Quick Federal Loans Question Forum

[GettingReady2010]

Do scholarships affect how much you can take out in federal loans? For example, lets say that tuition is 30k, but you got a 5k scholarship. Can you still take out 30k from the govt.?

[03121202698008]

Do scholarships affect how much you can take out in federal loans? For example, lets say that tuition is 30k, but you got a 5k scholarship. Can you still take out 30k from the govt.?

You cannot take out more than the total student budget minus other aid. So, tution and living expenses budget is $50K, you get $10K scholarship...you can take out $40K.

[GettingReady2010]

Do scholarships affect how much you can take out in federal loans? For example, lets say that tuition is 30k, but you got a 5k scholarship. Can you still take out 30k from the govt.?

You cannot take out more than the total student budget minus other aid. So, tution and living expenses budget is $50K, you get $10K scholarship...you can take out $40K.

Gotcha. Thanks.

[TaxLaw2010]

If you want to take out more loans than the COA, then you have to do a budget appeal request and submit it to the school for approval. Law Schools will allow you to increase your budget for legitimate things, like a mortgage, or child care expenses, etc.