Private College Student Loan

How do college loans/financial aid and grants work? Are grants/financial aid money two different things?

I want to transfer as a sophomore next year to a liberal arts college (Eugene Lang) in New York and the tuition is very costly, almost $40,000, maybe higher. I am a freshman at a community college and I am receiving full fafsa (about $5,000) aid since I come from a low income family. I know that in order for me to go to this college I need to get loans. How exactly do they work? How much will I receive? I am not interested in private loans. Also, how much grant money will I receive from fafsa? I am familiar with Stafford loans but I don't know how they work.

Public Comments

1. They don't just give you more loans because you want to go to a more expensive school. You are already getting the maximum amount and they won't extend you any more money. Private loans would be your only option and for those you'd need a co-signer with excellent credit and a high income.
2. the max amount a dependent sophomore can receive in federal stafford loans is 6500 a year. A YEAR. grants are just one form of fin aid, loans are another form.. as are scholarships. You don't get more government aid for "CHOOSING" an expensive private school. (Which is why CC are so popular). this means that if you are receiving the full Pell grant (I assume this is what you mean when you say "full fafsa") of 5,550 a year, then this is the max amount you will get in Pell (if you still qualify) as a sophomore at the private school. Add the stafford loans (6,500) and the Pell (5,550) then you are going to be VERY short of the 40K a year you need to attend this school. Your only other options are parent PLUS loans (parents must be willing to borrow for you for the next few years). Or private loans (evil horrible horrible option) that requires you to have a sucker of a cosigner. in short... private schools assume people know that they cost more.. they also assume that people know if they value their education enough they only choose to attend there if they can afford it. Unless you can work and save 30K a year for the next 3 years, you can't afford this school and need to find another.
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