Posted on | May 27, 2012
The maximum undergraduate student loan amount is not the same to all students and educational institutions. For there are four general types of student loan programs backed by the federal government namely, the Parent PLUS Borrowings, Grad PLUS Borrowings, Stafford Borrowings and Perkins Credits, different terms of borrowing cost may also apply. In a Stafford Loan that is subsidized, dependent students can receive funds of up to $3,500 on the first year, $4,500 on the second year and $5,500 in the succeeding years. All in all, the maximum lifetime amount that an undergraduate student can get under this scheme is $23,000. A student is considered dependent if he is unmarried, not more than 23 years of age and is not on active military duty or in a graduate school program.
Students who are planning to go to college are highly advised to fill out the Free Application for Federal Student Aid (FAFSA). The 2011-2012 form has more than 130 questions. It is quite a very intensive form whose questions involve about your family’s total annual income, other credit information and number of independents. Filling up the form religiously can really help you find the best student loan appropriate for your needs.
Manage your maximum undergraduate student loan amount well through the years you will spend in school. Only spend the amount in school related activities and find ways to save on school expenses and other things. Look for a part-time job to have additional source of income. If you are careful with your spending, you are less likely to exhaust your funds because you are aware of the flow of your money.
Pursuing a college education is not easy. The demand of college life is great not to mention the expenses that come with it. Not many people are able to attend college because of financial constraints. Tuition fees alone in college are expensive. It is a good thing that there are loan programs available to students. Know you maximum undergraduate student loan amount ahead of time so that you can better map out your way to college and shape up your future.