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Are student loan amounts determined by the cost of tuition and expenses of a chosen school or is there a standardized rate for all students?
Wiki User
∙ 8y ago
Now this is a complicated question.
The Stafford Loan has maximums of $3,600 for freshman/sophomore $5,200 junior/senior standing (if I recall correctly - if I'm in correct it's +/- a few hundred dollars)
Now in order for you to qualify for the maximum on a Stafford, it is based on what the University has determined the 'need' is for you to be a student. This dollar amount in theory covers residence, computer, books, etc.
On many occasions - this number is very high. For example at my University (state school), I paid approx 500 a credit hour. So roughly speaking 4 classes to stay full time was approx $2,000. The University's determined need was around $20,000 a semester. So it would be very rare for the loan ceiling be prevented by the University's 'need'
Now in regards to Parent PLUS or other 'private' loans - that is determined by your credit. Just as you would on many loans they qualify you for a maximum (or your parents in the PLUS case). The downside of private loans is that the potential for interest to be higher, stricter payment terms, etc.
At the point of private loans your maximum would be what you qualified for vs. the school's determination of your need.
I'm sure in most occasions - the bank providing the private loan would have a lower dollar amount, in which would be your maximum.
Wiki User
∙ 8y ago
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