<p>Hi, I'm a junior at a 4-year state school in Minnesota that's part of MNSCU. I transfered to this school this semester after completing a 2 year associates degree at a community college that's also part of MNSCU (so my credits transferred without a hitch).</p>
<p>The school is cheap enough that FAFSA grants from the feds and MN pay for all my tuition costs (I have EFC 0). </p>
<p>What I'm wondering about however, is if it's possible to get a subsidized Stafford student loan if I'll need it starting this upcoming spring semester <em>on top of</em> the FAFSA grant money? I did my research and I'm eligible and all that jazz, but I keep coming across this bit of information that says Stafford loan money is split between fall and spring semesters...I've never applied for a student loan before and would prefer that the loan money not be split if I apply to receive it for next semester. Would I only receive half the loan money I'm qualified for, or the total for both fall (that I didn't apply a loan for) and spring? Furthermore, can you get both grant and loan money?</p>
<p>Some more background info: I'm needing the loan money starting this spring for a new computer and a car purchase I'm considering. I have 0 debt so far, thanks to FAFSA and living at home and attending a cheap community college. The school I currently attend is similarly very affordable and tuition is covered by FAFSA grant money.</p>
<p>I hope this makes sense and I can elaborate more if you'd like.</p>
<p>Thanks for taking the time to read and reply.</p>
<p>madamerican</p>
<p>Financial aid is based on your school’s COA. COA usually includes tuition & fess, room and board, books, and an allowance other miscellaneous expenses. So it is possible you may be eligible for some subsidized loans if the aid you already have does not exceed the COA. The total FA, including loans, can not exceed the COA. </p>
<p>Loans are usually disbursed equally over two semesters.If you did not receive any loans in the Fall semester, it may be possible to get more than half in the Spring semester.</p>
<p>The way it works for your Stafford loan is that you are entitled to get up to $7500 if you have junior standing. However, “up to” means that there are Cost of Attendance isses that have to be addressed too. You are only permitted to get grants, loans and other fin aid UP TO the COST of ATTENDANCE of the school, the COA. If the school has determined that your COA is high enough, so that the Stafford loans, other loans, grants, work study do not exceed that number, you can get the full amount of the loan for the second semester of the school year. However, next year, if you apply again for the loan, it will be split between the two terms. You are only permitted to get the full amount (again if COA is not exceeded) if the loan is taken the second semester. You cannot get the full amount for first semester alone.</p>
<p>Also, you really need to talk to the financial aid director, as schools have their own administrative rules as to what the COA is and how they dispense the funds. It gets tricky when one changes status mid year, and also when you are living at home with your parents what your COA numbers are. Some schools differentiate commuters’ COAs depending upon whether you have your own place or living with the parents. Also are you going to summer school? </p>
<p>So, as a general rule, you could get your full year loan proceeds for the spring, as long as COA limits are observed.</p>