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| How can I get financial aid if I have already reached my student loan limits? |
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Last Updated
1st of May, 2009
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There is an almost unlimited source of financial aid outside of federal and state student loans. There are also grants and scholarships from local, state, and federal sources, as well as private bank loans.
If you’ve already reached your student loan limit, that means you’ve probably already applied for the FAFSA and received federal aid like the Subsidized and Unsubsidized Stafford Loans and PLUS loans, as well as need-based federal grants like Pell, Academic Competitiveness Grant, TEACH Grant, and the SMART Grant.
Here are other options that you may not have considered:
• State government grants and loans (for California residents, this is the Cal Grant)
• Campus-based financial aid: Scholarships, Federal Work-Study, and grants including the Federal Perkins Loan and the Federal Supplemental Educational Opportunity Grant (FSEOG). Most states and schools use the FAFSA to determine eligibility for other non-federal aid.
• Scholarships
- Campus-based scholarships (often found on the college or university’s website)
- Local scholarships
- National scholarships, such as the National Merit Scholarship
• Private agencies, companies, foundations, and employers (either the parents’ or the student’s employer)
Finally, you can always take out a private loan through a bank. Start with your local bank or credit union and ask about student loans. You may also be able to take out a standard personal loan, but before you do that, research whether other banks near you will give you a student loan option, which may give you better loan terms like deferment on loan payments while you’re in school and a grace period once you graduate.
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