When I spoke with financial aid at Bloomington, they said the max loan for the summer alone is 4900.00. I got over 3000.00 for the summer session only and will apply for another loan for fall and spring but will have tons left over from the summer to apply to the fall books/tuition.
I believe they said the max per year is in the 7000.00 range for the SallieMae loans. Plus it depends on how many credit hours you are taking. I am being brave this summer and taking 11 credit hours. LOL! Five is nursing core, 3 is Pharm and 3 is Chem ( my last co-req)
They take out the tuition 1st, you CAN get books earlier that a few days before class. I have some of mine already. As long as the loan is there, you can draw from that loan for books even though the dispersment date on mine is not until June something er other. I had no problem doing that at the bookstore.
When I applied for my loan, I did not indicate any amount. It was the school that put in that amount and I only got that amount because I also got Pell grants- so theoretically, I could have been awarded more.
Also, if you get scholarships, you can reduce your loan amount.
I applied for the nursing one from the State of Indiana where they pay for the whole thing.......and you have to do 2 years serveice in Indiana as pay back for that grant. A pretty good deal
Have you looked into used Psych books? There are some deals out there. There is usually a used book sale the week before school starts that can also save you mega $$$ and put more of that loan money in your pocket for living expenses.
Hope this helped!