How much can you borrow to cover cost of living?

Question

If I am a 5th year undergrad....

If tuition is like 3500 for the year. If my pell grant covers that --- will I be allowed to take out the maximum amount of stafford unsub/sub to cover my living expenses?

Thanks.

Answer 1

Best Answer - Chosen by Voters

Annual Loan Limits - Stafford Loan
Dependent Students
(whose parents were not denied a PLUS loan) Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
First-Year Undergraduate (Freshman) $3,500 $2,000 $5,500
Second-Year Undergraduate (Sophomore) $4,500 $2,000 $6,500
Third-Year and Beyond Undergraduate (Junior, Senior) $5,500 $2,000 $7,500
Preparatory Coursework (for enrollment in an undergraduate program) $2,625 $0 $2,625
Preparatory Coursework (for enrollment in a graduate or professional program) $5,500 $0 $5,500
Teacher Certification Coursework $5,500 $0 $5,500
Independent Students
(and dependent students whose parents were denied a PLUS loan) Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
First-Year Undergraduate (Freshman) $3,500 $6,000 $9,500
Second-Year Undergraduate (Sophomore) $4,500 $6,000 $10,500
Third-Year and Beyond Undergraduate (Junior, Senior) $5,500 $7,000 $12,500
Preparatory Coursework (for enrollment in an undergraduate program) $2,625 $6,000 $8,625
Preparatory Coursework (for enrollment in a graduate or professional program) $5,500 $7,000 $12,500
Teacher Certification Coursework $5,500 $7,000 $12,500
Graduate and Professional Students Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
Graduate and Professional Students $8,500 $12,000 $20,500
Medical School Students $8,500 $32,000 $40,500
Aggregate Loan Limits - Stafford Loan
Combined Base Limit for Subsidized and Unsubsidized Loans Additional Limit for Unsubsidized Loans Total Limit for Unsubsidized Loans (minus subsidized amounts)
Dependent Undergraduate Students (whose parents were not denied a PLUS loan) $23,000 $8,000 $31,000
Independent Undergraduate Students (and dependent students whose parents were denied a PLUS loan) $23,000 $34,500 $57,500
Graduate and Professional Students $65,500
(including undergraduate Stafford loans) $73,000 $138,500
Medical School Students
(Effective 4/18/08 per DCL GEN-08-04) $65,500
(including undergraduate Stafford loans) $158,500 $224,000
Previous Stafford Loan limits can be seen on the historical loan limits page.

Stafford Loan Interest Rates and Fees

Stafford Loans have a fixed interest rate of 6.8% for loans with a first disbursement after July 1, 2006. (Previously, Stafford Loans had variable interest rates (based on 91-day T-bill rate + 1.7% during school with an additional 0.6% increase upon graduation) capped at 8.25% or less, depending on yearly adjustments.) All lenders offer the same rate for the Stafford Loan, although some give discounts for on-time and electronic payment.

The College Cost Reduction and Access Act of 2007 reduced the interest rates on subsidized Stafford loans for undergraduate students starting July 1, 2008. These reductions are available only to undergraduate students, not graduate students, and only for subsidized Stafford loans, not unsubsidized Stafford loans. The interest rates are illustrated in the following table.

Phased-in Cuts in Interest Rates on
Subsidized Stafford Loans for Undergraduate Students
Year Interest Rate
Subsidized Stafford Loans
(Undergraduate Students) Interest Rate
Other Stafford Loans
(Graduate or Unsubsidized)
2007-08 6.8% 6.8%
2008-09 6.0% 6.8%
2009-10 5.6% 6.8%
2010-11 4.5% 6.8%
2011-12 3.4% 6.8%
2012-13 6.8% 6.8%
Stafford Loans have loan fees of 4%, which are deducted from the disbursement check. These fees consist of a 3% origination fee and a 1% default fee (previously "guarantee fee"). Starting July 1, 2006, the default fee will be mandatory. (Previously, guarantee agencies could waive the fee and many did.) The origination fee will drop from 3% to 2% on July 1, 2006, and will drop by a further 0.5% each successive July 1, until it is phased out entirely on July 1, 2010.

Applying for a Stafford Loan

To apply for a Stafford Loan, you must submit the Free Application for Federal Student Aid (FAFSA). Even though the unsubsidized Stafford Loan is available to all students regardless of financial need, you must still submit the FASFA to be eligible. You can receive a subsidized loan and an unsubsidized loan for the same period.

You may use the Lender Codes Database to obtain the lender codes of participating student loan providers. FinAid also maintains a list of education lenders who offer federal and private student loans. If you are a student attending a school that participates in the Federal Direct Student Loan Program you will obtain your federal student loan funds directly from the U.S. government, not from private lenders.

Perkins Loan

The Perkins Loan is awarded to undergraduate and graduate students with exceptional financial need. This is

Answer 2

Yes

Answer 3

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