<p>Hey all, I'm about to turn 24, and therefore independent for the Fall 2015-2016 financial aid year. The question I'm wondering is how much does students typically get from student loans. IE, do students usually get the full amount that they qualify for. Also, do students usually get the full amount from grants as well?</p>
<p>Thanks</p>
<p>You get the amount that you are eligible for in Direct Loans…based on your year in college…plus an additional $4000. As long as you complete a FAFSA, you can take out that Direct Loan.</p>
<p>If you are talking about the Pell Grant…that is based on your FAFSA efc…and if you are eligible to receive the Pell, you will get all that you are eligible to receive.</p>
<p>This all assumes you are attending college as a matriculates student attending full time.</p>
<p>My understanding is that, when it comes to federal financial aid loans, you’re basically looking at Stafford loans. As an independent student, you can borrow somewhere between $9,500 (as a first-year student) to $12,500 (third year and beyond) as long as you are in undergrad. Additionally, you may qualify for Pell grants and FSEOG depending on your financial need/EFC as well as (for FSEOG) if your school participates and has money left.</p>
<p>You can draw on as the full amount that you qualify for as long as the total doesn’t exceed your college’s cost of attendance. For the Stafford loans you’re also limited to an aggregate loan limit which I believe is somewhere around $57000 this year.</p>
<p>Wow that sounds excellent. Let me make sure I’m not misunderstanding you all. I’m currently going to go part time for the Spring of 15, because I don’t qualify as independent at that time. However, I’ll be a junior in the Fall of 15, and qualify as independent. As I have absolutely no income or assets, I should qualify for the full 12,500 in federal loans? Also, I should qualify for the Pell grant, and as long as my school participates then I get any that’s available left over from other students also getting grants?</p>
<p>So realistically I’d be looking at 12,500 + (Some from Pell grant) per year?</p>
<p>See <a href=“https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much”>https://studentaid.ed.gov/types/loans/subsidized-unsubsidized#how-much</a> for limits of Direct Loans.</p>
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<p>Yes, I think you’re right about the Stafford loan and you haven’t already borrowed more than the $57,000 maximum then you should get that full amount. Just keep in mind that your financial aid is limited to cost of attendance</p>
<p>If you do qualify for the Pell program then you will get the full amount that you are entitled to based on your FAFSA EFC - it can’t run out and for this grant alone it doesn’t matter what is happening to other students. If you really have 0 income and 0 assets then you will probably have a 0 EFC and get the full Pell award of approximately $5000 (I don’t remember the exact number)</p>
<p>The federal grant that is limited that you may or may not get even if you qualify for it is the FSEOG. Not all schools participate in this program and the ones that do can run out of money for it before everyone gets it. </p>
<p>That’s excellent, thanks DmitriR!</p>
<p>But if the COA is lower than the max fed aid you qualify for, you’d get a lower amount. What is the COA at your school?</p>
<p>The cost of attendance is roughly $19,000 at the school I will be attending</p>