This is just a broad example: say you are a senior, classified as a Dependent student, and your COA is $10000 for 0708 and your EFC is 2000. As a senior you are eligible for up to a max of $5500 for a Stafford loan. You are getting $6000 grants/scholarships. The financial aid office would award you $2000 in a Subsidized Stafford loan and $2000 in an Unsubsidized. You wouldn’t be eligible for the full $5500 because 10000 (COA) – 8000 (Sub loan and the other $6000 in aid) leaves you with 2000 remaining; otherwise you would be $1500 over the COA for your institution.

You should talk to a financial aid officer at your school for more information/guidance.

Good luck!

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http://www.scholarshipgrants.blogspot.com