What is the max amount you can borrow?

[roadrunnerrita]

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So I asked the financial aid office what the max amount I could borrow was and it seemed really low. She told me the school recommended $63,064 for the first year (about 41,000 of which is tuition and fees). When I asked what happens if you need more, she got mad at me and didn’t give me a straight answer.
So...What happens if you need more? What happens if I need to service my car or fly across the country to see my parents for Christmas? Will private lenders give you more money? I have a car payment that is twice the recommended transportation budget and will be living in a land of high rent even if I share an apartment with 2 or 3 people. Any experience with this issue will be appreciated.

Thanks!

 

[mpp]

You might be able to borrow more money if you find a private lender that doesn't need to see the school budget, most do, but some don't. However, the rate will likely be high and you'll need good credit to qualify. Also you will likely not be eligible for things like consolidation and/or deferment.

Educational loans aren't for car service or to fly home for christmas. You'll have to find other ways to pay for those types of things. As far as the car payment, perhaps it is time to sell and find a less expensive car.

If you need to see how other people manage on the school budget, ask the current students at your school and see what they do.