hi everyone. my top choice for undergrad 30k over 3 years which roughly splits to 19k in federal and 11k private (which will only be in the last year) I’m planning on working part time, working during summers, and applying to as many scholarships as possible. I know nothing is guaranteed besides the debt, but do you think it will be possible to eliminate/prevent private loans Atleast? they are my biggest worry
Just wanted your thoughts on this
byu/Strict_Pudding1905 inStudentLoans
Posted by Strict_Pudding1905
2 Comments
Are you an independent student? If so, you should be able to get all federal loans for that amount. Independent loan limits ( [https://studentaid.gov/announcements-events/big-updates/definitions#loan-limits](https://studentaid.gov/announcements-events/big-updates/definitions#loan-limits) ):
* First Year Total $9,500 (not more than $3,500 can be subsidized)
* Second Year Total $10,500 (not more than $4,500 can be subsidized)
* Third Year & Beyond (Total Each Year) $12,500 (not more than $5,500 can be subsidized)
That 11k private loan is definitely the scary part since those interest rates can be brutal. Working summers plus part time should help a lot but honestly three years is pretty tight timeline to cover that much. Maybe look into work-study programs at your school or see if there’s any emergency grants you haven’t applied for yet – sometimes schools have random small scholarships that don’t get much attention.