Loans are awarded to students for both fall and spring terms based on their academic status, financial need and unmet costs for fall and spring. Students do have the option to reduce the loan amount. If a student receives other types of financial aid (grants, scholarships, etc) in addition to Stafford Loans, he/she may not qualify for the maximum amounts.
Note that the loan amount is divided between (2) semesters, and students cannot receive their annual loan limit in one semester. For example, if the loan award is $5500.00 for the year, the amount for fall is $2750.00 and the amount for spring is $2750.
First year students are defined as those who have up to 29 completed credit hours.
Second year students are defined as those who have 30 or more completed credit hours.