A question asked by N H: I want to go back to undergrad school. Question about Federal Student Loans?
I can only go to school part time.
Does anyone know how much money I can get per semester if I’m only going part time? I know for sure that I can get a federal loan when I go part time. I’m just wondering if I can have extra to help with living expenses. Does anyone know general amount?
Most comprehensive answer:
Answer by NotAnyoneYouKnow
NH:
To qualify for a Stafford loan, you need only attend at least half-time. The definition of half-time can differ from school to school, but most schools consider half-time to be “6 or more credit hours”.
As long as you register at least half-time, the amount that you can borrow is not determined by your hours – it’s not like the Pell Grant. However – the amount that you can borrow IS determined by your Cost of Attendance. Register only part-time, and your Cost of Attendance is significantly lower than the COA for a full-time student.
I can’t tell you how much you’ll be able to borrow, because I have no idea what your Cost of Attendance will be. Basically, COA is the cost of your tuition, your school fees, your textbooks and your school supplies. As a part-time student, you won’t receive much of an allowance for room and board, one of the big-ticket COA components for full-timers.
Assuming that your COA is at least $ 5500, that’s the maximum Stafford you can borrow in your first YEAR of school – so that’s $ 2750 per semester. Again, whether you’ll be offered that amount will depend on your school’s estimate of what YOUR Cost of Attendance will be.
The definitive answer will come from the financial aid office at your school – they are the ones responsible for certifying your financial aid need – and that’s the determinant of your borrowing eligibility.
Good luck!
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