Maximum Loan Eligibility

Your maximum loan eligibility is calculated based on a number of factors including the federal direct annual and aggregate loan limits, cost of attendance (COA), expected family contribution (EFC), and other estimated financial assistance (EFA).

 

1) Loan Limits

 

Direct Subsidized and Unsubsidized Annual Loan Limits

Year

Dependent Undergraduate Student

 

Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans)

 

 

First Year (completed 23 CUs or less)

 

$5,500 – No more than $3,500

of this amount can be subsidized loan

$9,500 – No more than $3,500 of this amount can be subsidized loan

 

Second Year (completed 24-47 CUs)

 

$6,500 – No more than $4,500

 of this amount can be subsidized loan

$10,500 – No more than $4,500 of this amount can be subsidized loan

 

3rd year and Beyond (completed 48 CUs or greater)

 

$7,500 – No more than $5,500

of this amount can be subsidized loan

$12,500 – No more than $5,500 of this amount can be subsidized loan

 

Graduate or Professional Student (all years)

 

Not applicable ( all graduate and professional students are considered independent)

$20,500 (Unsubsidized loan only)

 

A student whose parent cannot obtain a parent loan for an undergraduate student (PLUS) loan is allowed to borrow additional unsubsidized Direct Loan amounts. Student dependency status will be determined based on answers to questions on the Free Application for Federal Student Aid (FAFSA).

 

           

 Direct Subsidized and Unsubsidized Aggregate Loan Limits

 

Subsidized

Total Subsidized &

Unsubsidized

 

Dependent Undergraduate students (excluding those whose parents cannot borrow Direct PLUS)

 

$23,000

$31,000

 

Independent Undergraduate students and Dependent Undergraduate students whose parents cannot borrow Direct PLUS

 

$23,000

$57,500

 

Graduate and Professional Students

 

$65,500 *

$138,500 *

 

*Aggregate loan limits for graduate and professional students include loans received for undergraduate study. The $65,500 subsidized aggregate loan limit shown here for graduate and professional students includes subsidized loans received for loan periods beginning before July 1, 2012, and prior subsidized loans received for undergraduate study.

 

 

Please click here for additional information on federal direct annual and aggregate loan limits.

 

2) Determining Financial Need

 

A need-based aid is financial aid that you can receive if you have financial need and meet other eligibility criteria. The need-based federal student aid programs are Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), Direct Subsidized Loan, and Federal Work-Study.

 

 To calculate your financial need:

 

   Cost of Attendance (COA)*

Expected Family Contribution (EFC)**

= Financial Need

 

*Cost of Attendance (COA) is an estimated cost of a student’s educational expenses for the academic year. The total    student aid funds may not exceed the student's COA. The COA components for all federal student aid (FSA) programs are:

 

  • Tuition and Fees (including the electronic versions of the required textbooks and other learning resources)
  • Supplies (including printer paper and cartridges)
  • Room and Board
  • Other Educational Costs 

Click here for the current estimated COA and additional information.

 

**Expected Family Contribution (EFC) is calculated by using the information you provide on the FAFSA and this number is used to calculate how much financial aid you are eligible to receive. It is neither the amount of money you will have to pay at the University, nor the amount of federal student aid you will receive.

For information on need-based federal student aid programs and EFC, please click here.

 

3) Determining Non-Need Based Aid

 

A non-need based aid is not based on your EFC but based on your COA. Direct Unsubsidized Loan, Federal PLUS Loan, and TEACH Grant are non-need-based federal student aid programs.

Except for Pell Grant, federal student aid award amounts are constrained by the other aid or estimated financial assistance (EFA). It is required that all outside assistance be reported to the University to calculate eligibility for non-need based aid accurately.

 

To calculate the non-need based aid:

 

     Cost of Attendance (COA)

Financial Aid Awarded (or EFA) ***

= Eligibility for Non-need-based Aid

 

***Estimated Financial Assistance (EFA) refers to aid from the federal student aid (FSA) programs, as well as grants, scholarships, loans, and need-based employment awarded by the University or by individual or organization outside the University because of postsecondary enrollment.

 

Click here for more information about the non-need based aid.

 

Please visit https://studentaid.ed.gov/sa/fafsa/next-steps/how-calculated to learn how the amount of your federal student aid is determined.

 

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