Private College Student Loan

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...

Public Comments

1. 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.
2. Ouch. Borrowing 120K in private loans is risky. Your payments will be well over 1500 a month when you graduate and since they are the variable interest, sub-prime loans, the payments could easily climb to more, much more!! 1600+ a month!!! Add to that the federal loans you probably already have and your entire income after graduating (with just a Bachelor's degree) could be used to support your loan payments.... for 10+ years!!!! Just keep this in the back or your mind as you progress in your degree: Many ppl move back in with the folks after accumulating this much debt because they can't afford to survive and the justification they used "I'm worth it" isn't much consolation when Mom walks in on them with a "friend" when they are 30 years old or you are sharing a bathroom with your nephews during their summer break at grandmas. Sew your wild oats now, 'cause you aren't going to be able to when you graduate with that second and third job you'll have to have living with the parents. :0)