Pell Grant eligibility is determined by need as demonstrated by the Student Aid Index (SAI) from the FAFSA. Eligibility will vary per student and with each FAFSA year based on Federal guidelines. Students are eligible for a maximum of six years’ worth of Pell Grant eligibility.
Regarding loans, per year borrowing depends on your grade level and dependency status. There is a maximum amount you can borrow in your lifetime.
The following represents the limit you may borrow in a combined total of subsidized and unsubsidized loans in your lifetime (known as aggregate loan limits):
- Independent undergraduates = $57,500
- Dependent undergraduates = $31,000
- Graduates = $138,500 (This amount includes loans borrowed during undergraduate work.)
The following represents subsidized and unsubsidized loan limits for independent students per grade level:
- Freshman: Up to $3,500 in subsidized and up to $6,000 in unsubsidized loans
- Sophomore: Up to $4,500 in subsidized and up to $6,000 in unsubsidized loans
- Junior: Up to $5,500 in subsidized and up to $7,000 in unsubsidized loans
- Senior: Up to $5,500 in subsidized and up to $7,000 in unsubsidized loans
Federal regulations allow the lender and guarantor to withhold approximately 1% in loan origination and default fees at the time of disbursement. This may be added to the loan balance but does not count against the loan limits.
For more information regarding federal loans please visit studentaid.gov/loans.