The following chart shows the annual and aggregate limits for subsidized and unsubsidized loans. Additional information available on the U.S. Department of Education Website.
|
Dependent Students Annual Limits
|
|||
|---|---|---|---|
| Borrower's Academic Level |
Total Sub & Unsub
|
Total Additional Unsub
|
Total Combined Sub & Unsub
|
|
Freshman (0-29 units)
|
$3,500
|
$2,000
|
$5,500
|
|
Sophomore (30-59units)
|
$4,500
|
$2,000
|
$6,500
|
|
Junior or Senior (60+ units)
|
$5,500
|
$2,000
|
$7,500
|
|
2nd Bachelor’s Degree
|
$5,500
|
$2,000
|
$7,500
|
|
Teaching Credential Students
|
$5,500
|
$2,000
|
$7,500
|
|
Independent Students Annual Limits
|
|||
|---|---|---|---|
| Borrower's Academic Level |
Total Sub & Unsub
|
Total Additional Unsub
|
Total Combined Sub & Unsub
|
|
Freshman (0-29units)
|
$3,500
|
$6,000
|
$9,500
|
|
Sophomore (30-59units)
|
$4,500
|
$6,000
|
$10,500
|
|
Junior or Senior (60+ units)
|
$5,500
|
$7,000
|
$12,500
|
|
2nd Bachelor’s Degree
|
$5,500
|
$7,000
|
$12,500
|
|
Teaching Credential Students
|
$5,500
|
$7,000
|
$12,500
|
|
Students taking “Pre-Requisites” |
$5,500
|
$7,000
|
$12,500
|
| Graduate / Professional * |
N/A
|
$20,500
|
$20,500
|
|
Loan Aggregate Loan Limits
|
|||
|---|---|---|---|
| Dependency Status |
Sub
|
Maximum Sub and Unsub
|
|
| Dependent |
$23,000
|
$31,000
|
|
| Independent |
$23,000
|
$57,500
|
|
| Graduate / Professional |
$65,500
|
$138,500
|
|
Fall Graduation and Federal Loan Eligibility
Federal regulations state that undergraduate students enrolled in a program that is one academic year or more in length but is in a remaining period of study shorter than a full academic year, their Federal Direct Loan amount must be prorated.
Students who will graduate fall term will have their Federal Direct Loan prorated in their final semester. Proration determines the maximum loan amount a student may borrow for the final term.
The Federal Direct Loan award in the final term assumes current enrolled units (excluding 0-5 units) for that term. The Federal Direct Loan for the graduating senior is subject to add/drop unit adjustments after loan disclosure (US Department of Education approval). The student is responsible for immediate notification to the financial aid office if there are changes in their graduation plans.
The proration is done by a formula based on your one-term enrollment, the number of credit hours you are registered in for that term and the federal Direct Student Loan annual loan limit. A sample of the formula is as follows:
|
Example of dependent student proration calculation (12 units/credits): 12 credits enrolled ÷ 24 academic year credits x 5500 subsidized loan = $2750 12 credits enrolled ÷ 24 academic year credits x 2000 unsubsidized loan = $1000 |
|
Example of independent student proration calculation (12 units/credits): 12 credits enrolled ÷ 24 academic year credits x 5500 subsidized loan = $2750 12 credits enrolled ÷ 24 academic year credits x 7000 unsubsidized loan = $3500 |
|
Example of dependent student proration calculation (6 units/credits): 6 credits enrolled ÷ 24 academic year credits x 5500 subsidized loan = $1375 6 credits enrolled ÷ 24 academic year credits x 2000 unsubsidized loan = $500 |
|
Example of independent student proration calculation (6 units/credits): 6 credits enrolled ÷ 24 academic year credits x 5500 subsidized loan = $1375 6 credits enrolled ÷ 24 academic year credits x 7000 unsubsidized loan = $1750 |