Effective this week, college freshmen and sophomores can receive more help in paying for school and expenses through federal Stafford loans.
Federal legislation passed earlier this year and effective July 1 adds $875 for freshmen and $1,000 to sophomores maximum loan limits.
Freshmen can now borrow $3,500 per year, and sophomores can borrow $4,500 per year. Junior and senior loan maximums remain at $5,500.
"The benefit is really to freshmen and sophomores, but [the legislation] does not change the total loan aggregates," Tom Taylor, vice president for Enrollment, Marketing and Communications, said
The total loan aggregate represents the maximum amount of loans a student can take out to complete an undergraduate degree.
As a result, students borrowing the maximum limit as freshmen and sophomores may run out of eligibility when they reach junior and senior standing.
The maximum an undergraduate claimed as a dependent by parents can borrow is $23,000. Independent undergraduate students can borrow up to $46,000 in their college career, according to staffordloan.com.
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