So are you wondering whether you got the maximum amounts for grants and subsidized student loans in your financial aid package? The numbers change depending on where you are in your college career, e.g. if you are in your first year of college (undergraduate) the maximum amount you can be awarded as a subsidized loan is $3,500. The number stays the same whether you are considered a dependent or an independent student, but if you are in graduate school that number goes up to $8,500. For undergraduate school, the amount increases by a $1000 a year through your third year and then remains constant (of course until the rules change) - so as a 3rd or 4th year student your max subsidized loans would $5,500. For graduate school - the amount for all years is $8,500. See a handy chart here. The chart will also tell you the maximum federal debt you will be allowed to aggregate for your program, including unsubsidized loans, the numbers may be higher if you are in a health professional program.
For Grants the maximum annual award currently is: Pell Grant - $5550; Federal Supplemental Educational Opportunity Grant - $100 - $4000; Iran and Afghanistan Service Grant - $5500; and the Teacher Education Assistance for College and Higher Education (TEACH) Grant - allows up to a maximum of $4000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.
Have questions? let me know in comments.
