Friday, December 7, 2007

DETERMINING YOUR FINANCIAL NEED

DETERMINING YOUR FINANCIAL NEED

The financial aid administrator will assist you in putting together a package for financial aid, that will come as close as possible to meet your need. A formula of the cost of attendance minus the expected family contribution will determine your financial need.

Your school’s financial aid office will work with you.

If you are a dependant and undergraduate student you can borrow annually up to $2,625.00 as a first year student enrolled for a full academic year

After you have completed your first year of study and you have a full year of study to go you will receive $3,500.00 with the remainder of your program including a full academic year

After completing 2 years of study the amount you can borrow for the Stafford loan will be $5,500.00

And the rest of your programs includes a full academic year

If you qualify for a PLUS loan then you can borrow annually $6,625 for a first year student meeting the above requirements

You can borrow up to $7,500.00 annually after completing the first year of study and the rest of your programs includes a full academic year

Up to $10,500.00 will be available to you after completing 2 years of study and you have a full academic year remaining.

We hope our pages on student loans have helped you. Best of luck with your school financing and continued education.

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