In need of advice - reached aggregate loan amount for undergrad

[the shretiology]

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Hey! So I just finished up the MCAT (waiting for scores still) and on the morning of this test received an email explaining that I had reached my aggregate amount of debt as a dependent student.

I have 1 year of undergrad remaining and my AMCAS is literally ready for sending, but I just don't know what to do. You would think that there would be help for a student with a 3.98 GPA who has 1 year left before he is on his way to being able to repay those loans, but I was told only Parent Plus or private loans are an option.

My dad was denied a parent plus loan, and there is no way he would vouch for the private route. My mom has a poor credit history. This might be a hopeless post, but are there any similar experiences out there?

 

[efle]

Talk to your financial aid office, they may offer an institutional loan option that you would repay directly to your university (I used a small loan like this).

 

[Gauss44]

In your position, my first stop would be the financial aid office, my second stop (or online visit) would be banks or financial companies that do student loans to see if you could qualify for one with a low interest rate and grace period (no need to repay while in school or for a few months after graduation), my third stop would be applying for credit cards with a zero percent apr (note that you still have to make the minimum payment on those each month which will probably something like $25 a month for a $2000 balance to give a rough idea), last stop would be a credit card with non-zero apr which you will want to pay off asap once classes are over (and always make at least the minimum payment each month).

 

[OchemOficionado]

Yup, like everyone said talk to the fin aid office.

You knew this was going to happen, right? At my University the fin aid counselors really steer students away from hitting their max and warn them way ahead of time when they're running out of aid. I'm assuming you received large refunds? It's my understanding that it's really hard to hit your max (especially in 3 years as you have an academic yearly max). The students I know that have hit their max have been using aid to cover all living expenses or they got loans at another college and then transferred, but spent more than 4 years with loans. You know federal aid has nothing to do with your GPA, right?

Ask about Perkins and ask if there should be a small increase in your unsub loans since your parent is denied a parent plus.

You may be able to get an alternative loan without a consigner. Maybe Sallie Mae or your local credit union. Also, you can spend the summer applying to scholarships as if it's your job. Also, ask your institution if you're eligible for any grants or insituional aid (free money). Where I work rarely there's a really compelling case and Admissions will create a scholarship for a student. Usually it's only for one semester though. It can't hurt to ask!