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Often students find that they need to borrow more loan
money than they initially accepted for the academic
year. Here are some questions and answers to guide
you to the right loan resource.
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Question # 1
Am I eligible to borrow more Federal Stafford loan
money?
Federal Stafford
loan money has annual borrowing limits. If you
borrowed less than $38,500 (the annual limit for
year 1or 2) or $45, 167 (the annual limit for
year 3 and 4) you may be eligible to borrow
additional funds from this program. Simply
Request
for Additional Stafford Loan Funds to make a
request. The financial aid coordinator will
review your request for additional Stafford loan
monies and confirm if you are eligible. If you
are eligible your loan will be processed and you
will receive an award letter detailing the
amount and disbursement schedule.
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Question # 2
I have borrowed the annual maximum on Federal
Stafford loan money but still need more funds. Are
there any other options? |
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You may be
eligible to apply for a commercial student loan
up to the amount of your educational budget
minus any financial aid awarded.
Alternative/Commercial Loan Programs
There are many alternative loan programs
available. For your convenience we have listed
two of the possible programs below with links to
on-line applications. The terms and conditions
(interest rates, etc) of commercial loans vary
from loan to loan depending on many factors such
as your credit worthiness. Some of the
alternative/commercial loan programs charge
origination fees, so be sure to take some time
to check out the terms & conditions of each loan
program so that you can find the one best suited
for your needs. If you wish to use a lender
other than those listed below, please contact us
after you have completed the paperwork for the
alternative loan of your choice.
Below are the links for two programs:
Access Group
http://www.accessgroup.org/students/medresources.htm
Sallie Mae
Signature Loan
http://www.salliemae.com/apply/borrowing/signature.html
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Question #3
I have borrowed the total amount of my educational
budget but still am short of funds. Do I have any
options?
If you have a
temporary shortage of funds you may request an
emergency loan.
These short term loans are available
through the college and are charged back to your
student account the following quarter.
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Question #4
I am unable to meet my financial needs and have
exhausted the resources above. What can I do?
One option is to
determine if you are eligible for a budget
increase. To become familiar with allowable
budget increases click on
Instructions for making an appeal to the Student
Educational Budget
A second option is to schedule an appointment
with
Billi Jo Reeves at 593-2158 to explore
options on how to address your financial needs.
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