Intern
Joined: 13 Sep 2013
Posts: 40
Location: United States (NJ)
Concentration: General Management, Finance
GMAT 1: 670 Q49 V33
GMAT 2: 690 Q48 V37
GPA: 3.41
WE:Corporate Finance (Consumer Products)
Re: Taking Out a Larger Loan Amount
[#permalink]
27 Mar 2014, 15:24
As brandon432 said, most, if not all, lender (both private & federal) clearly specifies in contract that the borrowing limit is COA budget (minus any other aid) set by school. I believe many of them verify the amount with the school directly as well, so you can't just lie about the amount. And also as brandon432 said, you will be able to borrow only the difference between COA & any other aid.
But I believe you can request your school to increase COA budget. I haven't tried for my MBA degree, but for my UGrad, I was able to. But I had to have a valid reason (which I had) and it had to be reviewed by school for approval.
So, in your case, you can ask your school to increase COA to $ 80k. Of course, you have to have a valid reason for extra $ 10k. I think you should contact the financial aid office for the process, and the process can vary a lot by school.