FINANCIAL AID
Determining Student Loan Eligibility
| How to calculate subsidized eligibility: |
*Cost of Attendance
minus student’s **EFC number
minus financial aid
SUBSIDIZED ELIGIBILITY |
| Example: |
$16,280 (Cost of Attendance)
-2,000 (EFC)
-2,599 (other financial aid)
$ 3,500 (Maximum sub. annual loan limit set by Depart. of Ed. for first year borrower.) |
| How to calculate unsubsidized eligibility: |
*Cost of Attendance
minus sub. amount
minus financial aid
UNSUBSIDIZED ELIGIBILITY |
| Example: |
$16,280 (Cost of Attendance)
-3,500 (Subsidized Loan)
-2,599 (other financial aid)
$6,000 (Maximum unsub. annual loan limit set by Depart. of Ed. for independent first year borrower.) |
*The Cost of Attendance includes allowances for tuition, fees, books, transportation, and miscellaneous.
**Student’s EFC is the Expected Family Contribution dollar amount. This is the dollar amount that, based upon the information you put on your FAFSA, you are expected to be able to put toward your college education. It is not the actual cost, but only what you, as a student, are capable of putting toward your education. Your information was put into a formula used by the Department of Education to calculate your EFC dollar amount.
PLEASE NOTE THAT LOANS WILL BE CERTIFIED FOR WHICHEVER IS LESS, YOUR REQUESTED LOAN AMOUNT OR YOUR LOAN ELIGIBILITY.
The government’s maximum amounts are for an academic year. You might receive less than the maximum if you receive other financial aid that is used to cover a portion of your cost of attendance. The maximum amount you may borrow will also be less in certain situations, such as if you are an undergraduate student enrolled in a program of study that is shorter than an academic year. Your school can refuse to certify your loan or can certify a loan for an amount less than you would otherwise be eligible for if the school documents the reason for its action and explains the reason to you in writing.
