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June 29, 2007

Take it to the limit

barbara

After July 1, you'll have an even bigger reason to apply for federal aid—increased Federal Stafford Loan Click here to learn about third-party website links limits.

In case you need a couple of reminders why it's a good idea to max out your federal funding before turning to private loans, check out some discussions we've had earlier on this blog.

I know you're wondering how much you could be able to borrow. So, see the chart below with the new Stafford Loan limits for dependent and independent students.

Remember two things:

1. An independent student is someone who meets one of these criteria:

  • A graduate or professional student
  • A married person
  • An individual with legal dependent(s) other than a spouse
  • A veteran of the U.S. Armed Forces
  • An orphan or a ward of the court
  • At least 24 years old by December 31 of the award year
  • Deemed independent by the school's Financial Aid Office due to special circumstances

2. A subsidized Stafford Loan:

  • Is need based
  • Means any interest that accrues during school or deferment paid by the government
New Federal Stafford Loan Limits (click to view larger version in a new window)

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