By Sue Shogren, Regional Training Executive
Federal student loans are the single largest source of financial aid funding available to college students today. To help students and their families make appropriate use of this important source of funding, financial aid administrators need to know how to correctly apply special rules related to annual loan limits.
What's your comfort level with prorating annual Stafford loan limits? Are you sure you know the correct loan period to use? How do you know when a student may borrow again?
Here’s one example of a scenario affecting eligibility for annual loan limits: When a student transfers from one school to another — or from one program to another at the same school — the school must determine whether the student's prior academic year overlaps with the student's new academic year by even one day. Any overlap may affect the student's remaining loan eligibility, or even the appropriate loan period to use when determining continued loan eligibility.
If you could use a primer on the special rules related to annual loan limits, there’s still time to register for a USA Funds® University webcast this week that will examine this topic and others. I will conduct “Stafford/PLUS Loans: Beyond the Basics” beginning at 2 p.m. Eastern time on Thursday, Feb. 13. Here’s how to register:
1. Log in to the USA Funds University learning system at www.usafundstraining.org.
2. Click Catalog in the left navigation.
3. Click Instructor Led Classes under the All Types heading.
4. Type “webcast” in the Search Terms box at the top of the page.
5. Click the Enroll in this Class button at the bottom of the page.
6. You will receive an enrollment confirmation email after you register. You will receive login information the morning of the webcast.
Note: Registration will close at midnight the day before the scheduled webcast.
The webcast is part of USA Funds University’s winter webcast series, which runs through Feb. 26.
If you miss “Stafford/PLUS Loans: Beyond the Basics” or any other USA Funds University webcast, access the recording and materials in the webcast archives.
And make sure to join an ongoing discussion about federal financial aid administration. Go to LinkedIn, search for the USA Funds University Learning Community, and request to “Join.”
Contact USA Funds to learn more about our student aid training and policy tools and solutions.