I will need loans for 1 year of out of state tuition. I will not qualify under 'need.' How do I determine my best loan options?

January 07, 2008

Posted by DanielleR

( 1 rating )

Your best bet is to review the information on www.salliemae.com. Under "Finding a loan," click on "Loans for undergrads" and you will get a great breakdown of the types of loans available. You will also be able to compare the different types of loans to determine the best one for your situation.

In terms of federal loans, you will probably only be eligible for an unsubsidized Stafford loan (subsidized Stafford loans and Perkins loans are need-based only). For a dependent student, the maximum you can borrow depends on your year in college, but does not exceed $5,500 ($10,500 for an independent student). If this loan does not provide enough money, you may need to go with a private student loan. There are several types of private student loans.

All this information is available at salliemae.com. Hope this helps! Good luck!

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