Reply to Yale vs Penn State - Your Honest Opinion Please

Forum Index » College and University Discussion

Reply to "Yale vs Penn State - Your Honest Opinion Please"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I got into both Yale and Penn State and I went to Yale.  My parents didn't give me a hard time about it but helped me pay and supported me taking out loans.  I met people at Yale I wouldn't have met at Penn State.  Even now, the Yale name on my resume means more on job applications than the Penn State name would.  I would make the same choice again.[/quote]
How much loans can students take out? That $5,500K or so a year that every student can take out obviously won't cut it. Was it actually your parents who took out the loans? Or co-signed your loans? Research says below:
[b]
$5,500 to $12,500 per year[/b]
The maximum amount that undergraduate students can borrow each year in federal direct subsidized and unsubsidized loans ranges from $5,500 to $12,500 per year, depending on their year in school and whether they're a dependent or independent student.[/quote]

Those are federal loans.  You can always get private student loans as long as parents co-sign and credit worthy.  https://www.salliemae.com/student-loans/get-ready-to-borrow/decide-how-much-to-borrow/

[/quote]

The child can take out max $5500 a year under FAFSA.  No private lender will give a 17 or 18-year -old Sloan because they have no collateral. The parents must fund the difference. All the stuff you hear about student loans issbojt grad school[/quote]

You are wrong and right.  The parents can co-sign a private loan for the child (if that's what you mean by fund the difference).  A child can't take one out on their own - but a parent can co-sign a private student loan.[/quote]

https://lendedu.com/blog/private-student-loan-limits/

"Limits for private student loans are different than limits for federal loans. Private lenders use factors such as your income, credit score, current major, future projected income, and if you have a cosigner to determine how much to lend you."[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics