Stafford Unsubsidized Loans - Sophomore or Junior Classification?

Paying for College
1

<p>Let me preface this by saying that for a variety of reasons, I don't have to worry about paying back the loans, so long as I do well in a particular summer course. So please, no discussion about how will I pay back the bills, or anything related to that. </p>

<p>Now onto the actual question:
My current institution classifies me as a second semester junior although my expected graduation date is in 2016 (thanks AP and transfer credits!) I was wondering if I qualified for the maximum $6,500 Stafford Unsubsidized Loan since I'm essentially a sophomore, or if I qualify for the $7,500 loan since my institution classifies me as a junior even though I'll only have completed one year of college before this. </p>

<p>Any relevant responses are appreciated.</p>

2

<p>Your loan limits are based on the grade level determined by your school regardless of how many years you have actually completed. It sounds like you should receive $7,500 next year. But I would be curious why you didn’t receive $6,500 this year.</p>

<p>I would suggesting contacting your FAO to get a firm answer about your grade level.</p>

3

<p>You should. I started as a sophomore and was a junior by my 2nd semester and my loans reflected this. They go by credits, not by year in school.</p>