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How can I get another student loan without having Financial Aid having to estimate/certify the loan?
By Leonuk On 28 Sep, 2013 At 09:43 PM | Categorized As Financial Aid | With 0 Comments

Chat2dayQuestion by jediknight2054: How can I get another student loan without having Financial Aid having to estimate/certify the loan?
1. Financial Aid has lowly estimated my need for the school year. 2. I have maxed out the most I can get from the government. 3. Financial Aid will not certify any more loan money for me, but I need more assistance. 4. I work part-time already and go to school full-time.

Best answer:

Answer by NotAnyoneYouKnow

You can’t.

Lenders make student loans to cover educational expenses. Because the loans are unsecured (there is no collateral), the lenders make the loans because they’re willing to gamble that the education that you’re buying with that money is going to secure your promise to repay. Lenders are not willing to make educational loans to applicants who are not going to use those funds to further their education, and to ensure that education is where the money is REALLY going, the lenders require the applicant’s school to certify admission, registration, and financial aid need.

The entire intent of this process is to prevent borrowing fraud, and no legitimate lender will skip that step, any more than you’ll find a lender that won’t ask for your social security number, or ask you to sign a promissory note.

Your borrowing eligibility is based on your school’s estimate of your “Cost of Attendance”, a financial aid term that includes tuition, books, school fees, equipment, room and board, and various miscellaneous education-related expenses, including gas to get to school every day. Those estimates are based on the average costs of students at your school – for example, the room and board estimate is based on the average price of the school’s dorms and/or what it would cost to share a moderately priced local apartment near your school.

Keep in mind that financial aid is not meant to cover your entire cost of living while you’re in college – only your educational expenses. If you’re trying to squeeze in your medical expenses, your credit card payments, and DirecTV, then you really are going to run short every month.

You can certainly appeal to financial aid for a recalculation, but I’d suggest going prepared with a breakdown of your monthly expenses. I could be wrong, but I suspect that you’re going to find that your expenses (for whatever reason) are higher than your average classmate’s expenses, and the real answer might require you to cut back and budget a bit more conservatively.

Good luck to you.

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