Best Student loans and when do you take it?

Thanks so much this is very useful information

How do you apply to Fafsa direct loan you mean direct unsubsidized loan ? Are there any eligibility requirements ?
Sorry didn’t understand why we have wait till end of the year means 2022 May for apply ?

Why do you need major debt for a cs degree? Do companies pay more for a degree from Northeastern?


Keep in mind that none of the flexible repayment plans or forgiveness program apply to Parent PLUS loans.

While my advice would be to find a more affordable school, I understand that you are set on Northeastern. I agree that if you want to borrow your maximum student loans the first two years so that you will have them to help pay for your third year, you should wait until the end of each year to borrow (interest begins to accumulate on unsubsidized loans as soon as they are paid to your account). Find out how to request loans during the second semester, and make sure you request before the year-end cutoff date ( you may need to visit the aid office to discuss).

Work as many co-ops as possible. Not only will this give you money to save to pay for school, but it will give you important experience that will lead to better job offers when you graduate.

Apply for internal scholarships every year - don’t miss deadlines. Talk to your department about possible scholarships. Apply for outside scholarships, too (try Scholarship Finder | CareerOneStop).

Work while in school. Even if you didn’t get awarded work study, you may be able to find a job on campus. On campus jobs are typically flexible, and sometimes you can even do homework or reading on the job (for example, you might man a desk & not have a lot to do; of course, some jobs require you to work the whole time).

Your and your parents have time to decide on loans other than your federal student loans. They should not borrow them until they need them (because they would be paying interest). Northeastern has a section on their website that addresses private loans: Researching Private Loans | Student Financial Services. You and your parents can talk with them to discuss options at any time.

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For the unsubsidized loans, you just have to file the FAFSA and be enrolled at least half time when requesting the loan (you also have to be eligible for federal aid, but I am assuming that you are). You might even be eligible for some subsidized loans. You don’t have to qualify financially for federal student loans (that is, no credit check is involved).

Have you filed a FAFSA?

We did file Fafsa most of colleges I got only $5500 unsubsidized loans EFC is very high even though my parents have tons of mortgage and expenses , taxes blah blah all the pain . Their salaries often fluctuate and less savings they have. I am not qualified for any federal loans due to high EFC like 100k ??
FAFSA process seems odd where we can’t even prove mortgages vs income etc

Mortgage on a primary home is not considered in any way for FAFSA. Most people have a mortgage or rent to pay. Most people have taxes to pay. Most people have other expenses to pay. Your situation is like lots of other people’s situations, except better - your parents can afford to pay $50k/year for your college.

$5,500 is the maximum federal student loan anyone can get as a freshman (unless the parents get turned down for a Parent Plus loan). Your FAFSA EFC has nothing to do with the size of the overall direct student loan you are offered.

Sorry I didn’t follow what is overall direct student loan ? You mean I can still call Fafsa and apply for direct loan ?

Agreed most of families in similar boat regarding expenses

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If you filled out fafsa, you should side the $5500 on your financial page on your college portal… I think you need to decline it if you don’t want it.

The maximum federal direct loans that most students will get is $5,500 in freshman year (and you said that you already filed FAFSA and were awarded this amount), $6,500 in sophomore year, and $7,500 in both junior and senior years. You don’t get a federal direct loan by “calling” FAFSA; you do each year what you have apparently already done for your freshman year: you complete and submit a FAFSA.

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As others have said, you qualify for a $5,500 unsubsidized federal student loan for the 2021-2022 financial aid year. You don’t need to do anything yet if you don’t need it for fall. You can stop by your school financial aid office in March to ask how to borrow the full amount of your loan before the end of the academic year. They will explain all of the steps, which will include entrance counseling & signing a Master Promissory Note.


Is it possible to borrow more than 5500$ on Fafsa unsubsidized loan ? I would prefer if I can get 25000$ yearly on Fafsa unsubsidized loan. How would I ask or appeal for the loan ? Bcoz college approved only for $5500

Yes, NEU does have a very good CS program. Their coop program is also excellent.

My only concern is the debt. Based on your screen name I will guess that you might be in-state for Rutgers. Rutgers also has a very strong CS program. I have worked with graduates from it. You will do very well with a degree from either program. NJIT is good also.

If you can keep the debt down to a small number you can do very well either way. Other than the debt I do not have any concern with your path going forward. You probably will need help from your parents to pay off the debt, and of course I do not know what their financial situation is.


No, it is not possible. There is no appeal process for a higher amount. The college has already approved you for the maximum first year federal direct loan amount. You (or your parents) may be able to borrow more, but not in federal direct loans.


Do you need a loan to pay for your first year or can your parents pay for your 1st year outright?

If they can pay your full first year, then wait till April to borrow the FAFSA loan.
If they can’t, then borrow (take the loan, going through your college) when it helps you most. So if your parents can pay direct costs for Fall semester fully, borrow the federal loan in December to help them pay Spring semester. If they can’t, take that loan in July.

That loan is 5.5k because alongside the amounts you’ll get each year for sophomore, junior, senior years, the total adds to 27k, 31k with interest, which is what a typical college graduate is able to pay back over 10 years. As a CS major you could go a bit above that, but saddling yourself with 100k in debt is absolutely crazy. That’s why no one will let you, a HS student, borrow 25k every year. Your parents may borrow that (start with your bank) but it’s very very risky.


Yes that’s right I got into Rutgers / NJiT some merit scholarship. But NEU I got into CS + Business which is my dream to do Cs + Finance major. I carry 5 Ap credits. Financially parents are doing good saved for me in 529 plans anything beyond 200k is extra for them so that’s why we are exploring options how to go forward extra 100k as it’s full pay for NEU besides $5500/year Fafsa I got

Most of private colleges , Penn state all I had to pay full

Here is the student loan page of the cfpb so you can read about loans, how much is too much, etc.

REALLY know what you are borrowing, how much you’ll have to pay back, whether NEU is the best value for you. Good luck


I would use your 529 to pay your first and second year and part of your third year in full, assuming that you have $200,000 like I gather from your post. In the meantime take the unsubsidized loan every year at the latest possible date (as you will start accruing interest on it) and put it in the bank until you need it. In the meantime your parents can explore the best way to borrow money for the rest of your education. I hope they understand that you will not be able to borrow it alone, but they will have to co-sign the loan and will be responsible for paying it back as well.

Also save all your co op money and get a part time job during the year to help out. 100,000 is a crippling amount of debt to go into for undergrad.

Thanks , yes the original plan by my parents pay first couple of years fully from 529 and borrow as we go along depending on my coop income and other situations. I was not sure do we loose any opportunities not borrowing in the beginning years do Lenders or Fafsa question us why we didn’t borrow initially don’t give any loans in future. Process seems overwhelming and confusing. So best option as you all say don’t borrow now wait or delay as much as possible to borrow later if need basis. It’s always easy to borrow later from Fafsa or private lender ? my understanding is correct ?

I don’t think anyone is saying it will be easy to borrow from a lender.

Borrow the maximum federal loan each year. If you don’t need it for fall semester, make sure to get it before spring semester is over with.

The reason why its not a good idea for your parents to take loans out the first two years is because it accrues interest from the moment it is taken out. And since your parents have money in the 529 for you, it does not make sense to take on even more debt.

I still think you should go to a school that is 200k or less for the total 4 years. The loan payments coming out of school for 100k will be very,very high. Others have already suggested schools. I hope everything works out for you.

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You can have a gazzilion dollar EFC and still qualify for the Direct Loan…and your parents can easily take the Parent Plus Loan.

$100,000 EFC would mean that your parent income is north of $300,000 a year. Is that correct?