Hi. I was awarded $675 in loans for the fall semester of my freshman year in college. My question is: is this the limit that I can borrow? I need money for dorm supplies that totals around 1000. Could I take out additional student loans for this? I have applied to 20 jobs and had 2 interviews. I have been searching for a job for months to no avail, so that is not an option. Can I take out additional federal student loans? How? If not, how do I take out private student loans without a job?
You should be able to borrow up to $5500 in total of unsubsidized Stafford loans (1/2 of that each semester) as long as your aid doesn’t exceed the cost of attendance for your school. It’s not possible to get private student loans without a job or a cosigner.
Well it still is an option as long as you keep looking. Try the Goodwill, they are always hiring and they hire students. It is just hanging and putting away closes and stuff. Someone mentioned it elsewhere and it jogged my memory. You would even ask to volunteer there and try that for a couple of weeks then ask for a job once they see you work hard.
But yes, I think you can take the rest of your federal loan entitlements, inform your financial aid office.
You should be able to qualify for more, as long as the COA at your school is less than the amount of all your awards. However, this money is not awarded until after school starts, so you won’t have it in hand. You’d be surprised how much you DON’T need for the dorm. Sheets, blankets, a towel - that’s it. Shop at home first. Sure, it’s nice to have more but you can collect things over the year. I know my daughter will take 1/3 of the stuff she took this year back next year. One blanket not 4, a few pairs of shoes instead of a case full, a coat or two, a few t-shirts and 100. Just doesn’t need all that stuff.
Is the $675 loan for fall a subsidized loan? If you were not awarded any unsubsidized loans in your award letter, it is possible that your school does not automatically award them. If that is the case - and if you don’t have some huge scholarship that brings you to cost of attendance with the $675 loan - you should be able to request an unsubsidized loan. Call/email your school’s financial aid office.
Yes, the loan is subsidized. I was not awarded any unsubsidized loans.