according to www.finaid.org, a new bill regarding federal loan limits was just passed and will go into effect for all loans disbursed on or after July 1st, 2008.











Is this for real???? Would that mean that I, as a sophomore in college, can get $6,500 in federal loans this year, whereas I could have only gotten $4,500 last year???

Is this website accurate???

There site has always been well regarded with acccurate info.

Yes, that would be accurate, however, I must beg you, for your own good, look for other aid. Do scholarship searches. There are literally millions of dollars in unclaimed scholarships available. The information is free. Even if you are not a perfect match, apply if you are close, you never know. I won a scholarship that way. It was enough for a full year's tuition...that was awesome.

Remember, not everyone will be able to get the higher limits. You are still limited by your "cost of education" which includes tuition, room and board (on or off campus) and material costs that your school consideres "average" For instance:

Tuition : 10,000 a year
R/B: 5,000 a year
Books: 1,300 a year

This means you can take out a MAX of 16,300 in TOTAL aid. So, maybe 10,000 in scholarships and grants and 6,300 in loans. No more. At all. If your scholarships and grants equal 12,000 than you can only take out 4,300.

Many people don't know this. Financial aid can be really tricky. My school got nailed by it and the students are paying the price. Look up the rules, and know it for yourself. Don't let anyone tell you different. And good luck!

Ludo, I am highly aware about other aid, the cost of attendance, paying back loans, etc..., you're not telling me anything that I don't know. I have examined my own situation and have come to the conclusions about what I will need to do to get through college. I'm not exactly a dumb kid. I have been researching since I started college, and I have continued to stay up to date on federal aid, loans, private loans, scholarships, etc.

However, I'm sure you'll agree with me that it is difficult to live on your own without parental help, going to college full-time (year-round, at that), and paying all of the bills that come with life. I'm 19 and stuck without any help, but instead of complaining about it and getting a dead-end job that will kill me the rest of my life just to make ends meet, I'm continuing on with my education and doing anything I can to get it. Loans are going to happen for me. But the raise in federal aid is cause enough for me to celebrate since they will be lower interest, and I may not have to take out private loans after all.

I am certainly glad you looked into other options. Too many people our age just sit back and let other people make their financial decisions.

I, personally, have to advocate for little to no student loans. I managed to make my way through college with only borrowing 10% over the four years. I did this mostly through scholarships and grants and working my a$$ off! I worked full time and attended school full time. It was hard, but I learned some great lessons like time management, priority management and how to study quickly! Luckily for me, school came easy and so I could spend extra time working. The same is not true for everyone, and working fulltime can destroy some people's education. I can just say what worked for me.

I feel for you. I had no parental involvement either. They sure benefit from me, though! I am now 22 and got shafted on my tax rebate because mom still claims me! YAY!

Best of luck with your education!

Oh boy, you and me both buddy. I was fresh out of high school when mine kicked me to the curb and they still claimed me this year. Big mess. I know the feeling!

17 years old. And they wonder why I went to Alaska to go to college instead of going to a "nice college near home" Pshh...

Oh, and financial aid was fun too since they refused to do the fafsa...I had to go through to DoE and get special permission to receive aid without their signature.

Mine almost refused me also. They only decided to do it when I asked them how it would look for the daughter of 2 people with doctorates not to have a college education.

It's terrible, I'm hearing more and more about people with parents much like mine. As if getting an education isn't hard enough, unwilling parents make it harder.

Even better are the federal laws that control how income is calculated. For instance:

My family has not paid one dime towards my life, education, or world since I was 17 years old. That was almost six years ago. To me, this means I have been INDEPENDENT for six years. I have held a job, paid my rent, paid my tuition, and bought my own food for six whole years. But does the government see it that way? Hell no! Still a dependent until I am 24 years old. *sigh* one more tax year....just one more tax year....

But, alas, I already get the guilt trip from my mother about how they will lose soooo much when I can't be claimed on their taxes. They will lose almost their whole refund. With no regards, of course, to the fact that I have OWED TAXES for two years because I am considered a dependent.

Sorry, wow, way off topic there. My little rant. There just needs to be special consideration for special circumstances. If you can show that you are living without assistance from your family, their income levels should not determine your eligibility for federal Pell and FSAID Grants. That is just wrong....

But of course according to the Bush Admin...college is SO affordable now...

I feel your pain!

One son was on AD with the US Army for 3 yrs. Has separated. He is independent and since he is min wage right now gets HUGE financial aid.

Second son went National Guard. Although on AD for a year (great income for an 18 yo), he is still a dependent. Combine his earnings with mine...NO AID. Where my daughter who graduates in a week will not have to pay a penny. Go figure!

(Oh and before anyone points out that the NG will pay for his college, his behavior got him a "not adjusting to mil life" discharge, so no go there.)

Oh, and Ludo, don't blame Bush. Those rules have been around since my day and before. I even got a ton of grief when my now ex-H went to school. He was out of the Army after 3 yrs service. He had the Army college fund. We were married with children and they STILL wanted his parents tax returns!!!!!

At least now they say that married or servicemember and you are independent.

Tuition is not the feds fault. States determine that. FL has the lowest state rate in the country. (Last semester I paid $65/credit).

My tuition is pretty good, $58.80/credit hour. But I just transferred from another community college, and their tuition was $95/credit hour!!! See, to me, that was a lot for CC. Just a few years prior, my sister paid $70/hour at the SAME college. the cost just kept going up. The university that I'm off to next summer is about $300/credit hour. Yikes! That's the cost of getting a higher education though, I guess...

Wow, those are both actually really low, compared to what I've paid! The CC I was going to was about $125/credit hour. And now I'm paying twice that for a state University to finish off my Undergrad.

Rising cost of education, indeed!

So what do the new limits mean for those of us who've finished the loan application process? My school awarded me the maximum $10,500 I qualifed for in federal loans as an indepedent undergrad. I already signed the MPN. But my loans won't be disbursed until after July 2008. Any chance they would make an adjustment because the extra $2,000 loan would help a ton.

Young grass hopper you seem to be on the right path. Good luck