To be eligible for a subsidized loan, you must:
- Be an undergraduate student.
- Be able to prove financial need.
- Be enrolled at a school at least half-time.
- Be enrolled in a program that can lead to a degree or certificate awarded by the school.
Accordingly, can students get loans without parents?
You don’t need any parent information to apply for federal student loans if you’re an independent student. … You can borrow up to $57,000 in total federal student loans as an independent student, rather than $31,000 as a dependent student. The answers you provide on the FAFSA determine your dependency status.
In this manner, is Sallie Mae a federal loan?
All new Sallie Mae loans are private. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL.
Is subsidized or unsubsidized better?
When choosing a federal student loan to pay for college, the type of loan you take out — either subsidized or unsubsidized — will affect how much you owe after graduation. If you qualify, you’ll save more money in interest with subsidized loans.
What are the 4 types of student loans?
There are four types of federal student loans available:
- Direct subsidized loans.
- Direct unsubsidized loans.
- Direct PLUS loans.
- Direct consolidation loans.
What are the income limits for subsidized student loans?
$57,500 for undergraduates-No more than $23,000 of this amount may be in subsidized loans. $138,500 for graduate or professional students-No more than $65,500 of this amount may be in subsidized loans. The graduate aggregate limit includes all federal loans received for undergraduate study.
What is a direct subsidized loan?
Summary: Direct Subsidized Loans (sometimes called Subsidized Stafford Loans) are federal student loans borrowed through the Direct Loans program that offer undergraduate students a low, fixed interest rate and flexible repayment terms.
What is the 150 rule for financial aid?
This rule means that if you attempt more than 150% of the credit hours needed to graduate from your program of study, you will not continue to receive financial aid. If you exceed 150% in any one program, you will not be eligible to continue to receive financial aid.
What is the difference between a subsidized loan and an unsubsidized loan?
Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods. Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need.
Which is a requirement for obtaining a direct student loan?
Enrollment Requirements
Students must enroll at least half-time (6 credit hours for an undergraduate student) in order to receive a Federal Direct Loan (Subsidized and Unsubsidized Loans, and PLUS Loans). Repayment will begin after your grace period if you drop below half-time, graduate or withdrawal.
Who is eligible for direct subsidized loans?
To be eligible for a Direct Subsidized Loan, you must be an undergraduate student with financial need, who has not exceeded the subsidized loan limit for which you can receive Direct Subsidized Loans.
Why am I not eligible for a Pell Grant?
If your EFC is at or below $5,846 for the 2021-22 academic year, you will be eligible to receive the Pell Grant. Each family’s financial situation is different, and there’s no one income cutoff that makes a student eligible or ineligible to receive the Pell.