How does one determine the amount of loan that they need to apply for?
I recently got accepted into college, however, my financial aid award does not cover my entire balance. I would be left with $11,604/year and was wondering, if worst comes to worst, how much money would I need to apply for? For example, would I need to apply for a $12,000 loan or a $48,000 loan? This is assuming that my balance owed remains at $11,604 for my entire bachelor degree and I could not seem to find a clear answer online. Thank you for your time!!
#college #money #student-loans
2 answers
Syed’s Answer
Lorraine Brown
Lorraine’s Answer
Based on my college experience with student loans, this goes through the financial aid office. They review your minor and major and total cost for the semester. Each semester this process will need to continue if this is your only way to pay for college. Please know you can also apply for scholarships and grants if you are eligible and the college can enter your information there first before going to student loans.