<p>Can you get federal loans if you are under financial aid suspension. I am not wanting to get a loan that will charge me a lot of interest. I am needing to pay for school and my expenses will amount to 9k this semester and i am on suspension and will get off if i do good this coming fall 09. I need help please read and help me. I dont want to resort to high interest private loans. I do have a consigner and i have some debt with credits not much and i do have credit. If this might help i am unemployed. I got recently laid off. Thanks for reading!</p>
<p>Usually if you are on financial aid suspension, the only loans you are able to get are private loans. You would not be eligible for institutional aid or federal loan programs that have to be guaranteed by the school. In these circumstances, you generally have to pay for your education either out of your own pocket or with private loans.</p>
<p>Federal loans don’t require a cosigner or care about your employment status, but the fact that you are on financial aid suspension will make you ineligible for these loans regardless of your financial situation.</p>
<p>Basically, you will have to take out a private loan, do well this semester, and lift yourself out of suspension on your own dime.</p>
<p>Do you know of the best private loans?</p>
<p>The rate on private loans depends upon the credit score of you and your cosigner. If you have a strong history and a good cosigner, they may be very good but likely will be variable rate loans. Check out the cap - both annually and lifetime. Also, your cosigner will likely want one that will release him/her from the loan after a certain number of on-time payments.</p>
<p>I have no experience with private loans, but a number of people here have had good results with Discover. If you are already in debt and on suspension for academic issues, you should consider taking CC courses and paying for them out of pocket until you can raise your GPA sufficiently to requalify for FA. Hopefully this will not require more than a few classes. This could save you alot of money in the long run.</p>
<p>Thank sk8rmom. I do have another question. I filled out my FAFSA in April and if I can get the school to approve the appeal even tho I am close to school starting will I be able to access the amount of money I am still qualified for. My question is Is there such thing of being to late in claiming your qualifed money?</p>
<p>If your appeal is granted, you will be eligible for federal aid. You need to find out about the appeal process at your school. Most schools will not give you priority consideration for aid, meaning that you will get Pell if you qualify & Stafford loans. You most likely will not get SEOG, CWS, Perkins, or institutional grants - these funds are limited & may be gone by the time your appeal is approved.</p>