What are the loan limits?
Click here to view a detailed loan limited chart. ACM can only certify loan eligibility through the sophomore level. Loan funds may be subject up to a 2% fee withheld by the lender prior to each disbursement. Dependent Students (those required to use Parental Information) can only apply up to the BASE Limit amount plus $2,000 Unsubsidized. Dependent students with a PLUS Loan Denial may apply for ADDITIONAL amounts. Independent Students (those not required to use Parental Information) can apply for the BASE plus $2,000 Unsubsidized and the ADDITIONAL amounts. Students must take at least six credits per semester in order to have a loan processed. Average Loan Indebtedness at Allegany College of Maryland is currently $10,077 per graduate! Please contact the Financial Aid Office at 301-784-5213 if you have any questions. The following web site http://mapping-your-future.org/apps/debtwizard/ is an interactive calculator which helps students and parents determine: • how much salary is needed
Your grade level for a Federal Stafford Loan is based on how many hours of college credit that you have completed. Students are classified as a “Freshman”, if they have completed between 0 and 29 credit hours of college credit. Students are classified as a “Sophomore”, if they have completed 30 or more credit hours. The annual loan limits are: Dependent students (Except students whose parents cannot borrow PLUS): Freshman: $3,500 with Additional Unsubsidized Loans of $2,000. Sophomore: $4,500 with Additional Unsubsidized Loans of $2,000. Independent Undergraduate Students and Dependent Students whose parents cannot borrow a PLUS loan: Freshman: $3,500 with Additional Unsubsidized Loans of $6,000. Sophomore: $4,500 with Additional Unsubsidized Loans of $6,000. The amount a student can actually borrow may not exceed cost of attendance minus other assistance (or, for subsidized loans, other assistance plus the EFC). Aggregate loan limits for undergraduate dependent students: $31,000 (no m
Your grade level for a Federal Stafford Loan is based on how many hours of college credit that you have completed. Students are classified as a “Freshman”, if they have completed between 0 and 29 credit hours of college credit. Students are classified as a “Sophomore”, if they have completed 30 or more credit hours. The annual loan limits are: Freshman is $3,500 and Sophomore is $4,500 Summer Loan Limits at Butler for a Freshman are $650, and $875 for a Sophomore regardless of the academic year.
