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I was wondering if any of you might have experience with private loans. I have maxed out my federal student loans which cover the estimated cost of living, but as those costs are calculated for a single individual it isn't enough to cover my actual expenses with a wife and child. My wife stays at home with my kid (there are medical/developmental concerns) and doesn't work, so apart from loans I don't have any other source of income to cover our expenses while we're in law school.

I didn't think this would be a problem since I figured I could always get a private loan when it became necessary, but all of the private loans will not lend more than the difference between the cost of attendance and financial aid (which includes my federal loans). So that is $0. Feels like a bit of a catch-22.

Am I missing something or are there other possible solutions?

Thanks in advance.

This sounds like something to discuss with your financial aid office. They're going to be in a much better position to know if there are government programs to help subsidize things like childcare or whether they're in a position to augment your current COL numbers.

Just be careful that you are certain you can get a job to service the debt. With federal debt, you can tie your payments to your income. Such is not the case with private loans

cavalier1138 wrote:This sounds like something to discuss with your financial aid office. They're going to be in a much better position to know if there are government programs to help subsidize things like childcare or whether they're in a position to augment your current COL numbers.

Yes, I agree with this. I know that your school's financial aid office can adjust your COL based on dependants and therefore raise the cap on your loans.

A. Nony Mouse wrote:

cavalier1138 wrote:This sounds like something to discuss with your financial aid office. They're going to be in a much better position to know if there are government programs to help subsidize things like childcare or whether they're in a position to augment your current COL numbers.

Yes, I agree with this. I know that your school's financial aid office can adjust your COL based on dependants and therefore raise the cap on your loans.

Yup, then you can get more Grad PLUS instead of private loans AFAIK.

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