Undergrad/Grad stafford

kelsmom
Fri, 28 Jun 2013 21:37:52 +0000

First of all, the additional unsub loans you borrowed as a result of your parents being denied PLUS are not counted in the $31,000 you can borrow as a dependent undergrad. Instead, you can receive a total of $54,500 … but the loans that are awarded to you (not as additional unsub due to PLUS denial) can’t exceed $31,000. Little known fact: If your base loans (the loans awarded to you on the basis of being a dependent undergrad student for your year in school) exceed the $31,000 AND your parents get denied for PLUS, you can borrow additional unsub (that is what the extra unsub you get to borrow when your parents are denied PLUS is called) to the amount of an independent student for your year in school. For example, let’s say you have borrowed $31,000 in base loans (not including the $4000 or $5000 per year additional unsub you got when your parents were denied PLUS). You are a senior, and you don’t have any more loan eligibility on your own. Your parents apply for PLUS and are denied. You are eligible to borrow $12,500 in additional unsub due to PLUS denial (as long as the total of your base loans + the additional unsub due to PLUS denial does not exceed $54,500).

When you become a grad student, your new loan amount is $138,000. All of your undergrad loans … your base sub & unsub + the additional unsub due to PLUS denial … will be counted in the $138,000.