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High School Study Abroad loans?

What loan can you get to cover education once you have reached your "loan limit" according to your school?

  • My sister has reached her loan limit according to her school. She is going to a trade school who doesnt allow a very big budget to cover housing, even though they dont have dorms on campus and dont really take into account the cost of living. The cost of living for a small apartment is $800+ a month, the school only budgets about 500/month. She is now half way through her last school year and the school will not approve any more loans because they say that she has had enough. She needs around $4000 more, what are her options? I said that she could do a personal loan, but the payments would have to start right away and she cant make payments because her program of study is too time consuming to allow her to have a job. Private student loans need approval from the school, which they aren't giving. Do you know of any loans that have deferred payments? Please let me know of any options that you can think of. Sallie Mae is not an option, her school is not listed with them.

  • Answer:

    Non school certified school loans are nonexistent in today's economy. Any kind of student loan can not exceed her cost of attendance and can not exceed the yearly federal loan maximums. This is federal regulations and the school really has no control over it. I'm not sure which one is being used to limit her borrowing. Knowing which one stopped her helps better in what she can do to get more... if anything. Her only option is to go to a relative (cough, sister) and see if either they can loan her the money or if they can take out the loan for her... making the payments while she is in school and charging her interest in the mean time. Sallie Mae not acknowledging her tech school as a legit school worries me. If the things with the relatives doesn't work out perhaps she should find a different school. Financial aid was set up to AID students pay for their education and a 500 a month housing budget is actually pretty good.

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It's called "renting a room" for $400 plus $100 utilities or less. She knew what the budget for housing was and that is something she needs to adjust her lifestyle to. P.S. there is always room for a job. Work at night and supplement your income. Right now the only thing left to do is to borrow from a private source (family) and take in a room mate at $400 a month and look for a part time night job.

Reena

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