<p>Hello all,</p>
<p>I’ll be starting grad school at Georgetown this fall and I tried to take out a private loan in addition to my federal loans and my financial aid officer said I can’t? She said I took out the estimated cost of attendance with federal loans and can’t take out a personal loan now. I don’t understand this at all. I need more money for living expenses in addition to the federal loans. Are there other options here? Other loans just for living expenses that would be sent to me directly?</p>
<p>What she told me doesn’t make any sense to be honest.</p>
<p>Any help?</p>
<p>Thanks!</p>
<p>If you are a grad student, you should be able to take a grad Plus loan out for the cost if attendance, which includes housing, and food, and personal expenses as set by your school.</p>
<p>However if your chosen housing and other expenses exceeds the amount in your school cost of attendance, you would not be able to get additional plus loan money for this.</p>
<p>Regarding private loans, I imagine you could get a private loan IF you could find someone to cosign the private loan with you. </p>
<p>Are you saying that a grad plus loan will not cover your costs?</p>
<p>Well, on the Georgetown website, it shows ECA for my program, and apparently I can’t take out more loans above the ECA. What I don’t understand is why they think they know how much you should receive for housing, etc because as a grad student you have to live off campus. Apartments are so expensive in DC and the amount given is not enough to be comfortable. I’d like to take out a bit more, but the fin aid counselor said that I couldn’t as it was above the ECA…so what do people do in this situation?</p>
<p>IF you won’t be starting school until the fall, you have to work and get some $$ together or try to find less expensive housing. You cannot borrow more than the cost of attendance.</p>
<p>Nope. Not allowed to borrow student loans over actual COA as reported by the school. The whole purpose of the COA is to provide that ceiling. What most students do is look for cheap housing and ways to “beat” the COA so that they have some extra money in their pockets to spend, save or reduce the loans. Gives them breathing room That you are over COA, is usually a sign that you are spending too much, living too high. You should look for cheaper housing. None of my kids ever hit COA. Even now in NYC, my one son living in his own place, not school housing is under COA. </p>
<p>I’m ok with it now. I did some budgeting, and although it’s not what I think is enough, it is doable. I do have a lot of savings, but I need to keep a 7 month emergency fund in my bank for safety when I graduate. It’ll be ok though with the federal loans. Thanks for the advice!</p>