Confused! Financial Aid / Loan question

[onehusbandsevenkids]

Hi everyone,

I was under the impression (thought I read it somewhere) that each year you're in school, your unsubsidized and subsidized loans (Stafford?) got larger?

Like last year, my freshman year, I received a little over 3,000 pre semester.

I thought I had read that in sophmores are eligible for a little over 4,000 per semester and it goes up each year after that.

But my friend just got her FAN/SAR and she's going into her sophmore year and her student loan amounts haven't changed this year. She swears that the laon amoutns stay the same year after year.

Oh - and are they based on income? I didn't thin they were.

Am I missing something? Did I dream this up? LOL

Gosh, I was soooo planning on a little more $$ in loans this year so I possibly wouldn't have to work along with going to school.

[klone, MSN, RN]

I just filled out my Stafford app today, so I have the info right in front of me.

For independent students (total subs and unsubs):

First year: $6625

Second year: $7500

Third year and beyond (undergrad): $10,500

For a maximum of $46,000 for independent undergrads.

HTH

[wannabemw]

I just filled out my Stafford app today, so I have the info right in front of me.

For independent students (total subs and unsubs):

First year: $6625

Second year: $7500

Third year and beyond (undergrad): $10,500

For a maximum of $46,000 for independent undergrads.

HTH

Did they say anything about secondary Bachelor's? I got my BS in HE & am beginning an accelerated program this fall... I am wondering if I should just go Private (I am concerned that I am at my limit: total loans Sub & Unsub = around 48,000 now I think)?

~MJ

[kishah]

Hi!

I transferred from a 4yr University to a 2year college for my ASN and the student loan amount is based on the 2nd year even if you have 60+ credit hours. I transferred in 60 hours and its taken me two years to complete my prereqs so my loan has been the same amt and it will be this year also because of the community college status. Im not sure if its like that for all community colleges, but Ive heard people that came from other campuses complain that we dont get enough money. I know that my max was a little less than $3,000.

Kisha

[onehusbandsevenkids]

Thanks for the answers, and Stafford's aren't based on income right?

[ftr_bb_catchr]

I don't want to rain on the parade but I had the same question about loans... YES the amounts do go up each year.

Here is the problem though.... you cannot go over the maximum cost of attending school and since community colleges are lower than say a university, I think this is why sometimes the loan amounts do not go up. BUT, that being said, all of this is going to depend on your EFC too. Lower EFC = higher loans and grants. Even though an unsubsidized loan is not based on need, you still apparently can't go over the total cost of attending school with the grants and subsidized and unsudsidized combined (my school is a little over $10,000 and it is a CC). Most schools, if you look at the fine print, will say that the amount you are awarded will vary, depending on cost of education (the COE, I think they call it) and your EFC. Best thing for you to do... is to get in with your finanial aid office and get the numbers that apply to you once you have filed your FAFSA.

[klone, MSN, RN]

Thanks for the answers, and Stafford's aren't based on income right?

The subsidized are need-based; unsubsidized are not.

[spencesa76]

Second Bachelor's degree students fall into the year 3 and up undergrad category. Max of $10,500 per school year for Stafford loans. But if you have hit your max amount of loans, you might not be able to get anything. You could always get private loans if you credit is ok.

I am in this situation, I start Sept this year and finish Dec 2006. The max I qualify is ~$16,000 (10,500 for Sept 2005 through Summer 2006, then 5,250 for next Sept 2006-end) Luckily I have no previous loans from my first degree, so I should get the full amount. Unfortunately I made too much money this year to qualify for subsidized loans, only unsubsidized.

[ftr_bb_catchr]

I went ahead and called my financial aid office this morning and I though the OP might like to hear what they said. They told me that your loan amounts do usually go up at least a little for the second year (reason being, according to her, they don't want to "give" you too much your first year, letting you get a feel for things). Of course the COE does apply as does the EFC but you should be able to get a "little" more at least!

[niecy]

has anyone been able to just attend school and not work and live off of loans independent single mother

[Lisa CCU RN, RN]

has anyone been able to just attend school and not work and live off of loans independent single mother

I'm doing it right now with two kids.