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I am transferring to UCF as an out of state resident next semester and will only have to pay non resident tuition for one year. I was wondering what is the average amount for a student loan because I will be using it to pay for my apartment and other expenses.

2007-01-14 06:09:01 · 4 answers · asked by Ericuhh 1 in Education & Reference Financial Aid

4 answers

the poster above me mentioned a max pell - that is not the correct number (currently the max pell is $4050, but you are asking about student loans).

the stafford loan amounts are increasing for the 07-08 year. 3500, 4500, 5500, 5500 (according to credits, like the poster mentions).

however, there's no way we could answer your question based on the information you provided. some of the info we'd need is your EFC, and your institution's cost of attendance. not only that, but you might qualify for federal and/or state grants, not to mention anything you might receive from the institution.

the amount of financial aid you're eligible for is capped by the federal cost of education, which is your college charges plus misc. allowance for other expenses. what isn't covered by the things i mentioned above, plus your stafford loan eligibility, will more than likely be met by eligibility for a PLUS loan or an alternative loan (based on your dependency status, as determined by your answers to certain questions on the FAFSA).

i'd recommend calling the school directly and asking to speak to a financial aid counselor.

2007-01-14 08:27:38 · answer #1 · answered by penguinfan 3 · 0 0

depends on whether u are freshman or sophomore or junior, etc. The max pell is like $2625. Yearly Limits for Undergraduate Students* Stafford Loan
(subsidized and unsubsidized) Extended Stafford Loan**
(unsubsidized)
First year
(0-27 credits) $2,625 $4,000
Second year
(27.1-59 credits) $3,500 $4,000
Third year
(59.1-91 credits) $5,500 $5,000
Fourth year
(91.1 + credits) $5,500 $5,000
Additional year
(123.1 + ) (if needed) $5,500 $5,000
(from the web)

GL

2007-01-14 08:04:46 · answer #2 · answered by chilover 7 · 0 0

Here is an article http://hort.net/+1i5A with some information on student loan options and the best plans.

2007-01-16 18:45:49 · answer #3 · answered by mikalob092 1 · 0 0

I believe the average is somewhere around $20,000 per student at graduation and climbing.

2007-01-14 06:14:22 · answer #4 · answered by Dana Katherine 4 · 0 0

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