<p>Hello. I will be graduating after this summer session. I am hoping to use all my annual federal loan maximums (generally 12500 for me in years past) for one semester, as well as any grants and scholarships I may be awarded.</p>
<p>Is there a way to do this? I know pell grants are capped proportionally each semester. But can I take all 12500 in loans (assuming they offer it for the year) during the summer, or is there generally a per semester cap?</p>
<p>Thank you.</p>
<p>Your summer aid will be capped at the school’s cost of attendance for the summer. You must be at least half time to receive any student loans. </p>
<p>Is your school a summer header for financial aid (meaning summer is part of the following year for FA purposes)? If not then your loan eligibility will of course be reduced by loans you have already had this school year. If it is a summer header, then you should be able to receive loans in the summer (assuming you have not reached your maximum aggregate allowed of $57,500 for an independent student). Loans don’t have to follow the same rules about apportioning them equally between any periods. I received more than a semester’s worth when I only attended in the spring one year. (though that was the end of the school year, I am not sure how that works if you are only attending one period at the beginning of a school year rather than the end).</p>
<p>If summer is a trailer, you will only get the remainder of your annual eligibility.</p>
<p>If summer is a header, and if you are graduating at the end of summer, the school actually has to prorate your loans … this is required for loans for undergrads who are finishing their program after just one semester in the award year (not for graduate students, just undergrads). The school will take the number of credits in which you are enrolled for the term, divide it by the number of credits in a financial aid award year, and multiply it by $12,500. So if the financial aid award year is 24, and if are enrolled in 12 credits summer at a summer header school, your award is 12/24<em>12500=6250 for the term. If you take 15 credits, your award is 16/24</em>12500=$8333 for the term. If you take 8 credits, your award is 8/24&12500=$4166.</p>