If my family can't meet the EFC, than how much money can I loan out as a student?

Colleges and Universities A-Z Northwestern University
1

<p>Just wondering...</p>

2

<p>You can take out Stafford loans if the college decides that you have need. Whether the loans are subsidized by the government or unsubsidized loans will depend on your financial need as determined by the FAFSA forms you’ve completed and what the college determines. In either case, as a freshman you can take out up to $5,500 a year, as a sophomore up to $6,500 and as a junior and senior $7,500 per year. The interest rate is 6.8% starting this July, which is usually a much better rate than a private loan.</p>

3

<p>You may also qualify for Perkins loans if you have exceptional need. You will have to contact FA office to see if you can qualify for one.</p>

4

<p>Also…as a student, Northwestern does a wonderful measure whereby they cap the amount a student can take out in loans, which is different than the cap from Stafford. Details for incoming students of Fall 2012:<a href=“http://ug-finaid.northwestern.edu/docs/DebtCapInfo.pdf[/url]”>http://ug-finaid.northwestern.edu/docs/DebtCapInfo.pdf&lt;/a&gt;
I hope this helps.
~APOL-a Mum</p>

5

<p>APOL,</p>

<p>So, Northwestern caps federal loans at 22,500 or 25,000 (depending if you take the summer session). But doesn’t this just mean that a student will have to take private loans, if he/she needs more financial aid?</p>

6

<p>the amounts mention before, $5500, $6500 and $7500 are for the Subsidized Stafford Loans only.</p>

7

<p>Yes, thank you NYerr, my original post was not clear. If the college decides based on the financial information that you submit that you do not have need, the unsubsidized Staffords are limited to $2,000 per year.</p>

8

<p>If you are found to have need: Subsidized loans each year 3500, 4500, 5500, 5500
If you get a sub loan, you can get an additional 2000 per year unsubsidized.</p>

<p>If you are found not to have need, you can get 5500, 6500, 7500, 7500 in unsubsized loans each year.</p>

<p>ONLY Subsidized part of the loans qualify for the CAP of $22,500 for the 2012-2013 school year. Includes stafford and perkins subsidized.</p>

9

<p>For clarification as my original post was closer to being correct:
[Student</a> Aid on the Web](<a href=“http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp]Student”>http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp)</p>