans there are limits and those limits are set by the schools. Universities are usually higher than community colleges. However, if you are all Stafford Loaned out, you can do a private loan. There are companies such as Sallie Mae, Terri Org., etc. that offer private loans. However, the interest rates on private student loans is much higher and it accrues from the day you get the check. So federal is the preferred way to go. But I know where you are, I have parents, but they're basically useless. I federally maxed myself out, and had to go to private loans. Just put those off until very last if you can. The private loans require usually a minimum of $15k year income and decent credit. Stafford just requires you to be a full time student with a certain GPA I believe.... Best of luck, there are ways. Check out http://www.fastweb.com and see if can get a scholarship. They have tons there! When there's a will, there's a way - you can do it!

Answer 3

It is actually $46,000 for undergrads from Federal Stafford. That would put you just short of finishing up without taking out private loans or paying out of pocket. So your options would be to take out private loans (for undergrad 100,000 is the limit) which you will more than likely have to take out a couple grand in private loans every year b/c there are limits per year for stafford loans. Also look at scholarships, alot of times you just have to write an essay on some random subject. You can send in for every scholarship you would qualify for. I know of 3 people who fall into nonminority classes (white, male, make too much money...etc) who paid for almost all of school with scholarships that required they write an essay and be chosen from that essay. So you have options.....also look at getting hired on at a company who offers tuition reembursement, I work for home depot and as long as I get a C they pay me for 1/2 my tuittion and 1/2 my books. Some companies offer full tuition payback and our military will pay for school, but be sure you want to join up dont just do that for the school do it b/c you want to.

Answer 4

The loan limit for a federal stafford depends on whether you're a dependent or independent student and what year you're in:

Dependent Annual loan limit :
Freshman $2,625
Sophomore $3,500
Junior or senior $5,500

Independent Annual loan limit
Freshman $6,625
Sophomore $7,500
Junior or senior $10,500

Private student loans are credit based, so your available amount and interest rate depends on your (or your co-signer's) credit history.

Best idea is to talk to apply for your FAFSA and talk to the financial aid office of the school you plan to attend.

Answer 5

you can get private loans from different lenders. success in getting that loan depends on your credit history. if your c/h is not established, you may need a co-signer. you are not the only one facing this. your school should also be able to help you with financing options for your tuition. the big drawback from private lenders is that interest rate will be variable, thus it will fluctuate with the federal funds rate, the rate you always hear talked about on TV. if it goes up, your interest rate goes up. and there is also no option for consolidation. you can, however, consolidate your federal loans.

so, your best bet is to go for a private loan. otherwise, you don't seem to have much choice, even if you do work while going to school.

Answer 6

I think the federal student loan limits are higher than what you've quoted. Even if you reach the limit, there are always private funding sources like Education One (bank one) loans for college students, and they cap it at $100,000.

Answer 7

The best advice I know of is to go to your financial aid office at the college and ask. I receive grants and loans and as far as I knew you could get loans every year that you are in school.

Answer 8

Why don't you consider a community college for your 1st 2 years, you can save a fortune and still get a degree from a top name.

Ok, question, you owe 16K, but it will take you 4 years to get a degree. What did you do with that 16K?

Answer 9

I just graduated w/ a bach degree. I was denied loans for the last semester because i had exceed the amt that is allowed for undergraduate studies. I believe the total was 40,000 or 43,000. U should check with the school u want to attend. Rememeber, it seems that tutuition goes up every year or every other year.

Answer 10

I have already payed for 3 years of school on loans at the university of florida and I already owe like over 20,000- I have friends who are in gradschool and owe up to 50,000!