<p>I believe the limit is 23k. What does one do if they reach this and still have undergrad left to complete (I switched to engineering late in college career?) My EFC is quite low. Will I have to make up the difference with private loans or could Perkins loans be possible? I know this is highly dependent on specifics I haven't mentioned but I'm thinking generally.</p>
<p>Actually, the loan limits were raised this year:</p>
<p>You should speak with a financial aid officer at your school about your options. He/she is in the best position to advise you about what will be available to you.</p>
<p>Thanks, I will actually reach the limit for the subsidized before I finish. Will this mean I only have unsubsidized available up to the 7500 annual limit? I will be independent during these final terms, so I hope I will get more grant based aid.</p>
<br>
<blockquote> <p>I will be independent during these final terms, so I hope I will get more grant based aid.>></p> </blockquote>
<br>
<p>edl...how will you become independent during your final terms? Will you be over 24? Are you getting married?</p>
<p>I'll be over 24</p>
<p><a href="http://talk.collegeconfidential.com/financial-aid-scholarships/527615-new-limits-stafford-loans.html%5B/url%5D">http://talk.collegeconfidential.com/financial-aid-scholarships/527615-new-limits-stafford-loans.html</a>
I found some answers in this thread, looks like grants going down, loans going up is a common experience. Would still appreciate advice wrt aid for indpendent status.</p>
<p>At this time, the maximum aggregate you can borrow is $57,500 under the Stafford program. It may increase in the future, but I wouldn't bet on it in the short term.</p>
<p>The annual limits for independent students are quite different than they are for dependent students.
(Under 08-09 rules)
Freshman: 9,500
Sophomore: 10,500
Junion/Senior: 12,500</p>
<p>Aggregate loan limits were also increased beginning with 08-09 applications to 57,500.</p>
<p>Depending on the total COA and your other aid, you may or may not be eligibile for the maximum annual limits based on grade level.
The Pell Grant was increased for 08-09 to around 4,800 for zero EFC's.</p>
<p>Maybe someone can answer this. Why are some students being offered the additional $2000 unsubsidized Stafford (in addition to the $5500 for a junior subsidized) and others are not being offered this? Just curious. DD did received the full subsidized $5500, but was not offered the $2000. AND no, the school did not meet our full need...</p>
<ol>
<li>Is she at the current limit for stafford loans.</li>
<li>the school put her FA pkg together before this extra 2k was signed into law</li>
<li>only way to know for sure is to call the school (but of course you already knew that!)</li>
</ol>
<p>with my son's school, the FA letter always adds up to the COA. In our case for this year that extra 2k was used to fill the gap. They have my EFC as a suggested plus loan.</p>
<p>I'm going to call the school and ask them to only put him down for the 4500 (sophomore). I wonder if I decide we want that xtra 2k can I add it for the spring semester or is the amt we decide on now, final for the year.</p>
<ol>
<li><p>Is she at the current limit for stafford loans. No. She's only at the beginning of her junior year.</p></li>
<li><p>the school put her FA pkg together before this extra 2k was signed into law Absolutely NO... She just got her financial aid package for next year...yesterday.</p></li>
<li><p>only way to know for sure is to call the school (but of course you already knew that!)</p></li>
</ol>
<p>Right...but since she wouldn't take the loan anyway, I'm not calling. I'm just curious why some students are being offered this extra loan and others are not.</p>
<p>how did they account for the shortfall. was it just added to your suggested plus loan?? My son's school never has line that says EFC, it seems to always say Plus loan</p>
<p>I just found my son's F.aid online...the mailed version must have gotten lost or is held up by the holiday. He didn't get the extra 2000.00 either and didn't get any subsidized this year, just unsubsidized. (he's a junior) I will call/write Monday and find out about adding it. It's cheaper than a student private loan and I can't take out any more (they might think so but I can't)
Someone posted some colleges weren't ready for the change. They have been talking about it for months though.</p>
<p>To those who weren't offered the additional 2k in unsub loans....it may be due to the software the institution uses to package the award letters. My institution uses PowerFaids, and we are still waiting for the updated version which included the newer limits. Award letters that are being created now have to be manually changed each time. This creates a little more room for error....if we get distracted while modifying the letters, we might forget to make the change on one of them. While this can be problematic for students who desparately need the extra 2k to help pay the costs, it will be corrected once the updates are distributed to the schools. Believe me, FAO's are disheartened by this....most of us understand the implications of receiving incorect award letters. (So much so that my office has decided to delay the issuing of award letters until the software update is installed.)</p>
<p>I got a letter from the school today asking for our W2s (again) and a note about the extra 2000.00. It said we would have to write it in on the form that we would like it but I didn't like that they said not every student will qualify. I thought if you weren't at your limit (extra years) you would?</p>
<p>Thumper, has she reached full need without the extra? Are you having to pay more than EFC?</p>
<p>I haven't read anywhere that some students might not qualify for the additional money (unless they reached the total COA prior to the additional $2,000 in funding.) Something sounds fishy....or maybe they just haven't read the new regulations.</p>
<p>I am calling tomorrow to look into our case, maybe they said that for the rare cases, to give themselves an out. I also want my son to switch from Sallie Mae to another lender since some have better options for interest/rebates, etc. I hope that doesn't further complicate things, but one day at a time.</p>
<p>Discover</a> Student Loans - Apply online for college loans</p>
<p>ZERO origination and guarantor fees for stafford loans. I'm less concerned with rebates. The use Great Lakes as a guarantor. I'm not into paying fees to get a loan :-)</p>
<p>I'm going to compare that with Wachovia where my son has an account. I don't like paying fees either. NJClass has good deals for students in NJ but I hate that nothing is online but their application.</p>