How Much Private College Loan Does One Really Need?

How much money can I borrow when applying for a private student loan? This question was directed to me by a student-friend who’s contemplating on getting some private college loans to finance her college education.

I shot back this question at her: How much do you still need – after you exhausted all your chances in getting federal loans? What ever expenses is still unpaid and needed to be filled up, then this is the amount more or less, that you ideally need to apply when getting a private loan.

Actually, when applying for private student loans, you can get up to about 32,000 US dollars every school year, amounting to way over 100,000 dollars annually. Of course a college student is not allowed to borrow an amount that is more than his school expenses and costs.
It should be enough and spent entirely on your educational expenses.

It is imperative that student borrowers are aware that private college loans are complimentary or alternative loans. We must first try sourcing all our financial needs from the government, and when all means are exhausted then it is time to try getting private loans. Such loans should never be excessive and are meant to be fillers for gaps left by federal loans.