MBA Finances

Federal Loans FAQ's

Can I qualify for federal loans even if I had a high income last year?

Yes.

A number of factors in addition to family income are considered in determining your Direct Loan eligibility, including the size of your family and number in college. Only the Subsidized Loan is based on financial need; we have provided the formula for determing eligibility for the Subsidized Loan below. It is important to note that if you do not qualify for the Subsidized Loan, you can still borrow the full $20,500 in Direct Loans through the Unsubsidized Loan program as well as utilizing the Grad PLUS Loan for any expenses over the $20,500.

Total Cost of Attendance (includes Fees/Tuition and Living Expenses)

- (minus)

Expected Family Contribution (EFC--from FAFSA)

- (minus)

Estimated Financial Assistance

=

Subsidized Loan Eligibility

If the resulting number (in Subsidized Loan Eligibility) is greater than $0.00, then that number--up to $8,500--can be awarded in Subsidized Loan funds. If the number is less than $8,500, then the difference will be awarded in Unsubsidized Loan funds.