Question about stafford loan?

[DrHoosier]

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This is a quick question, I just got my letter from the college I'm going to next year (I will be a freshman) about my financial aid. I qualified for the federal direct sub loan ($2,656) and the federal direct unsub loan ($2844), totalling $5500. My question is, is that the amount I get for the whole year, or is it for each semester?

 

[LovinPsych]

I am in the same boat as you only entitled to $5,500 in stafford loans , I believe it's for two semesters . I am not sure . I wanna say for one school year but I don't want to mislead you somehow . Because for one school year for me will cost $11,520 , so I had to take out an additional $7,000 .

 

[WatchMeRise]

In my financial aid report, the loans are calculated for the entire year. Usually on the report is a description of the total cost of attendance for an entire year, and they break the cost down, and describe how much will be in loans for the year.

 

[LovinPsych]

I thought so cause that's what my financial aid adviser did with me . I must wonder though does this mean that it is what our costs will be yearly ? Or will that change if say the tuition goes up ? Or is it locked from the time we started? ....Of course we wouldn't be so lucky...

 

[Bacchus]

I thought so cause that's what my financial aid adviser did with me . I must wonder though does this mean that it is what our costs will be yearly ? Or will that change if say the tuition goes up ? Or is it locked from the time we started? ....Of course we wouldn't be so lucky...

Stafford loans increase in amount as you move along with your education. This past year I was eligible for 2000 unsubsidized and 6500 subsidized. That is more than freshman year.

 

[LovinPsych]

Well that's great to know , I'm glad to hear that , would that mean I wouldn't have to take out as much in private loans ? Depending on if the tuition goes up I'm assuming ?

 

[DrHoosier]

thats not good, i thought it was per semester. oh well, its only $5,000 more dollars in loans right?

 

[Bacchus]

Well that's great to know , I'm glad to hear that , would that mean I wouldn't have to take out as much in private loans ? Depending on if the tuition goes up I'm assuming ?

The amount you qualify for every year systematically increases regardless of tuition. You'll have to google the amounts since I don't know off the top of my head.