Q: I know that I am supposed to take out federal student loans first and apply for FAFSA, which I plan on doing, but I just know given my parents income range that won’t be enough student loans to pay for what I need. I will have to take out private student loans, so how much is the max I can take out in private student loans?
A: A question that comes up very often is the one pertaining to “how much money a private student loan will give you”, and it’s a very legit question given the fact it can be scarey when you find out federal student loans and/or FAFSA just won’t cut it.
The basic answer is that a financial aid officer will determine what amount you will be granted in private student loans based on your total financial aid needs. Each student has “cost of attendance” (COA), with this amount calculated the financial aid officer can subtract off any grants, scholarships, and/or federal student loans you will be receiving and determine what amount of private student loans you are in need of. The private student loan lender you go through will work with this financial aid officer to conclude the amount you will need in private student loans, thus you can not just pick an amount you desire and be granted that amount. Hope this helps you and good luck!
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