A few days ago
I_color_outside_the_lines

Is summer loans not included in your “yearly maximum”?

For example, I’ve taken out my yearly limit on my student loans for the fall 2007/spring 2008 school year, but I”m in a major’s program that is all year long, including summer. Would I be eligible to take out another loan in the summer if this would not technically be part of the fall 2007/spring 2008 school year?

Top 1 Answers
A few days ago
mickiinpodunk

Favorite Answer

Unless you change grade levels at the end of the spring semester (not years of enrollment, common misconception), or you are independent and have not taken out the maximum subsidized/unsubsidized mix for the fall and spring, no, you will not be eligible for additional federal loan for the summer against your 0708 eligibility. Depending on how your school treats summer enrollment, either as a trailer to 0708 or a header to 0809, a summer loan is considered part of the academic year eligibility. The question to ask is how is your aid divided during the year if you are required (not doing this as an option) to study in the summer. Ask your financial aid office.
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