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Federal Student Loan Limits
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Billy Said:Due to poor economy and job scarcity shouldn't federal student loan limit be INCREASED for undergraduate study?
We Answered:no, it shouldn't.
Tim Said:Are there income limits to qualify for federal student loans?
We Answered:Anyone can get a federal Unsubsidized Stafford loan regardless of their (or their parents) income. So no!!! The amount you can borrow is capped and based on your dependency status and classification. Dependent freshman can borrow up to 5,500 a year and independent freshman can borrow up to 9,500 a year. A bit more the higher you are classified.
Read this book, it will help.
Ross Said:Can my graduate school limit the amount of my federal student loan?
We Answered:Technically they can limit the amount of loans you receive but it's really by saying it'll cost less to go there if that makes sense. You see to get federal and state loans you can't get much more than the "cost of attendance" which includes estimated living expenses, tuition, fees, books, supplies ect ect. So if they wanted to limit your loans they could always say it won't cost as much as it should.
I'm not sure why they would do that but that is why it's important to talk to your Financial Aid Officer!
Priscilla Said:Can my financial aid officer limit the amount of my federal student loan?
We Answered:Yes, they can limit the amount of your loan, no matter what the lender tells you. The lender may tell you that you are able to apply for the maximum amount, which you are, but your actual eligibility is limited by your college's cost of attendance figures as determined by the financial aid office. This amount includes tuition, fees, books, living expenses, and transportation as determined by your college. Your EFC is subtracted from this and that determines aid you can be offered as well as the maximum loan amount you are eligible for. Another factor may be your college's policy on offering unsubsidized loans up front. Unsub loans are allowed to replace all or part of the EFC, depending on whether or not you are independent, up to the cost of attendance.
You can document additional educational expenses and unusual living expenses to your financial aid office with a request for reconsideration, as well. If these justify an adjustment to your cost of attendance, then you may have your eligibility increased. However, borrowing just for the sake of being able to borrow is never a good idea, so looking at your expenses and finding ways to trim them while you are in school may be a better idea so that you can live within your means. Since most graduate programs are not *full time* as they are in undergrad programs, there is also probably some room for part-time employment to further reduce the amount you feel you may need to borrow.
Jack Said:What are the income limits for an independent (graduate student) to receive the maximum federal loan amount?
We Answered:Stafford Loans are not need based, so you will be able to get the full $20,500 per year on those no matter your income.
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