Q: I am currently attending college and have a question about my student loans.
When I borrow money for college, are there limits to how much I can borrow?
As background, I have been living with my parents since I started college. I plan to move out on my own soon.
I have subsidized and unsubsidized Federal Stafford Loans. I also receive the Hope Scholarship.
The problem I am having is that the loan company will not allow me to receive any more money than what I am already getting. The money that I receive now from the loan is just enough to cover tuition and books, it will not cover housing, food, etc.
If you can please e-mail me back will a suggestion that would guide me in the right direction, I would greatly appreciate it.
A: I don’t know why your loan company won’t allow you to have any more cash. When it comes to Stafford Loans, independent students are allowed to borrow more than dependent undergraduate students, so moving out may enhance your ability to borrow additional funds.
Please go and see the financial aid office and your college. They should be able to guide you further.
June 7, 2004.