Maximum Federal Direct Loan Amount?

Paying for College
1

<p>According to my financial aid offer letter, I am eligible for $3500 ($1750 per semester) of Federal Direct Subsidized Loan. However, when I was on step 4 of the Master Promissory Note, on the Borrower's Right and Responsibility Statement, it says:</p>

<p>Annual Loan Limits for Direct Subsidized Loans and Direct Unsubsidized Loans:
Dependent Undergraduates
First Year (freshman) $2,625
Second Year (sophomore) $3,500
Third Year (junior) and Beyond $5,500</p>

<p>I will be a college freshman in September. Clearly, the amount I was granted exceeds the maximum limit. Can anyone please clarify this for me? Thank you very much.</p>

2

<p>Those numbers are out of date. The $2625 etc were the limits before July 1 2007. They increased from July 1 2007 to $3500 for freshman & $4500 soph. </p>

<p>In fact they just increased again with a new bill that was passed but I don't know if that has been implemented yet.</p>

<p>Just go ahead and complete it with the amount you were awarded (assuming it will let you).</p>