Stafford loan questions

[Ikith]

So I'm getting a loan through Sallie Mae and its a Federal Stafford Loan but I would like to try to get some extra money for fuel etc to take some of the pressure off of my family until I can find a job. Is this possible to do or am I tied in to only what I need for school like if I try to loan to much my school or Sallie will come back and say no you don't need that much etc etc or is it up to me completely as long as I pay it back?

[scrockstar]

Pretty sure that's not a problem. I know some people who used their loan for off campus rent.

[Senoska]

There's the federal limit for federally funded loans. Can't take more than that. Some schools also limit the amount you can take but its FAR above what you need for the school itself.

I took $5k over what school costed each year for transport, living, and partying.

[kuronosan]

So I'm getting a loan through Sallie Mae and its a Federal Stafford Loan but I would like to try to get some extra money for fuel etc to take some of the pressure off of my family until I can find a job. Is this possible to do or am I tied in to only what I need for school like if I try to loan to much my school or Sallie will come back and say no you don't need that much etc etc or is it up to me completely as long as I pay it back?

You can claim educational expenses and there isn't really much they can do about it, but if you straight up tell them "Hey my education costs $5000 but I would like $10000" they may bat some eyes.

It's really up to their discretion... but if you're eligible for a Stafford Loan why would you go through Sallie Mae?

[Senoska]

Living, transportation, a new computer, etc, all fall under educational expenses...

[Jicent]

Yep I actually did this this year getting my refund check on the 15th. Its perfectly fine to take extra for rent and other expenses.

[Ikith]

How long does it take this shit to get passed:
"BORROWER APPLICATION COMPLETE - CERTIFICATION IN PROCESS"

That point?

[Mojo]

You're eligible to receive federal aid or loans until your federal cost of attendance is met. This is determined by the federal government based on criteria that they have for that particular school. Your university website probably has it listed online, or you can just call them and ask. It also should say it on your financial aid status somewhere. Your school and their application process determine your eligibility for aid or loans. Typically the only thing that most schools weigh is something called an EFC (expected family contribution, this comes from FAFSA) and any grants/scholarships you may have received. It's 'cut out' of your federal cost of attendance.

It doesn't matter what you spend your loans on. As long as you haven't taken more than that, you can request additional loans, although typically this requires writing an appeal to your school. They may be subsidized or unsubsidized depending on how much more you ask for.