<p>If I borrow loan from a private loan company, does it mean I am not a financial aid student on the application?</p>
<p>well DUH!!!</p>
<p>Yes and no.</p>
<p>If you apply for financial aid and your school decides to give you aid, then you are an aided student. It is your school’s aid decision which determines whether you are an aided student or not.</p>
<p>Keep in mind that schools adjust your aid amount in accordance with the money you have available for your education, and this may include any loans you have privately taken out. If you tell a school that you have a $160,000 loan for education, they might not see much sense in giving you $160,000 of their own money.</p>
<p>Then again, schools have differing financial aid policies. The best thing to do is to look up the rules and regulations of the school in question, and see how they apply to your situation.</p>
<p>well … if you are planing to make up the entire costof education with a net private loan and family contribution then yes you wont be on university financial aid and wont be seen thus… ( only if u r a Non0US citizen)… for US citizens most gud coleges are need blind so it wud hardly affect anyways…</p>
<p>And you wont be a financial Aid student on application if you are working out your finances independantly…in case u can manage that then yes it wud gr8tly increase your admission chances</p>
<p>SM</p>
<p>do you think it is unwise to get a loan for the ENTIRE cost - if you want to do chemEngineering from an ivy league or Ivy league caliber university??</p>
<p>…Wise to take out a $160,000 loan for an undergraduate degree?</p>
<p>I think it’s unwise.</p>
<p>Especially if you’re thinking of business school or any kind of graduate school after college - that’s $100-120,000 more. So you’ll be 28 years old with a $ 260,000 debt. </p>
<p>If your family has the resources to back you up and help you pay them off if necessary, then it might not be that unwise. Otherwise, it’s unwise.</p>
<p>160k its preposterous i wouldnt take it for harvard evev</p>
<p>well, if the case is that if I dont pay 160k I will step into the society with a high school diploma…</p>
<p>liangshengtm:</p>
<p>If you have great stats,then you should not even think about taking a 160K loans. The best and the wealthiest schools in US give need based financial aid, the majority of which is in the form of grants. You will have zero or very little loan in your finaid package. </p>
<p>‘160k its preposterous i wouldnt take it for harvard evev’</p>
<p>If you can get in, Harvard will pay for you. No need to worry about 160k debt.</p>
<p>Taking a 160k loan should be out of the question (I mean way out). That kind of debt could enslave you (and your family) for years. If you don’t have the resources to pay the 40k per year, APPLY AS A FINAID STUDENT (especially if your stats are good). It will really kill you when you get to school and find out that someone in a similar situation got a 35k/year grant and you took a 40k/year loan. Just be very thoughtful about it.</p>
<p>And, I agree with DhanPrad: I wouldn’t even do it for Harvard. Harvard won’t pay for you if you did not apply as a finaid student.</p>
<p>yes…of course you have to apply for finaid. But remember applying for finaid in some need blind top schools like Harvard wont affect your chances of admission in any way.</p>
<p>even i am a Canadian student?</p>
<p>yes, even if you’re canadian!</p>
<p>and no different on admission from Americans?</p>