Getting a Private Loan--reached federal limits

[Dr.iz-n]

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I have great credit, but was turned down for a private loan because I have reached my max on fedearl student loans. They didn't want to give me the loan because i'm at my limit for federal loans. its my understanding that private loans are the next option for paying for school. What do i do? I'm doing this for pharmacy school and stressed out at this point...has this hapenned to anyone else?🙁

 

[DrMcKittrick]

How could you have have reached the limit? The aggregate amount is 224k. From what I'm experiencing with the DO program, the total cost (tuition + living) is around 300k. Grad plus loans should take care of what sub and unsub don't. Unless I'm wrong.

I used around 90k sub and unsub for chiro school so that takes away from the aggregate limit. I was told I could use grad plus to cover what the other loans won't due to the small limit.

I'm hearing that you're given an expense sheet and the government will cover that need ONLY. The amount depends from school to school.

 

[emlopez2]

When I reached my cap my financial aid office set me up with a Perkins loan I think. Not really sure how you are at the max in pharm school. Thats rough! Good Luck.

 

[TMP-SMX]

When I reached my cap my financial aid office set me up with a Perkins loan I think. Not really sure how you are at the max in pharm school. Thats rough! Good Luck.

Why are they giving you Perkins unless you have financial need. It is given to schools from the feds to give with students with the highest financial need.

Anyway, even if you hit the maximum stafford cap you can get as much grad plus as you want (up to the cost of attendance each year).

 

[rbnsafsadgf]

What about Grad-Plus loans? Those aren't need based, and you can borrow up to the COA (minus other aid).

 

[CATrtb]

I think the OP is talking about already having borrowed up to the COA. He needs more. If a solution is found I need to know.

 

[TMP-SMX]

Don't know about any more private loans that let you go above the CoA. It's not like the old days.

 

[rbnsafsadgf]

If that is the case, the OP can:

1) Ask for an increase in the CoA, with documentation of a legitimate educational expense. Housing, transportation, etc.

2) Explore (small) short-term loans from the school. Many schools will loan you $1k until your next fin aid disbursement.

3) Attempt to get a non-educationally based loan. For example, a debt consolidation loan with your bank with a newer car.

I guess I am still confused about what the OP's situation is.