What are your options when Stafford loans reach their limits?

Question

I am set to graduate next year and I will only have $500 left for one semester, leaving me with a $1071 gap in my financial aid. What, besides a private loan, can I do to get the money? I'm an independent student with a 3.5 GPA and I will have 109 credits at that time. I already have a Pell Grant, Perkins Loan, and FSEOG Grant. I live in Illinois and I qualify for the MAP grant, but it's still not enough. Any *legitimate* help is appreciated. I don't want any information on private funders who are most likely scam artists.

FSEOG is a grant given to people with extremely low EFC. I think it's only available to people with 100 or less, but not positive. Ask financial aid about it.

Answer 1

I am in the same boat as you. I was told by financial aid that there is nothing you can do. I am still going to be looking into some scholarships maybe you can try that. What is a FSEOG grant?

Answer 2

I know I as a graduate/professional student can get a PLUS loan on my own without my parents. You can talk with your financial aid office and see if they can do something or they can tell you about legit private lenders.

If you're an independent undergraduate student or a dependent student whose parents have applied for but were unable to get a PLUS Loan (a parent loan), each year you can borrow up to
$7,500 (for the 2007-08 academic year) if you're a first-year student enrolled in a program of study that is at least a full academic year. No more than $3,500 of this amount may be in subsidized loans.
$8,500 (for the 2007-08 academic year) if you've completed your first year of study and the remainder of your program is at least a full academic year. No more than $4,500 of this amount may be in subsidized loans.
$10,500 (for the 2007-08 academic year) if you've completed two years of study and the remainder of your program is at least a full academic year. No more than $5,500 of this amount may be in subsidized loans.

I can't find the total max amount for undergrad students.

Answer 3

1. Set up a monthly payment plan for your school
2. Parent federal PLUS loan (your parents take out the loan, not you)
3. Stafford unsubsidized loan--if your parents have bad credit and don't get approved for the PLUS loan, you automatically get the unsubsidized loan
4. Private loan

If you have any questions about the PLUS/unsubsidized, asl your school. I go to a school in Illinois (private though) and my mom was turned down for the PLUS loan and I got the Federal unsubsizied loan. Ask your financial aid office about it.

Answer 4

you can try fastweb.com, it has a huge database of outside scholarships that might be able to help you. they will ask you an exhaustive series of questions to see if your personal stats meet the requirements of any scholarships in their database. good luck.

ps FSEOG is a federal grant. before Pell was named after senator pell from rhode island, it was the BEOG the Basic Education Opportunity Grant. the SEOG is the Federal Supplemental Education Opportunity Grant. each school receives a finite amount of money in this grant for undergrad students. the school usually offers it to its neediest students, but keep in mind that since it has a specific limit, it will run out. so, first come, first serve.