<p>Hey everyone, I just attended this private 4-year college for just the spring semester. Upon receiving my initial financial aid award, it stated that my sub stafford would be 5500 and unsub would be 7000. Now about 3 weeks later and after school has started, my award has been reduced and cut my loans in half. I know I had to do verification for my fafsa but now my award leaves me with a 3000 hole. It seems like the fin aid department fudged up and listed the annual amounts of loans for my spring semester. Its too late to withdraw for a refund. Is there anything I can do? My mom is going through a bankruptcy issue.</p>
<p>I’m confused. Are you saying you thought you would be receiving $12500 in stafford loans with $5500 of that subsidized? </p>
<p>What year are you in college. It sounds like you are a dependent for financial aid purposes. If you are a freshman, the stafford loan max is $5500 with $3500 allowed as subsidized.</p>
<p>Yes, that’s correct. I’m a transfer but I’m considered a sophmore. Actually, I’m an independent being that I’m going to be 25 this year.</p>
<p>It sounds to me like your awards were packaged based on an entire year. While computers are wonderful, they don’t know everything - and they are going to package your awards for a year, because that is how they are programmed. The overworked folks in the financial aid office then have to go back using special reports to identify the students who got over awarded. I know, because this was the case at the large university where I used to work. It was the nature of the beast - we did our best to identify those who were beginning midyear, but it wasn’t easy.</p>
<p>Now that I re-read your post, though, I am wondering if you actually incorrectly checked a box that allowed you to be considered independent when you were not. Did you check that you had a guardian, or that you were working on a graduate degree? And did you say that you were a junior or a senior when you did not actually have enough credits at your new school to be considered a junior or senior? This often happens, and it results in being packaged with too much in loans.</p>
<p>Too much guessing. Let us know what your revised loan is, as well as your standing (year in school) at your new school. That way, we can give you better advice.</p>
<p>Ok…I do not know the direct loan limits for a 25 year old independent sophomore student. Perhaps someone else does.</p>
<p>Oh, is the student independent? I assumed not, because mom’s bankruptcy was mentioned. Sophomore, independent: (Up to) $4500 sub, $6000 unsub for total loans of $10,500. So if the initial package was $5500 and $7000, the FAFSA said junior or senior & the student was initially packaged based on what was on the FAFSA. That’s a difference of $2000. OP, is this correct? Or are your loan amounts different than this? If you were still a freshman when they adjusted your package - that is, not all transfer credits were in the system yet - that would explain your $3000 difference (it would have been $3500 sub, $6000 unsub).</p>
<p>I am considered an independent but I did file on my fafsa incorrectly as a senior when I should be a sophomore. I didn’t know this was based on credits, not years. Yes, that was my initial package of loan amounts. Now my package looks like 2225 and 3500 in loans. That’s a difference of roughly 5000. Is there anything I can do due to the computers’ error?</p>
<p>No. But I am wondering about your awards. Did you receive any loans during the 2012-13 school year at any other school? If so, how much?</p>
<p>Dave, if your direct loan amounts are 2250 and $3500, could the school have changed your designation to DEPENDENT for financial aid purposes?</p>