2013 - 2014 - Undergraduate Student Loan Estimator

This worksheet is being provided to help you estimate how much you may want to borrow in order to cover your educational expenses. Remember that everything you borrow needs to be repaid with interest so borrow wisely.

Be advised that Undergraduate students must complete 32 weeks AND earn at least 24 credits in order to maintain eligibility for loans. However, to do this, you may need to manage your cash flow, borrowing and/or enrollments to ensure that you have sufficient funds available when you need them.  Consult with your Finance Advisor for help in developing a financing plan that will meet your needs.

Taking courses that are less than 8 weeks long can create a challenge when trying to meet the 32 week requirement. Therefore, we suggest that if you do take a short course that you do so concurrent with a full 8 week class.

Students who fail to complete BOTH the week and credit requirements of the academic year will not be eligible for a new loan until these requirements have been satisfied.

Please call the Financial Aid department if you have any questions regarding this requirement.

This is an estimate only. Actual amounts may vary due to loan fees, course fees, tuition rates, etc. Books are purchased through an external vendor and require payment to a third party other than Ottawa University.

Determine Independent/Dependent Status

If you can answer "yes" to any of the following questions, you are considered to be INDEPENDENT for Financial Aid purposes

• Were you born before January 1, 1990?
• Are you married? (answer "yes" if you are separated but not divorced)
• As of July 1, 2013, are you working on a Master's program?
• Are you currently serving on active duty for purposes other than training?
• Are you a veteran of the US Armed Forces?
• Do you have children or other dependents (other than a spouse) who receive more than half of their support from you?
• At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?
• Are you or were you an emancipated minor or in legal guardianship as determined by a court in your legal state of residence?
• At any time on or after July 1, 2012, did your high school or school district homeless liaison determine that you were an unaccomopanied youth who was homeless?
• At any time on or after July 1, 2012, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless?
• At any time on or after July 1, 2012, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

Determine your maximum Stafford loan amount:

Dependent Undergraduates	Maximum Subsidized	Maximum Total (Subsidized and Unsubsidized)
First Year (0 - 23.9 credits)	$3,500	$5,500
Second Year (24 - 53.9 credits)	$4,500	$6,500
Third Year and Beyond (54+ credits)	$5,500	$7,500
Independent Undergraduates (and dependents whose parents are unable to borrow under the PLUS program)
First Year (0 - 23.9 credits)	$3,500	$9,500
Second Year (24 - 53.9 credits)	$4,500	$10,500
Third Year and Beyond (54+ credits	$5,500	$12,500
Teacher Certification	$5,500	$12,500

Calculate Estimated Cash Flow

Remember that Undergraduate students must complete 32 weeks AND earn at least 24 credits before you can start a new loan.

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