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if i don't get enough financial aid, can i afford college off of loans?

funeralpartyfuneralparty Posts: 21Registered User New Member
If your parents won't help you pay for college, but their income is too high for enough pel grants, etc. to cover college costs, can you take out a bunch of loans instead?

I want to know, in a general sense, that I can still get through college if I choose to take out a lot of loans. I want to have peace of mind about being able to afford college.
Post edited by funeralparty on

Replies to: if i don't get enough financial aid, can i afford college off of loans?

  • mom2collegekidsmom2collegekids Posts: 63,395Registered User Senior Member
    No, you can't.

    YOU are limited to borrowing the following amounts....

    frosh 5500
    soph 6500
    jr 7500
    sr 7500

    To borrow more than that requires yearly QUALIFIED co-signers (which most parents won't do) and is very risky for the student and the co-signer.



    I want to have peace of mind about being able to afford college.

    Getting a "bunch of loans" is NOT affording college. And, the last thing you'd get from a bunch of loans is "peace of mind". Instead you'd get a nightmare of adulthood.
  • anniezzanniezz Posts: 910Registered User Member
    You can take stafford loans, and may qualify for perkins loans as well. Also, some states have loan programs for students that don't require a cosignor. Realistically though, you dont want totake on so much debt that you cant pay them back.

    Sent from my DROID2 GLOBAL using CC
  • dodgersmomdodgersmom Posts: 5,960Registered User Senior Member
    I want to have peace of mind about being able to afford college.

    That's easy! All you have to do is get good grades and good test scores . . . and then apply to schools that offer really good merit aid. You won't be able to go to any school in the country, but you'll still have quite a few to choose from. See these threads about http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html and http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships.html. Get qualifying grades and scores and the scholarships are automatic. And there are plenty of other schools that offer competitive merit scholarships - just focus on those schools where your grades and test scores put you at the very tippy top of the applicant pool.

    There's no need to worry about affording college - just focus on those schools that are willing to pay to have you as a student.

    As for the plan you were envisioning - borrow now, worry about it later . . . well, as your screen name suggests, it's your funeral! :D
  • Iron MaidenIron Maiden Posts: 1,838Registered User Senior Member
    We really need to teach financial literacy as a requirement for graduating High School. I'd say the parents should reach it, but based on what I've seen....
  • happymomof1happymomof1 Posts: 19,573Registered User Senior Member
    funeralparty,

    Many undergraduate students in this country are adults who are working while they are studying. Yup, you read that correctly. While it is nice to be able to complete your education straight from high school, and in four years, that truly is not necessary. In the long term what matters is completing the education that is necessary to get you the job you are aiming for. If you find that your only affordable route is to start at a community college part-time, that really is OK. Stay focused on your long-term goal, and you will get there.
  • ExhaustedDadExhaustedDad Posts: 184Registered User Junior Member
    Iron Maiden hit the nail on the head, colleges now make it sound like taking on a huge amount of debt to attend their "prestigious" universities is just a way of life. Unfortunately the government backed loans will be the next bubble to burst as these naive kids (and/or parents) take on debt they can't afford to repay.

    As for your options funeralparty, how about a junior college for a couple of years while saving for the last two years at a state school?
  • juilletjuillet Posts: 6,004Super Moderator Senior Member
    Also consider a four-year college that you can commute to. In many states you can cover the tuition of the public universities with a federal Direct loan (or institutional and state aid) and save a lot of money by commuting. My sister does this.
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