<p>I am currently in my last semester at a community college. As of right now I haven't taken out any loans. My laptop is needing to be replaced, and I'm eligible for 2750 in loans (sub. and unsub. federal direct). I've been accepted to the school of my dreams and plan to transfer there in the fall of this year. I'm eligible for a 6500 in loans there (sub.stafford, unsub. stafford, and perkin). Here is my question:</p>
<p>If I took out a loan from my community college to get a new laptop, will I still be eligible for the same amount of loans at my dream school? Does this make sense? This would all be taking place in the year 2011. Is each school independent from each other as far as loans go? I'm sorry if this made no sense.</p>
<p>The loan limit is your loan limit for the school year. You can not get more than the maximum loan limit by getting some at one school and some at another school - they are not independent of each other in that sense (if that is what you are asking). </p>
<p>But of you take a loan at your community college this semester, that would be part of the 2010-2011 school year. Fall will be part of the 2011-2012 school year.</p>
<p>Thank you for explaining. That was exacty what I was asking.</p>
<p>On a related note, and maybe another thread covers this…does everyone automatically qualify for a Stafford loan? I am counting on my daughter taking out a $5,500 Stafford loan as a freshman 2011-2012. We filled out FAFSA Feb. 1st. Someone here at work just told me that we may not even qualify for the Stafford. Our EFC is in the range of $50k. I did not expect any need-based aid/grants, but we are expecting our daughter to take a Stafford loan every year.</p>
<p>^^^</p>
<p>As long as your D didn’t get a huge number of scholarships that covered all her costs, she can take out a 5500 UNSUB federal student loan.</p>
<p>JMBates…did you borrow anything for this current school year? If not, submit a FAFSA and see if you qualify to borrow for this current school year. If so, that money could be used to buy a computer.</p>
<p>Thanks, Mom2college. Looks like the interest rate on UBSUB federal loans is currently at 6.8%, though interest accrues immediately. I had heard that, and we’ll have to deal with it. Wondering when we will hear from individual schools re: fafsa</p>