Aggregate limits on private undergrad student loans?
I’ve heard from Chase, Citibank, and a few others that their aggregate limit is 120,000 for private undergrad student loans. But, my college is particularly expensive and I get little to no federal aid for my educational expenses. I’m worried about hitting my limit before I graduate.
Are there any private undergrad student loans that have an aggregate limit of over 120,000? Or is this number for everyone? I could have sworn that a few years ago when I was looking at schools that the limit was higher…
Each private lender can make its own credit criteria, including setting aggregate limits on loans. At this level, they almost certainly will require a cosigner as well.
If I were you, I would investigate the PLUS loan (Parent Loan for Undergraduate Students). If approved, your parent could borrow up to Cost of Attendance, less other aid. If either parent were denied on the PLUS credit, you then could borrow Stafford loans. This would reduce the need for private loans.
