Alternative Loans

[Discobolus]

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For a number of reasons, some having to do with the way Stafford Loans are distributed at my school, having a lender with an origination fee, the bulk of my book expenses being in the first semester, recently moving and the costs of utility deposits, and paying for a years premium on my medical insurance (instead of only a semester as was available), I'm about to be broke.

I contacted my financial aid office and they said an emergency loan of $600 was available, but that would barely be enough to touch 2 months of living expenses. Not to mention I'd just have to pay it back at the beginning of the next semester, which would just put me in the same situation again.

So what are my options? I've looked into "alternative loans", but they all seem to put a limit on how much can be taken out, which is up to the cost of attendance. I'm interpreting this to mean that if I've already taken out the maximum (cost of attendance) in Stafford Loans, then I'm not eligible for any more loans.

Or am I interpreting this wrong and there is a limit on the alternative loan, but it doesn't matter if I've already borrowed that amount if it was through another source.

Can one take out more than the cost of attendance (combined Stafford and alternative loans)? It would also really help if I could pay off my credits cards and stop having those payments bite into my living expenses budget each month.

Any advice would be appreciated.

 

[OSUdoc08]

For a number of reasons, some having to do with the way Stafford Loans are distributed at my school, having a lender with an origination fee, the bulk of my book expenses being in the first semester, recently moving and the costs of utility deposits, and paying for a years premium on my medical insurance (instead of only a semester as was available), I'm about to be broke.

I contacted my financial aid office and they said an emergency loan of $600 was available, but that would barely be enough to touch 2 months of living expenses. Not to mention I'd just have to pay it back at the beginning of the next semester, which would just put me in the same situation again.

So what are my options? I've looked into "alternative loans", but they all seem to put a limit on how much can be taken out, which is up to the cost of attendance. I'm interpreting this to mean that if I've already taken out the maximum (cost of attendance) in Stafford Loans, then I'm not eligible for any more loans.

Or am I interpreting this wrong and there is a limit on the alternative loan, but it doesn't matter if I've already borrowed that amount if it was through another source.

Can one take out more than the cost of attendance (combined Stafford and alternative loans)? It would also really help if I could pay off my credits cards and stop having those payments bite into my living expenses budget each month.

Any advice would be appreciated.

There is no limit on a private alternative loan, depending on your credit, and you can go through your own bank to get it.

I would, however, recommend Total Higher Education (T.H.E.) for private loans AND Stafford loans. They have no origination fee and return a percentage of your loans if you are a timely repayer.

 

[FinancialAidOff]

I contacted my financial aid office and they said an emergency loan of $600 was available, but that would barely be enough to touch 2 months of living expenses. Not to mention I'd just have to pay it back at the beginning of the next semester, which would just put me in the same situation again.

So what are my options?

Try: AlternativeStudentLoan.com

Their loans are available up to $30,000/yr or the total cost of education without any school certification. As long as you can document (admission letter, class schedule) that you are enrolled, you can apply. Funds can be used for any purpose.

 

[FinancialAidOff]

There is no limit on a private alternative loan, depending on your credit, and you can go through your own bank to get it.

Most alternative student loans only allow you to borrow an amount equal to the Cost Less Aid or the cost of your education less other financial aid and loans you are receiving. The school is required to certify your cost of education and your current financial aid. Therefore, the school can certify, or limit, how much you can borrow.