Federal Direct Loan / Merit Award question

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what_even_is_a_brief
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Federal Direct Loan / Merit Award question

Postby what_even_is_a_brief » Wed Apr 29, 2015 12:21 pm

I'm wondering if you're is awarded a scholarship award of [X] amount/year, and that amount + the 20,500/yr for the Federal Direct Stafford loan = a sum which is higher than that schools yearly tuition, would you still be eligible to receive that Stafford loan?

thanks

Username123
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Joined: Tue May 03, 2011 2:26 am

Re: Federal Direct Loan / Merit Award question

Postby Username123 » Wed Apr 29, 2015 1:06 pm

what_even_is_a_brief wrote:I'm wondering if you're is awarded a scholarship award of [X] amount/year, and that amount + the 20,500/yr for the Federal Direct Stafford loan = a sum which is higher than that schools yearly tuition, would you still be eligible to receive that Stafford loan?

thanks


Yeah, you don't have to accept the full 20,500 loan that you're offered. You can accept 1,000 if you want. Or none of it.

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thisiswater
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Re: Federal Direct Loan / Merit Award question

Postby thisiswater » Wed Apr 29, 2015 1:10 pm

what_even_is_a_brief wrote:I'm wondering if you're is awarded a scholarship award of [X] amount/year, and that amount + the 20,500/yr for the Federal Direct Stafford loan = a sum which is higher than that schools yearly tuition, would you still be eligible to receive that Stafford loan?

thanks


you don't just receive tuition, you can receive aid (loans and scholarships) up to the cost of attendance. But no, past that COA number, you can't receive loans. They'll just give you a Stafford up to that level

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Gray
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Re: Federal Direct Loan / Merit Award question

Postby Gray » Wed Apr 29, 2015 1:15 pm

The school has an estimate of the annual COA - including full tuition and living expenses etc.

School COA - scholarships & need based aid = how much you can take out in federal loans




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