Is it true that taking out a private student loan decreases the amount of federal loans you can take?
I am starting a very intense degree program where they reccommend we don't work for the last 12-15 months of our schooling. For this reason, I am planning on utilizing federal loans and private lender loans.
This morning, I spoke with the financial aid office at my school. They told me not to take out a private loan because it will reduce the amount I can get from the federal loan. What's up with that?
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The reason is you only need so much money for school. If you've already taken a loan for school, that amount will be seen as not needed. Wait to see what money you get and get your own loan later.