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How To Get Extra Student Loan Money

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How Much Can I Borrow

Pay Extra On Student Loans Or Save For A House?

There are limits on the amount of subsidized and unsubsidized loans that you may be eligible to receive each academic year and the total amounts that you may borrow for undergraduate study . The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit. These limits vary depending on:

  • what year you are in school
  • whether you are a dependent or independent student

If you are a dependent student whose parents are ineligible for a Parent PLUS Loan, you may be able to receive additional Federal Unsubsidized Loan funds.

Year Dependent Students Independent Students
First-Year Undergraduate Annual Loan Limit $5,500No more than $3,500 of this amount may be in subsidized loans. $9,500No more than $3,500 of this amount may be in subsidized loans.
Second-Year Undergraduate Annual Loan Limit $6,500No more than $4,500 of this amount may be in subsidized loans. $10,500No more than $4,500 of this amount may be in subsidized loans.
Third-Year and Beyond Undergraduate Annual Loan Limit $7,500No more than $5,500 of this amount may be in subsidized loans. $12,500No more than $5,500 of this amount may be in subsidized loans.
Subsidized and Unsubsidized Aggregate Loan Limit $31,000No more than $23,000 of this amount may be in subsidized loans. $57,500 for undergraduatesNo more than $23,000 of this amount may be in subsidized loans.

Whats The Downside To Getting Extra Student Loan Money

If youre thinking about getting extra student loan money, its important to know that it isnt risk-free. First and foremost, you should always stick to your repayment plan. If not, it can hurt your credit score and make it harder for you to get finance in future.

There are also some lenders out there who are more interested in what you can do for them instead of it being the other way around. So, what can feel like the ideal short-term solution can turn quickly into a long-term nightmare for some students.

Its something we saw as students ourselves, and that’s how the Smart-Pig story started.

Our loans for students arent like other types of additional student finance you might be thinking about. We specialise in offering short-term finance to help you through to your next student loan date. And, as a responsible lender, well only lend to those who can truly afford it.

Plan Ahead To Avoid Extra Interest

Budget before you borrow, to avoid borrowing more than what you need. If youre taking out a private student loan, be sure to shop around for the best interest rate.

Make a budget that lists all of your college costs, including tuition, fees, housing, meal plans, textbooks, supplies, equipment, transportation and miscellaneous expenses. Also, consider hidden college costs, which can add $300 to $500 per month. Subtract financial aid and how much you will spend from savings and income. The remainder is how much youll need to borrow to pay the college bills.

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How Do I Apply For A Parent Plus Loan

  • Student must complete a Free Application for Federal Student Aid at
  • Parents must complete a Federal Direct Plus Loan application at The borrower is subject to a credit check.
  • Parents must complete a Master Promissory Note at For help see this FATV video.
  • Parents must complete a SF Federal Direct Parent Loan Program School Certification Request Form and return to the Financial Aid office.

What Can Student Loans Be Used For

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You can use student loans for a variety of education related expenses. Examples of expenses student loans can be used for include:

  • Tuition
  • Loan fees
  • Licensing or certification required for your program
  • Reasonable costs associated with a study abroad program approved for credit at the students home institution
  • Expenses associated with a cooperative education program
  • Miscellaneous personal expenses

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When Do I Begin To Repay My Loans

Repaying Your Loans

After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you must begin repayment. If you are a parent reading this and you have a Direct PLUS Loan, you do not have a grace period and must begin repayment within 60 days after the loan is fully disbursed. You have a choice of repayment plans. Your monthly payment will depend on the size of your debt and the length of your repayment period. Click here for a guide that explains available repayment options, includes examples of monthly payments for different loan amounts, and covers other topics you need to consider when managing your loans. Go to to access useful Student Loan Repayment Calculators.

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Complete Exit Counseling

Exit counseling helps students gain the fundamentals they need to understand and manage their student loan debt. The institution is required to notify every student at the school who borrowed a Federal Direct loan if the student ceases to be enrolled at least half time. You will receive exit counseling information through your eSantaFe account and/or via email or mail. It is important that you complete exit counseling to understand repayment options and your rights and responsibilities as a borrower.

Keep You Loan Servicer Informed

What Are The Interest Rates For Federal Student Loans

The interest rate varies depending on the loan type and the first disbursement date of the loan. The tables below provide interest rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans.

Interest Rates for Direct Loans First Disbursed on or After July 1, 2021, and Before July 1, 2022.

Loan Type

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Private Student Loan Limits

Private student loans are originated by private institutions such as banks, credit unions and online lenders. Private student loans are usually best when youve maxed out your federal financial aid potential, since they require hard credit checks and lack benefits like loan forgiveness opportunities and income-driven repayment plans.

While many lenders will allow you to borrow up to the total cost of attendance, the total amount that you can borrow will vary based on the lender, your major, your credit score and whether or not you have a co-signer. Below are examples of student loan limits among some private lenders.

Total cost of attendance

What Are Some Advantages Of Federal Loans Over Private

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Federal loans have relatively low, fixed interest rates and offer a variety of flexible repayment plans. Private loans, unlike those from the government, aren’t based on financial need. Borrowers may have to pass a credit check to prove their creditworthiness. Borrowers with little or no credit history, or a poor score, may need a cosigner on the loan. Private loans may also have higher borrowing limits than federal loans.

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How Much Can You Borrow

In addition to private loans, there are three main types of federal student loans: Direct Subsidized, Direct Unsubsidized, and Direct PLUS.

First, consider a Direct Subsidized Loan. Subsidized federal loans are simple to obtain, usually less expensive than PLUS or private loans, dont require a or cosigner, and have built-in protections and repayment options that unsubsidized, PLUS, and private loans don’t have. Subsidized federal loans are available for undergraduate students only. Unsubsidized federal loans can be taken out by both undergrads and graduate/professional students.

How Much Does University Cost

Tuition fees in the UK can be anything from free up to £9,250 per year. We have a full guide on how much university costs with more information, but it’s important to remember the price of your tuition will depend on where you’re from in the UK and where in the UK you’ll be studying.

Fees are also likely to be very different for international students , as there’s no official maximum figure. Either way, check the university’s website or prospectus for details or see the UCAS course catalogue.

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How Do I Pay Back My Extra Student Loan

Like many online services such as Amazon, Netflix and JustEat, we use a type of regular automatic payment on your debit card called a Continuous Payment Authority . And this is how you pay your loan back to us.

A CPA lets us debit the amount from your bank account using your card details. This is subject to specific terms that youre made fully aware of, and agree to, during the application process.

This isnt a direct debit, standing order or similar payment method, however. Instead, it relies solely on your card details. Once agreed, a CPA lets us take a series of agreed payments from your debit card or credit card without needing permission for every payment.

How Much Can I Get From Student Loans

What Happens If You Default on Federal Student Loans

Your school is actually determines which loan types you are eligible for when you fill our you FASFA each academic year. How much money you can get is based on the loan limits for what year in school you are and what type of student . This means undergraduate loan limits will be different than graduate loan limits. An independent student is at least 24 years old, married, a professional student, a graduate student, veteran, or orphan to name a few. While a dependent student is still supported by ones parents or the parents are elible to take our Direct Plus Loans. Long story short, the dependent student is dependent on their parent or guardian. If you are a dependent student in which your parents are not eligible for Parent Plus then you may get extra unsubsidized funding.

So how much money can you get from federal student loans?

Dependent Undergraduate Students

  • First Year $5,500 Overall with $3,500 subsidized
  • Second Year $6,500 Overall with $4,500 subsidized
  • Third Year and Beyond $7,500 Overall with $5,500 subsidized
  • Total Limits $31,000 Overall with $23,000 subsidized

Independent Undergraduate Students

  • First Year $9,500 Overall with $3,500 subsidized
  • Second Year $10,500 Overall with $4,500 subsidized
  • Third Year and Beyond $12,500 Overall with $5,500 subsidized
  • Total Limits $57,500 Overall with $23,000 subsidized

Graduate Students or Professional Students

  • Annual Limit $20,500
  • Total Limit $138,500 which includes any undergraduate loans

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Start By Submitting The Fafsa

Submit a Free Application for Federal Student Aid, or FAFSA, to find out how much financial aid you may qualify for, such as grants, scholarships and work-study, that wont have to be repaid. It takes about 30 minutes to complete. Each school you apply to will use the FAFSA to determine your financial aid the gap between aid and cost of attendance is what you have to cover.

» MORE: How much financial aid will I get?

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Federal Direct Loans Sample Repayment Schedule

Direct loan repayment varies by student. Your monthly payment amount is determined by how much you borrowed when the funds were disbursed, when your loan enters repayment and the type of repayment plan you choose.

To give you an idea of repayment, let us assume we have an undergraduate borrower with the following loans:

1st year Subsidized Loan of $3,500 with an interest rate of 4.66%

2nd year Subsidized Loan of $4,500 with an interest rate of 4.29%

3rd year Unsubsidized Loan of $4,500 with an interest rate of 3.76%

4th year Unsubsidized Loan of $5,000 with an interest rate of 4.45%

For a total amount of loans borrowed of $17,500 with a weighted average interest rate of 4.3%

Assume the student enters repayment immediately following the end of their six-month grace period, and they have an annual salary of $32,000. The gird below shows the different repayment options available to the borrower and lists the monthly payment, the length of time it takes to pay off the loan, and the total amount paid for the loan.

What Can I Use An Extra Student Loan For

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Life at university means theres a wide range of things that you can end up spending money on. But, as the cost of living increases, it can be hard to make your student loan last through to the date of your next student finance payment.

Here are some of the things that an additional student loan from Smart-Pig can be used for:

  • Textbooks and other course materials
  • Energy, internet or mobile phone bills
  • Car, coach or rail travel to/from home
  • Groceries

No matter your reason, you can apply to Smart-Pig for our alternative to an extra student loan online. Our loans for students could be the ideal solution to your short-term cash concerns.

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Consider Private Student Loans

Another option if you need to borrow more money than federal student loans can provide is to apply for a private loan from a bank, credit union, or other financial institution.

Private loans are available regardless of need, and you apply for them using the financial institution’s own forms rather than the FAFSA. To obtain a private loan, you will need to have a good credit rating or get someone who does have one, such as a parent or other relative, to cosign on the loan.

Having less-than-stellar credit can make it difficult to qualify for student loans. Private lenders will consider your income and credit history, and as a college student, you likely have poor credit or no credit at all. However, some lenders offer student loan options for borrowers with bad credit.

Generally, private loans carry higher interest rates than federal loans, and their rate is variable rather than fixed, which adds some uncertainty to the question of how much you’ll eventually owe. Private loans also lack the flexible repayment plans available with federal loans and are not eligible for loan consolidation under the Federal Direct Consolidation Loan program. However, you can refinance your private loans after you graduate, possibly at a lower interest rate.

Appeal Your Award Letter

If your circumstances have changed since you submitted the Free Application for Federal Student Aid , you may be able to get more financial aid money. You have options to appeal your award with the school. Job loss or a change in income, divorce or separation, high medical expenses or other special circumstances that affect your family’s finances are worth discussing with the school. You’ll likely have to submit additional documentation, but it could mean that you end up getting more financial aid.

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How To Increase Your Expense Allowance

Your school determines how much to allow for each expense. However, if you can document higher costs than specified in the allowances, you can appeal to your school for a possible professional judgement adjustment to the cost of attendance.

For example, you should keep receipts for all your textbooks and supplies. If your actual costs are higher than what your school estimated, ask the financial aid office to increase the textbook and supplies allowance.

Some colleges dont include certain allowances in the cost of attendance but will add them if you document the expenses and make a formal request.

Expenses that may fall into this category include:

  • Dependent care
  • Computer and software related expenses

Undergraduate Federal Loan Limits

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If your parents financially support you, then youre considered a dependent student. Federal student loan limits for dependents are $5,500 to $7,500 each year, up to a lifetime limit of $31,000.

You may be considered independent if you are over the age of 24, a military veteran or married, or if you financially support yourself. Independent students can borrow $9,500 to $12,500 annually and up to $57,500 total. If youre a dependent undergrad but your parents dont qualify for a parent PLUS loan, you may be able to borrow up to the federal student loan limits for independent students.

Year in school
Up to the cost of attendance, minus any other financial aid received

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