After July 1, you'll have an even bigger reason to apply for federal aid—increased Federal Stafford Loan 
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.
- They're guaranteed: What's so special about federal loans?
- Almost everyone qualifies for some kind of aid: Is financial aid for you?
- They can be consolidated: Raising my hand with consolidation questions
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
Leave a comment
Please Note
By posting content on this Blog, you expressly grant Wells Fargo (and its affiliates) the right to use or distribute the posted content in any form, worldwide, and in perpetuity. You also agree to indemnify and hold Wells Fargo harmless against all liabilities, losses, claims and expenses arising from your posting of materials on this Blog (this includes any claim that Wells Fargo's use of the content or images infringes on someone else's intellectual property rights). Please read our Community Guidelines for more information.
If you have immediate service needs or require follow up, please contact your bank representative or relationship manager.