An unusual rule to share with the CC community: Actually, the rules for the final semester of an undergrad program when it occurs in the first half of the academic year are different than the normal rules. You CAN get more than half the loan in the fall ... but you can also get LESS then half the loan ... it depends on the number of credits being taken. You multiply the annual loan amount by the (number of credits enrolled divided by the number of credits for full-time financial aid status).
Examples, assuming 12 credits is full-time for financial aid (this can vary by school):
7500*(17/12) = $10,625
7500*(12/12) = $ 7,500
7500*(9/12) = $ 5,625
The school will use a one semester budget, and the total of all aid in the semester cannot exceed this budget ... meaning that even if the student has more credits & could get more loan, the loan would be reduced if the total of all aid were to exceed COA for the single term.
Schools are supposed to automatically prorate loans for any student that they can reasonably be expected to know will graduate at the end of the semester. We ran reports to identify these students, then prorated loans (making some students unhappy, if they were taking a less than full time load).