What is the max I can get in Stafford loans? | 04.28.10
Now that we’re getting close to May, financial aid award packages should be going out in the mail to continuing and new students in the next few weeks. We get a lot of questions in our financial aid forum relating to what the ceilings are per year for federal student loans, so let’s explore the figures for the 2010-2011 academic year:
If you are a dependent student (under 24 years old)–
1st Year – $3,500 subsidized, up to $2,000 unsubsidized = $5,500 max
2nd Year – $4,500 subsidized, up to $2,000 unsubsidized = $6,500 max
3rd Year and Beyond – $5,500 subsidized, up to $2,000 unsubsidized = $7,500 max
Lifetime Maximum = $23,000 subsidized, up to $8,000 unsubsidized = $31,000
If you are an independent student (24 or older)–
1st Year – $3,500 subsidized, up to $6,000 unsubsidized = $9,500 max
2nd Year – $4,500 subsidized, up to $6,000 unsubsidized = $10,500 max
3rd Year and Beyond – $5,500 subsidized, up to $7,000 unsubsidized = $12,500 max
Lifetime Maximum = $23,000 subsidized, up to $34,500 unsubsidized = $57,500
Note that these figures are for undergraduate students. Graduate students can take out greater amounts of loans per year due to the higher costs of post-baccalaureate education.
Also, there is an exception to the annual maximums if your parent applies for a Parent PLUS loan and is denied. In some cases, the Department of Education may make a special exception and lend more unsubsidized money to a student, but it still applies toward the immutable lifetime limit.
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wow !..thank you
Thanks. I may use this if i end up having to be in loans.
thanks!
thanks
Wow. Loans are necessary.
very informational
Thanks for the information I will be needing some loans.
very helpful
i need student loans
but im afraid to be in debt forever
It must be paid back. No doubt about it! Gary
Thnx for the info
this is extremely helpful i need LOTS of loans!
very helpful!
I was wondering how much i could possibly get this coming year so its good information.
thank you for the information. It really helps!
It sure helps me understand
Ohh i see! i didnt knew the calculation. Thanks for sharing this with us.
This is interesting. I am always offered this type of scholarship, but I was unaware about what it entails. There's even a Stafford Loan Workshop that I've heard about.
thanks for the information =)
It's very confusing know that i'm a senior and looking for options to pay for a high cost education can be overwhelming. It's good to know that besides scholarships there are other options. Thank You
thanks forthe information i am a senior in highschool and looking towards a loan
This is helpful information, because I am in my third year, and this gives me an idea of how much I will be personally responsible for through private loans (assuming I'm eligible for the max).