Total loan amounts vary depending on the total
cost of attendance for the selected degree, but the minimum loan amount is $ 1,000.
Whether you receive a full - ride scholarships (100 %
of cost of attendance scholarship) or just a few hundred dollars, every scholarship helps.
Maximum student loan limit: Up to 100 % of your school -
certified cost of attendance (including tuition, housing, books, and more) minus other financial aid.
Private student loans cover many of the same
costs of attendance as federal loans including textbooks and school supplies.
However, each year over 1.4 million students use private student loan debt to fill the financial gap
between cost of attendance and financial aid and savings.
That compensation can go towards the
overall cost of attendance which includes anything from tuition, textbooks, groceries, to rent.
But due to its low bar passage rates, the
high cost of attendance and low employment prospects, some wonder whether they are actually helping minority students or making their situation worse.
Your school will set your maximum borrow amount based on their
published cost of attendance minus scholarships and other forms of assistance such as grants, fellowships, and financial aid.
Credit history must be strong to qualify, and the maximum amount allowed is based on the total
cost of attendance verified by the school selected.
Students may borrow up to the amount of the school's
cost of attendance excluding the amount of any other financial aid the student may receive.
The amount you are allowed to borrow is not limited by a school
designated cost of attendance, so you can borrow any amount up to the maximum set by your lender.
And financial aid should aim to cover the
true costs of attendance, ensuring that even poor students can take advantage of opportunities such as internships and study abroad.
Parents, as long as they don't have bad credit, can now borrow up to the full
cost of attendance for each year their child is in college.
Each year, you can borrow up to 100 % of your school -
certified cost of attendance (including tuition, housing, books and more) minus other financial aid.
In most cases, private student loans are available to any student with a strong credit history, up to the
total cost of attendance of their selected schools.
Credit history must be strong to qualify, and the maximum amount allowed is based on the total
cost of attendance verified by the school selected.
This ensures that parents can obtain a loan to pay for any remaining
cost of attendance after other financial aid has been used.
Both offer options for how you repay the loan, no origination fee, and can cover up to 100 % of the school - certified
cost of attendance at a degree - granting institution.
Fill gaps
in cost of attendance when all other aid options (federal loans, grants, scholarships) have been exhausted
Existing guidance dictates that if a college is aware of a private student loan, the college must consider it an overaward to the extent that it
exceeds cost of attendance minus other aid.
Also, most
cost of attendance figures include additional costs that may not be encountered — this is important as your student will most likely be presented with a statement called an award letter that assumes he or she will need those additional funds.
The maximum amount parents can borrow via Parent PLUS Loans is the
maximum cost of attendance of the college or university minus any other aid that was accepted (such as grants, scholarships, or other student loans).