My school offered me 2250 in a subsidized loan for the summer term, I have already received 2250 for both fall and spring. I was under the impression that I could not exceed the annual loan limit of 4500. I’m not worried about reaching the aggregate limit, because I’ll be able to graduate in 5 semesters total.
Also, do subsidized loans stay subsidized though grad school?
Is your summer term part of the 2014-2015 school year (the current one)? Or is it part of the 2015-2016 school year (the upcoming school year)?
Find that out. Your loan could be part of next year’s loans.
My school does the year as Fall 2014 to summer 2015. So it would be in addition to the 4500 I’ve already received.
Edit: the aid years are very clear on my student account and I can clearly see that it will not be a part of 2015-2016
Contact your school financial aid office and ask them this question.
Edit, found what I was looking for
If these are the subsidized federal Stafford loans, you are limited to $3500 as a freshman for the aid year, however that is defined by your school. Were you a freshman in 2014-15?
I came in with 42 credit hours, so I started as a sophomore.
@VanillaThunder The annual total for sophomore dependents is 6,500. 4,500 sub and 2,000 unsub.
https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much
Thanks brownparent, I am aware of that fact. My issue is that my 4500 subsidized was issued fall and spring, and now I have been offered another 2250 for the summer term and I don’t understand how.
You have to ask your FA office. It might be a mistake and you don’t want to find that out after you start classes, or find out later that they are counting this as 2015-16 money and then you’ll be short next spring.
Check to be sure this is subsidized. Maybe it’s unsubsidized.