A few days ago
vdd88

I took a Stafford loan that covered my cost of attendance, but can I take another loan or will I get penalized

My current loan covers tuition, books, transportation, etc. and I was wondering if I got a student loan from my bank, will I get penalized next time I apply for a Stafford loan(since my loan exceeds the estimed cost of attendance for my school ~ $12,000) Do I have to report this extra loan in my FAFSA?

Top 3 Answers
A few days ago
curious george

Favorite Answer

You should check with your financial aid office to make sure, but my understanding is that it should not have an affect. I knew some people when I was in college who received private student loans and they used the money to buy food, clothes, and a computer.

If you need a little more cash, see if you can get a Federal Subsidized loan besides the Stafford loan you have. Federal subidized loans will charge lower interest rates.

If you’re planning on getting a private loan you need to thing long and hard about it. Do you really need that extra cash? If so then go for it. Just make sure you shop around for the best deal. Private loans are the most expensive student loans and will cost you a lot of money in the long run.

Here are a few sites I’d recommend:

http://financialaid.com – offers federal and private loans

http://finfo.com – get up to four competing offers from banks with no obligation

Again, check with you financial aid office first. They might be able to steer you in the right direction.

Good luck!

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5 years ago
?
There is no limits to apply different loans .. But you think if you get the more amount from bank as loan as a student you can pay it..If you ready to borrow the big amount too then you can get the loans from two to three banks to cover those loans as college loans then you can spend it for anything.. But there is some banks which transfer your college loans directly to your college so that may problem for you before get the loan enquire well
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