Please help urgent loan question!!!!

[shoombol tallah]

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Hey guys I have a question regarding student loans and I was hoping anyone with experience can help me out. So I come to find out today that the amount of money i'll be given by federal aid is not enough to cover my living expenses. I was always under the impression that If I needed more money I could apply for private loans to supplement the money I would be given by the government. After talking to an advisor in the financial aid department she told me if they found out about the private loan they'd take away an equal amount from the financial aid money that I was given. How does this make sense ? I get extra money from a private lender and the financial aid office is gonna reduce my aid by the same amount......seems really counterproductive. How do you guys get the extra money you need to pay for your expenses? Is there a way of getting the money and not having to inform the school ? Don't get me wrong I'm not gonna go out and buy a bmw with the money I just need it this first year to cover some of my basic expenses and moving costs. I went through a lot of my savings paying for application fees, traveling expenses for interviews, vaccinations, etc. Any advice would be greatly appreciated my school starts early august and I don't know what to do.

 

[Lopyswine]

Hey guys I have a question regarding student loans and I was hoping anyone with experience can help me out. So I come to find out today that the amount of money i'll be given by federal aid is not enough to cover my living expenses. I was always under the impression that If I needed more money I could apply for private loans to supplement the money I would be given by the government. After talking to an advisor in the financial aid department she told me if they found out about the private loan they'd take away an equal amount from the financial aid money that I was given. How does this make sense ? I get extra money from a private lender and the financial aid office is gonna reduce my aid by the same amount......seems really counterproductive. How do you guys get the extra money you need to pay for your expenses? Is there a way of getting the money and not having to inform the school ? Don't get me wrong I'm not gonna go out and buy a bmw with the money I just need it this first year to cover some of my basic expenses and moving costs. I went through a lot of my savings paying for application fees, traveling expenses for interviews, vaccinations, etc. Any advice would be greatly appreciated my school starts early august and I don't know what to do.

okay, the reason they would subtract it is because the school has formula for estimated cost of attendance.

They take averages for all the expenses they "THINK" a student should have for the year. They then cap the loans a little higher than that amount. The only way to borrow more than the capped amount, is to have the school raise your cap.

At UIC, you have to bring in a TON of paperwork and bills to show why you need the estimated cost of attendance to be raised. For example, a number of my classmates need adjustments for: higher rent, family expeneses, nannies, daycare etc, gas prices,

These are all expenses they do not take into account. So go back to the office with a breakdown of exactly why you'd need more money. Back that up with documentation. They should raise your amount and allow you to borrow private.

 

[shoombol tallah]

Thanks lopsy, that seems like a pain in the butt to go through. I can't wait till classes start and I'm done with all of the paperwork, immunization, and moving. Anyone else have any suggestions?

 

[Mamona]

The only bank out there that I know doing a non-certified student loan (this loan is not reported to the school) is wellsfargo. I applied but I was denied, you need a good cosigner for this. Hope this help!!!

 

[shoombol tallah]

Oh wow thanks Mamona ! that's actually really helpful I'll give it a try !