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Clarification on Stafford Loan, please?

ecoazecoaz 26 replies22 threads Junior Member
edited September 2008 in Financial Aid & Scholarships
If it's determined my family has NO need, can I still take out the max Stafford $5,500 freshman year as completely UNsubsidized -- I'm not asking subsidized -- but can I take it out as UNsubsidized?

I know I can take out the $2,000 UNsubsidized as a freshman, but I would like to be able to take out the entire $5,500 as UNsubsidized if it's determined we don't have need.

This is the one question I can't seem to find in my research or get answered. I would greatly appreciate the help from anyone who knows. Thanks!
edited September 2008
3 replies
Post edited by ecoaz on
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Replies to: Clarification on Stafford Loan, please?

  • hoosiermomhoosiermom 739 replies18 threads Member
    MY daughter's school offered her a $5500 unsubsidized Stafford loan this year (She is a freshman.).
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  • ecoazecoaz 26 replies22 threads Junior Member
    Thanks Hoosiermom! I don't know why I also didn't think of this before, but after I read your post I called a couple colleges I'm considering and they clarified for me that I would be able to take out the full $5,500 freshman year unsubsidized as a Stafford loan if we did not demonstrate need. Of course, we hope we do demonstrate need so we can have all or a portion subsidized. Thank you!
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  • kelsmomkelsmom 15664 replies99 threads Senior Member
    For all who are confused about loan limits:

    Stafford Loan Limits | Office of Financial Aid | Michigan State University

    The first column lists the total you are able to borrow for a year, assuming your Cost of Attendance minus any aid (scholarships & grants in this case) is at least that much (if not, you can only borrow that amount). Of that total, the MOST that can be subsidized is the amount in the second column. You might not get any of the amount in a subsidized loan, though - so you'd just borrow more of the total in unsubsidized.

    The subsidized portion is based on: COA - EFC (expected family contribution as determined by FAFSA) - grants/scholarships - less work study (if your college awards that first - that's a school policy thing). The amount left is your "need" - you can borrow a subsidized loan up to the amount of need or the max sub amount per year in school, whichever is smaller.
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