FAFSA loans don't cover tuition

[katethekitcat]

Forgive me if this has already been answered or the question is obvious. Money and finances are NOT my strengths.

 

So I filled out my FAFSA and just received my financial aid package from the university I'm attending. However, even with the loans they're giving me, I'm still about $10,000 short on tuition for the year (yes, I know. I'm going to be in debt until I'm 60.)

 

How do I go about finding loans to cover the rest of the tuition? Does this mean I go to private lenders? How do I start that process? I technically have enough in my savings to cover the gap, but that would completely wipe me out, and I don't want to be left with nothing in the event of emergencies, having to move to a new city, if my internship between year 1 and year 2 is unpaid, etc.

[danieleWrites]

You may find this vaguely helpful: http://studentaid.ed.gov/redirects/college-gov (used to be college.gov) finaid.org has great information about financing college, undergrad through doctoral. The calculators are particularly helpful when you have to face a tough decision about funding your grad program yourself or not going to school. http://www.finaid.org/calculators/ Private loans are possible, and some people have good experiences with them, but the interests rates aren't pretty. The student loan adviser calculator is eye-opening. The education-debt-to-income ratio is the percentage you can afford to pay in student loan payments when you have a job.

 

As for finding private loans, type student loan into google. You can check with your bank.