# Where does one go to get a student loan. **URL:** \ **Category:** Factual Questions\ **Created:** [May 28, 2014, 3:55pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466 "2014-05-28T15:55:10Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![kaylasdad99](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/kaylasdad99/32/3398_2.png) [@kaylasdad99](https://boards.straightdope.com/u/kaylasdad99)\ **Post date:** [May 28, 2014, 3:55pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/1 "2014-05-28T15:55:10Z")
My daughter is about to graduate high school, and has been accepted for admission to Marymount Manhattan College in NYC. She’s been awarded about $16K/year in scholarships and work-study, but the total cost for a year is $48K. Where is a good place for her to go for student loans? We filled out a FAFSA form, which erroneously supposes that I’m in a position to provide her with $12K/year, so I’m not sure how that affects her ability to receive federal student loans. Thanks in advance for any information. Her tuition for the first year is due on July 1, btw. P.S. I’m not in a position where I can effectively co-sign for any loans she takes out. ---
**Author:** ![Joey\_P](https://avatars.discourse-cdn.com/v4/letter/j/919ad9/32.png) [@Joey\_P](https://boards.straightdope.com/u/Joey_P)\ **Post date:** [May 28, 2014, 4:00pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/2 "2014-05-28T16:00:59Z")
Physically? The school will have a billing or accounting department where you/her can go talk to someone face to face. That’s where my friends always went to go pick up their checks (and promptly plan their vacations). ---
**Author:** ![Keeve](https://avatars.discourse-cdn.com/v4/letter/k/f07891/32.png) [@Keeve](https://boards.straightdope.com/u/Keeve)\ **Post date:** [May 28, 2014, 4:01pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/3 "2014-05-28T16:01:24Z")
Try the College’s financial aid office: [http://www.mmm.edu/offices/center-for-student-services/financial-aid.php](http://www.mmm.edu/offices/center-for-student-services/financial-aid.php) ---
**Author:** ![Kimballkid](https://avatars.discourse-cdn.com/v4/letter/k/b5a626/32.png) [@Kimballkid](https://boards.straightdope.com/u/Kimballkid)\ **Post date:** [May 28, 2014, 4:01pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/4 "2014-05-28T16:01:50Z")
There are such things as [Plus](https://studentaid.ed.gov/types/loans/plus) loans, but the only drawback is that you are the borrower. There are also [Stafford](http://www.staffordloan.com/stafford-loan-info/) loans. You may also try your bank, but since the rules have changed I don’t know how many banks are giving student loans. ---
**Author:** ![Fishtar](https://avatars.discourse-cdn.com/v4/letter/f/ed655f/32.png) [@Fishtar](https://boards.straightdope.com/u/Fishtar)\ **Post date:** [May 28, 2014, 4:07pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/5 "2014-05-28T16:07:08Z")
When the FAFSA comes back, it will say how much money they will loan. After that it is easy, just another form for a Stafford loan. They will probably loan her enough money, though some of the loans may be unsubsidized (meaning interest will be charged while in school). If not complete by July, ask the school for an extension. $48k a year? Don’t cosign , and if the child majors in art history, wring her neck. ---
**Author:** ![slash2k](https://avatars.discourse-cdn.com/v4/letter/s/439d5e/32.png) [@slash2k](https://boards.straightdope.com/u/slash2k)\ **Post date:** [May 28, 2014, 4:09pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/6 "2014-05-28T16:09:59Z")
> [@kaylasdad99](#): > > My daughter is about to graduate high school, and has been accepted for admission to Marymount Manhattan College in NYC. She’s been awarded about $16K/year in scholarships and work-study, but the total cost for a year is $48K. > > Where is a good place for her to go for student loans? We filled out a FAFSA form, which erroneously supposes that I’m in a position to provide her with $12K/year, so I’m not sure how that affects her ability to receive federal student loans. > > Thanks in advance for any information. > > Her tuition for the first year is due on July 1, btw. > > P.S. I’m not in a position where I can effectively co-sign for any loans she takes out. Have you talked to the financial aid office at Marymount Manhattan, and did they receive a copy of the FAFSA information (they will if they were listed on the FAFSA)? That should be the first step. Offers of federal direct student loans are usually included in the financial aid award letter from the school. Most major banks offer private student loans; they are usually substantially more expensive than federal loans. ---
**Author:** ![Kimballkid](https://avatars.discourse-cdn.com/v4/letter/k/b5a626/32.png) [@Kimballkid](https://boards.straightdope.com/u/Kimballkid)\ **Post date:** [May 28, 2014, 4:19pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/7 "2014-05-28T16:19:46Z")
[Here’s](http://www.finaid.org/loans/privatestudentloans.phtml) an article about private student loans. It does say in there that you shouldn’t consider a private student loan until you have maxed out the Stafford loan. ---
**Author:** ![Fishtar](https://avatars.discourse-cdn.com/v4/letter/f/ed655f/32.png) [@Fishtar](https://boards.straightdope.com/u/Fishtar)\ **Post date:** [May 28, 2014, 4:22pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/8 "2014-05-28T16:22:02Z")
I gave bad info above. The Feds will only loan her $10k a year. Not near enough, even if she lives in a box at the park. Contact the financial aid office for info on private loans. Don’t cosign. ---
**Author:** ![kaylasdad99](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/kaylasdad99/32/3398_2.png) [@kaylasdad99](https://boards.straightdope.com/u/kaylasdad99)\ **Post date:** [May 28, 2014, 4:39pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/9 "2014-05-28T16:39:45Z")
> [@slash2k](#): > > Have you talked to the financial aid office at Marymount Manhattan, and did they receive a copy of the FAFSA information (they will if they were listed on the FAFSA)? That should be the first step. Mostly my daughter has been talking with them; I’ve been keeping out of it, on account of I’m not going to be contributing to this enterprise. Still, she asked me to see what kind of loans she could get. > [@](#): > > Offers of federal direct student loans are usually included in the financial aid award letter from the school. Most major banks offer private student loans; they are usually substantially more expensive than federal loans. That’s one of the things that has me worried. As I said, the FAFSA is supposing that I’ll be contributing $12K. When it transpires that I won’t be, will that affect her eligibility to take out federal loans? ---
**Author:** ![Fishtar](https://avatars.discourse-cdn.com/v4/letter/f/ed655f/32.png) [@Fishtar](https://boards.straightdope.com/u/Fishtar)\ **Post date:** [May 28, 2014, 4:46pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/10 "2014-05-28T16:46:26Z")
They will still loan her the max amount, your 12k or no. But the max is only $10k a year. ---
**Author:** ![Dewey\_Finn](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dewey_finn/32/4222_2.png) [@Dewey\_Finn](https://boards.straightdope.com/u/Dewey_Finn)\ **Post date:** [May 28, 2014, 4:50pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/11 "2014-05-28T16:50:13Z")
I’m not sure why you’re staying out of this whether or not you’re planning to contribute to her educational expenses. And given the wide gap between the cost of attendance and her ability to pay, I’d recommend that you seriously explore the alternatives to this school. Was she admitted to any state schools? It’s really not wise to come out of undergraduate school with $100,000 in loans. (Remember that for the most part, you can’t discharge student loans in bankruptcy so these debts could be with her for a _long_ time.) ---
**Author:** ![aktep](https://avatars.discourse-cdn.com/v4/letter/a/f0a364/32.png) [@aktep](https://boards.straightdope.com/u/aktep)\ **Post date:** [May 28, 2014, 4:50pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/12 "2014-05-28T16:50:22Z")
> [@kaylasdad99](#): > > That’s one of the things that has me worried. As I said, the FAFSA is supposing that I’ll be contributing $12K. When it transpires that I won’t be, will that affect her eligibility to take out federal loans? Not really, no. The EFC is used to determine eligibility for grants and subsidized loans. If you chose to provide that EFC or not, her eligibility is not affected - it is assumed you will provide it. Unsubsidized loans (to certain maximums) will be available regardless of the EFC amount or how much you actually contribute. Even if you don’t plan to contribute to the cost of your daughter’s education, I’d suggest you talk to the Financial Aid office with her. As long as she is your dependent, you will have a large role in what aid is available to her, and it will be helpful for you to be able to have those discussions with her and her financial counselor. ---
**Author:** ![Kimballkid](https://avatars.discourse-cdn.com/v4/letter/k/b5a626/32.png) [@Kimballkid](https://boards.straightdope.com/u/Kimballkid)\ **Post date:** [May 28, 2014, 4:54pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/13 "2014-05-28T16:54:46Z")
[Here](http://ifap.ed.gov/efcformulaguide/attachments/091913EFCFormulaGuide1415.pdf) is how EFC is calculated (PDF). There is a way to have zero EFC, but you have to be dirt poor. I didn’t read beyond that as it’s long and I’m way beyond needing student loans. 🙂 ---
**Author:** ![Motorgirl](https://avatars.discourse-cdn.com/v4/letter/m/e36b37/32.png) [@Motorgirl](https://boards.straightdope.com/u/Motorgirl)\ **Post date:** [May 28, 2014, 5:00pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/14 "2014-05-28T17:00:42Z")
I haven’t been in college in a loooong time, but I would advise you to talk to the financial aid office about how much of their offer is work study vs scholarships. When I was in school work study money wasn’t counted as part of the tuition you’re paying, because you have to earn it over the course of the school year. So if she has a $2000 work study grant she still has to come up with the full tuition/room/board cost upfront and then she has the opportunity to earn some of it back. ---
**Author:** ![Really\_Not\_All\_That\_Bright](https://avatars.discourse-cdn.com/v4/letter/r/e8c25b/32.png) [@Really\_Not\_All\_That\_Bright](https://boards.straightdope.com/u/Really_Not_All_That_Bright)\ **Post date:** [May 28, 2014, 5:11pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/15 "2014-05-28T17:11:54Z")
> [@Fishtar](#): > > I gave bad info above. The Feds will only loan her $10k a year. Not near enough, even if she lives in a box at the park. Contact the financial aid office for info on private loans. Don’t cosign. That might be the maximum _subsidized_ amount but you can borrow $20k+ on top of that. ---
**Author:** ![Fishtar](https://avatars.discourse-cdn.com/v4/letter/f/ed655f/32.png) [@Fishtar](https://boards.straightdope.com/u/Fishtar)\ **Post date:** [May 28, 2014, 5:15pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/16 "2014-05-28T17:15:33Z")
That is what I thought too. But did a quick fact check, and the Stafford, Perkins, and Direct websites all seem to have a different opinion. What federal loan provides the extra 20k? ---
**Author:** ![Really\_Not\_All\_That\_Bright](https://avatars.discourse-cdn.com/v4/letter/r/e8c25b/32.png) [@Really\_Not\_All\_That\_Bright](https://boards.straightdope.com/u/Really_Not_All_That_Bright)\ **Post date:** [May 28, 2014, 5:33pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/17 "2014-05-28T17:33:25Z")
[ > [@](#): > > How much money can I borrow in federal student loans? > If you are an undergraduate student: > Up to $5,500 per year in Perkins Loans depending on your financial need, the amount of other aid you receive, and the availability of funds at your college or career school. > $5,500 to $12,500 per year in Direct Subsidized Loans and Direct Unsubsidized Loans depending on certain factors, including your year in college. > … > If you are a parent of a dependent undergraduate student: > The remainder of your child’s college costs that are not covered by other financial aid. Note: A credit check is required for a parent loan (called a PLUS loan). ]([https://studentaid.ed.gov/types/loans#how-much-money-can-i-borrow-in-federal-student-loans](https://studentaid.ed.gov/types/loans#how-much-money-can-i-borrow-in-federal-student-loans)) That last line is the kicker, though I was a little confused because graduate students can apply for PLUS loans directly (as I did.) ---
**Author:** ![Fishtar](https://avatars.discourse-cdn.com/v4/letter/f/ed655f/32.png) [@Fishtar](https://boards.straightdope.com/u/Fishtar)\ **Post date:** [May 28, 2014, 5:41pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/18 "2014-05-28T17:41:22Z")
Yeah, the upper limits seem to be reserved for graduate students. And that last line is the kicker. No limit for the parent loans and the interest rate is 7%. Seems the federal government really wants to get parents by the balls. [https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much-can-i-borrow](https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much-can-i-borrow) ---
**Author:** ![Really\_Not\_All\_That\_Bright](https://avatars.discourse-cdn.com/v4/letter/r/e8c25b/32.png) [@Really\_Not\_All\_That\_Bright](https://boards.straightdope.com/u/Really_Not_All_That_Bright)\ **Post date:** [May 28, 2014, 5:49pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/19 "2014-05-28T17:49:53Z")
Yeah, they cut off _all_ subsidies for graduate students halfway through my graduate program, so it’s not just parents of undergraduates getting fucked. ---
**Author:** ![md2000](https://avatars.discourse-cdn.com/v4/letter/m/73ab20/32.png) [@md2000](https://boards.straightdope.com/u/md2000)\ **Post date:** [May 28, 2014, 7:38pm UTC](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466/20 "2014-05-28T19:38:28Z")
Ummm… $48,000 for one year at a liberal arts college? Am I that far out of touch? [Next page](https://boards.straightdope.com/t/where-does-one-go-to-get-a-student-loan/689466.md?page=2)