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Stafford loan amounts are awarded based
on grade-level, as outlined in the Academic Progress Policy, as well as
cost of attendance and other financial aid awarded to students. In
general, however, the following are the Stafford loan annual loan
limits:
|
YEAR IN SCHOOL*
|
Base Amounts |
Additional Eligibility |
|
Freshman (0-29.5 credits) |
$ 3,500 |
$ 4,000 |
|
Sophomore (30-59.5) |
$ 4,500 |
$ 4,000 |
|
Junior (60-89.5) |
$ 5,500 |
$ 5,000 |
|
Senior (90 and up) |
$ 5,500 |
$ 5,000 |
|
Teacher’s Certification |
$ 5,500 |
$ 7,000 |
|
Graduate |
$ 8,500 |
$12,000 |
|
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NOTE:
--Base amounts apply
to all students.
--Additional eligibility amounts apply to
independent students and to students whose parents
are denied approval of PLUS
loans.
--December graduates in both undergraduate and teacher’s certification
programs will have loan eligibility prorated based on credits for which
they are enrolled during their final semester.
The Financial Aid Office will assume
students wish to borrow the maximum loan available at the applicable
grade-level. Students must inform the office, in writing, to
cancel or reduce the amount of the loan award. Federal law mandates
that students are permitted to cancel loan funds up to 30 days after the
start of each semester; however, the process is much easier if these
requests are made shortly after students are notified of their awards.
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