If a person has a full-ride National Merit Scholarship at an institution that covers 8 semesters of study but that student ends up needing to attend one additional semester to finish up, would that student be able to take a Stafford loan to help pay for that additional semester since she hadn’t taken one during the first 4 years of school? If so, would she be eligible for a full $7500 or would it only be half of that if she only went for one semester? Thanks!
She would be entitled to take it for that extra semester even if she HAD taken loans in the first 4 years. The school may allow you to take the whole $7500 but you’d have to ask them to process it that way.
Thanks. I was under the (mistaken) impression Federal loans were only for the first 4 years.