What is the average monthly cost of student loans?

My Federal Student Loans dont cover my full tuition cost!?

• I filled out my FAFSA earlier this year in preparation of attending the University at Buffalo this fall. I am 18 and was accepted as a transfer student to transfer in at the beginning of my sophomore year (fall 2012). I received today my student aid report from the government and it said that I am eligible for around $5000.00 a year in direct unsubsidized stafford loans, but my yearly tuition cost is going to be more like $16000.00, (I'm living there). I was under the impression that the federal government allowed you to take out as much in loans as you needed, apparently not. My parents will not pay for any of my college, so what do I do? I'm thinking of looking at private student loan companies such as Sallie Mae, but I'm not sure if that's the best course of action. Also can I, say, accept the 5 grand from the federal government AND get a private loan for the difference or is it one or the other? Is there an even better answer? Any input would really help! Lol at he answers I got. Let me elaborate here. SUNY (State University of New York) at Buffalo (UB) is NOT a private school.....der da der. The the first answer guy here....are you dumb? I did my research alone because of the GREAT help I received here. If i get a private student loan I don't have to start paying until after I graduate, as a matter of fact the ONLY difference is it may have a slightly higher interest rate. I can deal with that. As for the suggestion that I get a job, I have two and I'm still maintaining a perfect 4.0 average at my current institution. Suggesting that a full time student pays off an 18k tuition a year by himself is foolish to the point of stupidity. How are you a top contributor? And to the third answerer I understand what you were trying to say, but UB is NOT a private school by any means, and my parents are more than willing to cosign a loan for me on their 150k a year salary. I said they wouldn't pay for any of my college directly, not

• Answer:

  you are choosing to go to an expensive PRIVATE school. Be aware that the federal government does NOT give those like you (who want to spend more money than they have) more money for CHOOSING a school they can not afford. This means that you will be offered (same as everyone else) a federal stafford loan of 5500 a year max. A YEAR! If you have not worked or saved for this private school than you simply can't afford it and need to find a cheaper school. One that is LESS than the 5500 a year (less the amount you have saved). It takes a lot of planning to attend a private school and apparently you have not done everything you need to do to actually attend. You will NOT be approved for a private student loan without a cosigner with awesome credit and a high income. I repeat you will NOT be approved. Sorry charlie. Sounds like you need to find a school that is a better FIT for you. "Also can I, say, accept the 5 grand from the federal government AND get a private loan for the difference or is it one or the other? Is there an even better answer?" You can get aid from as many sources as you want... federal, private, whatever... but like I said... you WILL NOT be approved for a private student loan without a cosigner with awesome credit and a high income. You won't be approved by yourself. The better answer/solution is to be realistic and find a better school. Obviously a private, expensive one isn't within your reach!