Financial aid amount

The total amount issued by the respective college authorities is called as financial aid amount. Graduate Stafford loans will be having some annual and prerequisite limits.


Annual: $20,500, of which no more than $8,500 can be subsidized


Aggregate: $138,500 of which no more than $65,500 can be subsidized


In this system graduate PLUS loans don't have any limits apart from the attendance less aid, which shows that a student can borrow up to the maximum cost of a graduate school education minus external financial aid you've received. A student can borrow up to $8,000 for each year of graduate/professional course time. The genuine amount received will be depending on the level of exceptional eligibility and the level of funds available. Some times the amount of financial aid eligibility will not be met with the financial aid awards.


Graduate private loans also have no limits except cost of attendance less aid, which means that a student can borrow up to the cost of whole course minus other financial aid you've received. If a student eligible for a subsidized loan. the government will take the initiation to pay the interest on the loan at least half-time of the loan period which is first six months after a completion of course. Then the students will be responsible to pay the due installments of the loan amount.


Sometimes students are provided with alternative loans which are privately funded and associated terms and conditions will be based on the lenders choice. The amount offered also varies from student to student. The amount of the financial aid will be determined in consultation with the lender and financial aid office.


A student can also increases his loan amount by following below strategies:


Avoiding investments on child's name: As per the experts views, loan amounts issued for purpose of education should be keep on the parent's names instead of child's, which can give negative impact on the financial aid eligibility.


Reduce your income: financial aid package eligibility will be determined on the basis of previous year's income tax situation. It is advisable to reduces the taxable income before joining in to a college.


Some suggested ways to reduce the taxable income are:


1. put off capital gains


2. Selling of loss oriented investments


3. Try to reduce the income from the self running business by the way of taking fewer salaries irrespective of bonuses etc.


4. Ignore the profits from retirement plans.


5. Paying income tax as during the payment period.


Find out any financial hurdles: Give complete description of financial hurdles you have to the respected authorities and also describe what they are. Otherwise the financial aid office will give the details of the financial hurdles to you.


Have your child become independent. A student's financial eligibility will not be determined by the parents income. the below factors are considered the independence of a student:


1. A student should be minimum 24 years old at the time of financial aid application


2. Should have dependents other that their spouse.


3. Should be graduate


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