If you anticipate enrolling for summer sessions and are receiving financial aid during the regular school year, please think about your budget now.
Pell Grant Recipients
If you received a federal Pell Grant for the fall or spring terms during 2011-12 and are making satisfactory academic progress at the end of the spring term, you may be eligible to receive Pell Grant funds for the summer. The Pell Grant will only pay for the equivalent of two semesters of full-time enrollment. If you use 100 percent of your Pell Grant in the fall and spring terms because you enroll full-time in both semesters (12 credit hours or more), you will have no Pell Grant eligibility for the summer term.
To estimate your Pell Grant for the summer, use the Pell Grant Calculator from the navigation bar on the left. To use the Pell Grant Calculator, you will need your Expected Family Contribution (EFC). Your EFC is listed on your Student Aid Report (SAR) at www.fafsa.gov. Your SAR summarizes the information you submitted on your FAFSA.
Student Loans
Federal Direct Loans are limited by your grade level and dependency status to the following annual and lifetime loan limits:
| Dependent (as defined by FAFSA) | Independent (as defined by FAFSA) | |||
| Annual Maximum Loan Amount* |
Total Lifetime Loan Limit |
Annual Maximum Loan Amount* |
Total Lifetime Loan Limit |
|
| Freshmen (less than 24 earned hrs) | $5,500 | $31,000 | $9,500 | $57,500 |
| Sophomore (24 to 53.9 earned hrs) | $6,500 | $31,000 | $10,500 | $57,500 |
| Junior/Senior (54 or more earned hrs) | $7,500 | $31,000 | $12,500 | $57,500 |
*Annual limits include $2,000 unsubsidized loan eligibility. Whether all or a portion of your loan is unsubsidized depends upon your demonstrated financial need.
The more Federal Direct Loan funds you borrow during the fall and spring semesters, the fewer loan funds you will have available for the summer session. Example: If a dependent sophomore plans to enroll at least half-time for the summer, below are two possible budgeting alternatives (1 and 2) for covering the summer expenses:
Federal Direct Loan Borrowed
| Status | Fall | Spring | Summer | |
| Alternative 1 | Sophomore | 0 | 0 | 3250 |
| Alternative 2 | Sophomore | 2500 | 2500 | 1500 |
| Alternative 3 | Sophomore | 3250 | 3250 | 0 |
If you do not borrow during the fall or spring terms (Alternative 1) or borrow less than your maximum amount during fall and spring (Alternative 2), you will have loan eligibility remaining for summer. However, if you borrow the maximum loan amount during fall and spring terms, you will have no loan eligibility remaining for the summer.
