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Independent Student

kwilwildcatkwilwildcat 5 replies1 threadsRegistered User New Member
Hi all, this is my last year as an undergrad and my first year as an independent (24+ student). Last year there was a gap that a parent PLUS loan could fulfill but this year since I am not an independent student I am not eligible for this loan. Last year the school was able to put it into my name versus my mothers so I thought I could do that this year but as it turns out since I am older than 24 then I will be unable to. Are there any additional loans/sub/unsub or so forth that an independent student can take out? I'm looking to see if I can get the same amount as last year ($5,000). How should I approach this with my financial aid office/what do I ask? What should I know beforehand.
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Replies to: Independent Student

  • thumper1thumper1 74366 replies3255 threadsRegistered User Senior Member
    As an independent student, you should be eligible for an additional $4000 in Direct Loan money...so if it’s your fourth college year, you would get $11,500 instead if $7500.

    Do you already have that loan in your financial aid package?
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  • kwilwildcatkwilwildcat 5 replies1 threadsRegistered User New Member
    So here's a breakdown: My schools cost of attendance is $35,856 and my award is $26,345. My direct sub for the year is $5,500 and my unsub for the year is $7,000. I will actually be a second semester junior so I think they will account for me as a junior? Not positive, but either way. I am not anywhere near my loan limits as my loan limit is, I believe, the $57,500 and my current total loan usage is not even $24,000.
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  • kelsmomkelsmom 15561 replies98 threadsRegistered User Senior Member
    You have received the annual maximum loan amount you can receive. Unfortunately, there is no additional federal aid available for you. I encourage you to talk to your aid office in case they have institutional aid available to help students like you finish their degree.
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  • thumper1thumper1 74366 replies3255 threadsRegistered User Senior Member
    My direct sub for the year is $5,500 and my unsub for the year is $7,000

    So are you saying you need $5000 more in loans? Will your parents co-sign a college loan for you...would they qualify to do so?
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  • kwilwildcatkwilwildcat 5 replies1 threadsRegistered User New Member
    I guess I'm confused because I got the same exact award last year and got a $5,000 additional loan.
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  • kwilwildcatkwilwildcat 5 replies1 threadsRegistered User New Member
    I don't need them - but the issue is that last year my parents applied for a parent PLUS loan. It got approved and then my school appealed it and put it in my name. I got the same award last year and got an additional $5k?
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  • thumper1thumper1 74366 replies3255 threadsRegistered User Senior Member
    Do you need a loan to pay your college costs...or not?

    If you don’t need an additional loan...don’t take an additional loan.

    Your school did not put a Parent Plus Loan in YOUR name. If you didn’t qualify for that Parent Plus Loan...you would get that additional $5000 in Direct Loan money....which is already IN your award this year from what you wrote.

    @kelsmon can a school ever put a Parent Plus Loan in the name of the student?
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  • kelsmomkelsmom 15561 replies98 threadsRegistered User Senior Member
    No. Parent PLUS loans are only in the parent name.

    You got the additional $5,000 last year because your parents were denied a PLUS loan. Once you become independent for federal aid, your parents can no longer apply for a PLUS loan for your schooling ... meaning you no longer can benefit from being able to borrow more if they are denied. Actually, though, what happened when they were denied last year is that you were able to borrow at the independent loan level ... which is what you were awarded this year ... so you are receiving the same amount of loans as last year.
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  • kwilwildcatkwilwildcat 5 replies1 threadsRegistered User New Member
    Sorry - you are correct it's not "in my name" but it doesn't apply to my parent, only to me. I.e. instead of having the loan in my parents name it is in my name. My mom was not denied a loan but I had to appeal to have it not go into her name. Correct. I guess I was confused because my loans were the same as last year and on my financial aid award package for last year the PLUS loan shows up as a PLUS loan for a $5,000 differential. I think I understand what you're saying, though
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  • kwilwildcatkwilwildcat 5 replies1 threadsRegistered User New Member
    I do/will need an additional $5,000. I think I can make up for that but it will severely hurt my living costs where is where the $5,000 helped me last year. The $5,000 was in my award from last year sorry let me clarify. I turned 24 in July. In the spring semester we did a parent plus loan in which my mom was approved but I had to appeal to have it in my "name" or as probably noted as an additional unsub. That did not take effect this year but last. I got the same award as last year and an additional $5k on my award disbursement.
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  • thumper1thumper1 74366 replies3255 threadsRegistered User Senior Member
    I’m confused. Do you have $5000 LESS financial aid than last year? If not, why is there an issue?
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