Voting Question: Trying to figure out how much Federal Loan I can get?

24 July 2010, 10:03 pm

I'm going to start UNLV in the fall. I'm out of work and considered Independent from my parents. On my financial aid ap it said that my EFC was $0. I was hoping to get the full $5500 in aid and then get some federal student loans to get me back on my feet right now and pay for my rent and other bills for a while. I am confused however on how this works. According to my schools website: Cost of Attendance Calculator, UNLV Based on: Academic Year: 20102011 Residency: Nevada Housing: Off Campus Student Type: Undergraduate Enrollment: Full-Time Direct Costs Amount Registration Fees (Tuition) $5,130.00 Sub Total$5,130.00 Indirect Costs Amount Room$4,550.00 Board$5,690.00 Loan Fees $80.00 Books $1,000.00 Transportation $3,230.00 Personal $1,800.00 Sub Total $16,350.00 TOTAL $21,480.00 Then in the loan section it says How much can I borrow?> The annual maximum cannot exceed the grade level limits stated here OR your cost of attendance minus financial aid, whichever is less. First year undergraduates may borrow $2625, second year students may borrow $3500 and students who have completed two years may borrow $5500 per year. The maximum amount you can borrow for your undergraduate program is $23,000. Graduate students may borrow up to $8500 per year with a maximum total of $65,500 including amounts borrowed as an undergraduate. These amounts are effective for loans for which the first disbursement was made on or after 10/1/93. I would be considered to have junior status. So if I were to get the $5500 in aid (the part that doesn't need to be paid back) how much of a loan can I get? Also, when they say "per year" do they mean calendar year or school year? Also, do you know if the $5500 in aid is per year or per semester? Just trying to get some rough ideas. It's impossible to get a hold of the financial aid office lately and I haven't gotten my award letter yet so I'm just trying to plan. Any info is appreciated.... Read More »

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