Can you have more than one Stafford loan at the same time?

Parent contribution on Graduate Stafford Loan?

• Hello, I am 25 and have not been claimed on my parent's taxes since 2004. Both of my parents make under 30k a year, one of them is a part-time student and the others' house is in forclosure :( I got word from the financial aid office at my graduate school yesterday that I am eligible for 19,500 Stafford loan out of 25,000 the gap is my expected parent contribution. I am sorry but clearly not only because of my age but also their financial status they wouldn't be able to fill in the gap. Has anyone else dealt with this? How exactly was that number configured? Thank You.

• Answer:

  Usually, the FAFSA no longer looks at your parent's income once you are the age of 23 or older. I have never heard of the FAFSA needing your parents information once you either are at graduate status or you are at the age of 23 or older. I am thinking that the EFC you are seeing must be your own contribution. Do you have a job? It seems like your contribution is $5,500. This is a number that the government makes using your income, savins etc. This would mean that you are expected to pay $5,500 out of your own pocked to cover your tuition. That $5,500 plus the $19,500 in loans will then equal the cost of attendance ($25,000). This is only if I am understanding you correctly. This is all correct and if you are like most students, you really can't just pull that money out of your pocket like they expect. The best answer is to look for scholarships and other financial aid. If you have lost your job or had any other financial problems within the past year, talk to your financial aid office to see if you can fill out any type of special circumstances forms. This will mean that you need further assistance because you cannot pay the gap yourself. Personally, I would stay away from any type of alternative loans. These are quite easy to get your hands on, but really have high interest rates.