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How much can you borrow on a Stafford loan in 2009?

Submitted by on Friday, 20 November 2009View Comments
How much can you borrow on a Stafford loan in 2009?

Thanks to the pinch federal legislation mentioned earlier, the amount you can borrow on a Stafford (combined subsidized and unsubsidized) has been increased by $2,000 a year commencement in the 2008Ͳ009 academic year. Freshmen can now borrow $5,500; sophomores $6,500; and juniors and seniors $7,500. Children who are not claimed as dependents by their parents are available for higher amounts.

Your child qualifies for a subsidized loan, but you necessity more money.

Make sure your child applies for an un subsidized Stafford, too. After maxing out on the subsidized lend, your child is eligible for up to another $2,000 a year in an unsubsidized Stafford. Your junior high school’s financial aid office should automatically alert you to this, but the sad fact is that numberless families leave Stafford money on the table every year because they don’t c the rules about unsubsidized loans.

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