Loans beyond COA?

[Mjolner]

Advertisement - Members don't see this ad

Is it possible to get loans beyond the schools official cost of attendance?
I have heard it is not possible with government loans and that private loans are far from ideal, but if you need them, can you get private or government loans above the official cost of attendance?
Thanks!

 

[sinombre]

I've been wondering about this as well. Actually, any insight into how financial aid packages are calculated would be much appreciated.

 

[NickNaylor]

Not government loans. I'm skeptical about private loans, too. Keep in mind that the COA is what the school says it costs to go there. A bank is going to probably be reluctant to lend you money beyond that amount unless you have an actual reason to need it.

 

[theseeker4]

Not government loans. I'm skeptical about private loans, too. Keep in mind that the COA is what the school says it costs to go there. A bank is going to probably be reluctant to lend you money beyond that amount unless you have an actual reason to need it.

I am sure you can find a bank willing to give you private loans beyond the COA. After all, you can't discharge the loans in bankruptcy (so the loan is low risk for them) and the interest rates are high and variable, so unless your credit is in the toilet, someone will loan you money beyond the COA.

 

[Mjolner]

So does any finaid from the med school diminish the amount of federal loans you can receive such that finaid from school + loans = COA?

 

[NickNaylor]

I am sure you can find a bank willing to give you private loans beyond the COA. After all, you can't discharge the loans in bankruptcy (so the loan is low risk for them) and the interest rates are high and variable, so unless your credit is in the toilet, someone will loan you money beyond the COA.

I doubt that they are officially considered student loans if they go beyond the school's official COA. I really don't know how that process works. I'm sure it's possible to find someone that will lend you the money you "need." I just have a hard time guessing what you could need that would be worth the likely high price of borrowing the money.

(sent from my phone)

 

[NickNaylor]

So does any finaid from the med school diminish the amount of federal loans you can receive such that finaid from school + loans = COA?

Yes, many do. But you will likely have to go to a relatively cheap school and/or receive some kind of scholarship support. In my case, my scholarship and Stafford loans cover the entire cost of attendance. However I received financial aid packages from some schools that had significant shortfalls that I presume would have to be filled with private loans.

(sent from my phone)

 

[theseeker4]

So does any finaid from the med school diminish the amount of federal loans you can receive such that finaid from school + loans = COA?

Yes. You can take out in federal loans the COA, minus any other sources of aid through the school.