Wondering what the limits are on your federal student loans?

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.

Interested in an Internship with the US Department of State?

The U.S. Department of State is now accepting applications for it's 2012 Spring Student Internship Program.

 

Click here and choose either Graduate/Post-Graduate or Undergraduate for more information and to start the online application process. Please note that the deadline to submit completed applications is July 01, 2011. 

You must be a U.S. Citizen and a student (a full- or part-time continuing college or university junior, or graduate student - including graduating seniors intending to go on to graduate school) to be eligible. Please read the program description and vacancy announcement for more information and for all requirements and qualifications. 
 U.S. citizenship is required. The US Department of State is an equal opportunity employer.

Scholarships for Disadvantaged Students

Pursuing any of the following fields?

• medicine
• osteopathic medicine
• dentistry
• optometry
• pharmacy
• podiatric medicine
• veterinary medicine
• nursing (associate, diploma, baccalaureate and graduate degree)
• public health
• chiropractic
• allied health (baccalaureate or graduate degree programs of dental hygiene, medical laboratory technology, occupational therapy, physical therapy, radiologic technology, speech pathology, audiology, and registered dietitians)
• graduate programs in behavioral and mental health practice (includes clinical psychology, clinical social work, professional counseling, or marriage and family therapy)
• programs providing training of physician assistants

You may qualify for a scholarship, if you can be classified as a disadvantaged student, having low or very low income, and you are a citizen, national, or a lawful permanent resident of the United States or the District of Columbia, the Commonwealths of Puerto Rico or the Marianas Islands, the Virgin Islands, Guam, the American Samoa, the Trust Territory of the Pacific Islands, the Republic of Palau, the Republic of the Marshall Islands and the Federated State of Micronesia. 

Contact your school to determine whether they are a participating school.  Schools are responsible for determining need and selecting scholarship particpants.   

Click here for more information.