Federal Stafford Loan Loan Limits Changes to Stafford Loan Limits Effective July 1, 2008    A recent change in federal regulations has increased aggregate and annual unsubsidized Stafford loans for undergraduate students.  The changes are effective for loans disbursed on or after July 1, 2008.  Details are as follows:   Additional unsubsidized Stafford annual limit of $2,000 for eligible undergraduate students. Increased aggregate unsubsidized loan amounts for undergraduate dependent students from $23,000 to $31,000 (minus subsidized borrowing of $23,000). Increased aggregate unsubsidized loan amounts for undergraduate independent students from $46,000 to $57,500 (minus subsidized borrowing of $23,000). The following charts identify the new loan limits as of July 1, 2008: Dependent Students     (Except Students Whose Parents Cannot Borrow Parent PLUS)   Class Standing Base Amount Additional Unsubsidized Total Freshman $3,500 $2,000 $5,500 Sophomore $4,500 $2,000 $6,500 Junior $5,500 $2,000 $7,500 Senior $5,500 $2,000 $7,500                 Independent Undergraduate Students   & Dependent Students Whose Parents Cannot Borrow a Parent PLUS Loan Class Standing Base Amount Additional Unsubsidized Total Freshman $3,500 $6,000 $9,500 Sophomore $4,500 $6,000 $10,500 Junior $5,500 $7,000 $12,500 Senior $5,500 $7,000 $12,500         Graduate & Professional Students:       *Unchanged*     Base Amount Additional Unsubsidized Total   $8,500 $12,000 $20,500                   Incoming Freshman & Transfer Students   Current award letters for all incoming freshman and transfer students do not reflect the new loan limits. We are working on incorporating the new loan limits into the awards and will be sending all eligible students revised award letters in August. Please keep in mind that if you have already met your Cost of Attendance with other aid, you may not qualify for the additional loan amounts. If your parent has already completed an application for a Parent PLUS loan and/ or you have applied for an Alternative loan, you will have the option to accept the additional unsubsidized Stafford loan, which will decrease the PLUS/Alternative loans.   You do not need to contact the Financial Aid Office to request your award to be reviewed for the additional loan amounts. Please be aware that the revised notices will not be sent until after August 6, 2008. Once you receive your revised award letter, you will be required to visit MyAlbany to accept and/or decline the additional loan.     Continuing Students   Continuing student award notices will be produced after June 17, 2008. The award letters will not reflect the new loan limits. The new loan limits will be added to the awards for all eligible students after August 6, 2008. Notice of revised awards will be sent via email. Please keep in mind that if your Cost of Attendance is already met with other aid, you may not qualify for the additional loan amounts. If your parent has already completed an application for a Parent PLUS loan and/ or you have applied for an Alternative loan, you will have the option to accept the additional unsubsidized Stafford loan, which will decrease the PLUS/Alternative loans.   You do not need to contact the Financial Aid Office to request your award to be reviewed for the additional loan amounts. Please be aware that the revised notices will not be sent until after August 6, 2008. Once you receive your revised award letter, you will be required to visit MyAlbany to accept and/or decline the additional loan.    Graduate Student   Graduate students are not affected by the new loan changes.  Award notices to continuing Graduate Students are scheduled to be sent the week of June 23rd.   Students Attending Summer 2008   Students who are enrolled for Summer 2008 may request a revision to their summer aid package. You must meet the following requirements in order to request a revision in aid: ·        You must be enrolled at least half-time for the Summer 2008 semester. ·        You must exhaust your Stafford subsidized loan limits before you request the unsubsidized loan. ·        You may not request the revision of aid until after July 1, 2008. ·        You can not exceed your Cost of Attendance for the Summer 2008 semester.   If you would like to submit a request to revise your Summer 2008 aid package, please visit www.albany.edu/financialaid  click on “Self Service Options” and complete the “Stafford Loan Adjustment Request Form.” DO NOT complete the request until July 1, 2008 and do not submit another Summer Aid Application.