How can a student take out a loan seperate from federal that exceeds school costs?

October 27th, 2009 | by |

I'm a student and most loans for students i've found won't give you more than the school approves. I need money for living costs, etc. What's my best option? This is the only loan I plan on taking out, as I have excess aid I will use for the future. I'm pre-med, so I'm fairly sure I can pay it back. I just haven't been able to work as much lately due to my schedule.

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4 Responses to “How can a student take out a loan seperate from federal that exceeds school costs?”

  1. By Found-1 on Oct 27, 2009

    Pre-med is not being in med school, so don’t spend like you are a doctor yet. Several of my friends were also "pre-med" and not a single one of them went to med school… many of them never even earned their bachelors degree.

    The Dept of Ed has limits on loans for a reason. If you can’t attend school on those limits you need to find a better school. Work more hours, enroll in fewer hours next semester to cut your cost a bit and allow you to pay as you go. Listen to Woelfe. He gives great advise.

  2. By AlexNick on Oct 27, 2009

    I’m kind of in the same boat as you. It looks like your only other option is private lenders. Have you checked out Sallie Mae’s loans? Either way I KNOW you need a co-signer.

    Goodluck!

  3. By Jeremy M on Oct 27, 2009

    I recommend http://www.teri.org to my students. It is called a continuing education loan and is used for the indirect cost of living. I used this loan myself while I was in college, which is where I first heard of it.
    I did, however, take out too much money ($40,000.00) and wound up paying back almost $85,000.00 for it, because I wasn’t smart.
    I hope this helps you

  4. By Woelfe on Oct 27, 2009

    I highly recommend you not seek out additional loans above and beyond your school’s cost of attendance budget. As Jeremy pointed out for himself he managed to borrow more than he should of and paid a big price for it. I’m truly surprised a self-professed aid officer would even advise this, especially considering his making the mistake himself. Plus, the Dept of Education does not allow for aid officers to suggest it without including it in their overall list of aid received.

    I recommend finding ways to cut your expenses, or to increase your income, if you are not already working. What ever you can do to prevent over borrowing is going to help you save money when you go into repayment.

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