Getting the funds you need through additional student loans may seem daunting, but it is possible.
Getting the funds you need for college can be tough. In many cases, one student loan simply isn't enough to cover all of your expenses for the semester. Even though you may have borrowed up to the acceptable limits under the subsidized or unsubsidized federal Stafford loan program, there are ways to borrow additional funds for your education. This may entail having your parents apply for a federal PLUS loan, or applying for a private student loan.
Instructions
1. Have your parents apply for a PLUS loan. Whether they qualify or not, having your parents apply for a PLUS loan opens up some additional options for you under the federal student loan program. If your parents qualify for a PLUS loan, you can receive the difference between the cost of attendance and what you have already received in federal student aid, which will bridge the gap. Parents can apply for the PLUS loan by completing the online application at: www.studentloans.gov.
2. Apply for additional unsubsidized Stafford funding. If your parents don't qualify for a PLUS loan, you can apply for additional funds through the federal Stafford loan program by visiting your school's financial aid officer. You will be evaluated based on what your family can afford and the fact that your parents are unable to secure a PLUS loan. If approved, you will receive up to $4000 per year for the first two years and up to $5000 per year for any subsequent years.
3. Apply for private loans. Getting additional funds through an unsubsidized Stafford loan is preferable to applying for a private student loan as Stafford loans do not have a credit requirement and have a lower interest rate than private loans; however, applying for one may become necessary if your Stafford loans aren't enough to meet your educational financial obligations. You can find a list of private student lenders at: www.finaid.org/loans/privatestudentloans. Each lender has its own application process, but you should be prepared to submit to a credit check, provide income documentation and proof of college enrollment.
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