Federal loan package not enough? What now? | 03.24.10

Posted in FAFSA, Financial Aid, Private Student Loans, Stafford Loan By Student Loan Network Staff

If you have recently been disappointed with your financial aid award letter, you might be left wondering how you can cover some of the costs of tuition. What if the federal Stafford loan simply isn’t enough?

Rest assured, you’re not alone. In the vast majority of cases, a Stafford loan will not cover the entire cost of attendance. If your federal aid is less than you hoped, you may seek out alternative options. Private student loans are a common supplement to federal loans as they are based on credit, not need. You can learn more at PrivateStudentLoans.com.

In some cases, there has been a change to your situation since you filled out your FAFSA.  If a parent has since become unemployed or suffered another financial setback, you may be able to request additional funds. You should speak with your school’s financial aid office as they will work to secure you additional federal loans. Be prepared to provide paperwork to support your case (pay stubs, etc.).

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