I took a Stafford loan that covered my cost of attendance, but can I take another loan or will I get

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My current loan covers tuition, books, transportation, etc. and I was wondering if I got a student loan from my bank, will I get penalized next time I apply for a Stafford loan(since my loan exceeds the estimed cost of attendance for my school ~ $12,000) Do I have to report this extra loan in my FAFSA?

I took a Stafford loan that covered my cost of attendance, but can I take another loan or will I get penalized

You should check with your financial aid office to make sure, but my understanding is that it should not have an affect. I knew some people when I was in college who received private student loans and they used the money to buy food, clothes, and a computer.

If you need a little more cash, see if you can get a Federal Subsidized loan besides the Stafford loan you have. Federal subidized loans will charge lower interest rates.

If you're planning on getting a private loan you need to thing long and hard about it. Do you really need that extra cash? If so then go for it. Just make sure you shop around for the best deal. Private loans are the most expensive student loans and will cost you a lot of money in the long run.

Here are a few sites I'd recommend:

http://financialaid.com - offers federal and private loans

http://finfo.com - get up to four competing offers from banks with no obligation

Again, check with you financial aid office first. They might be able to steer you in the right direction.

Good luck!

I took a Stafford loan that covered my cost of attendance, but can I take another loan or will I get penalized

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