Will graduating and beginning a higher degree program change the amount of stafford loans inbetween semesters?

Question

I am a senior graduating with my Bachelor degree in December. Beginning January, I am changing schools and beginning a Master's program.

As an undergraduate right now, I qualify for the standard undergraduate amount for a 4th year student (5,500 a semester) for this fall semester.

Does anyone know if the amount of stafford loan I am eligible for will increase beginning next Spring semester when I start the graduate program? 

Or, will it stay the same as being an undergraduate because it is in the middle of the 07-08 Financial Aid year?

I'm just trying to plan ahead early, any answers would be greatly appreciated. Thanks!

Jdub · Accepted Answer

It will increase when you enter the graduate program.  The current graduate annual loan limit is $8500 subsidized, $12000 unsubsidized.   You are eligble for the difference between the loan amount used in the fall and $20,500, up to the cost of attendance for the spring semester.  You will need to talk to your financial aid office before next semester so they can make the necessary adjustment for spring semester.

Esormaj · Answer

It will increase according to the medical school open house I went to this summer I do not remember the exact numbers.  Best thing to do is contact the financial aid department of the school you will be attending in the spring.  Those financial aid officers are all about making sure you have the money to go to school.

Theodore H · Answer

You would have to ask the good people at the Education Department or contact them at http://www.fafsa.ed.gov . But I'm guessing that your new loan limit for the spring term would be pro-rated to half the annual limits of a grad student.

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Will graduating and beginning a higher degree program change the amount of stafford loans inbetween semesters?

2 Answers