What are the qualifications to be considered an independent student?
The federal government classifies you as an independent student if you meet one of the following criteria: • you are 24 years old • you are married • you are a graduate student (member of a master’s program) • you have legal dependents other than a spouse • you are an orphan or ward of the court • you are a veteran of the U.S. Armed Forces 20. How much money can a dependent undergraduate borrow? First year dependent students have a maximum amount of $2,625. The second year $3,500 is available. The third year and beyond $5,500 is available. A dependent student’s parents could qualify for a federal PLUS loan. The parents are eligible for the cost of the student’s education for the loan period less any other aid received. The PLUS loan interest rate is capped at 9%. The loan is based on “credit worthiness” as determined by the lender. Repayment begins 60 days from the date of disbursement by the lender. 21. How much can a graduate student borrow through the Federal Stafford Loan programs?
