Loan borrowers who drop below half time will start using their loan grace period. Dropping a class can also create satisfactory academic progress problems, and you might not be eligible for any future financial aid assistance.

Part-time (<6 hrs) =25% award

Half-Time (6-8 hrs) = 50% award

Three-Quarter (9-11 hrs) = 75% award

Full-Time (12+hrs) = 100% award

-Federal Pell Grant

-Federal Supplemental Education Opportunity Grant (SEOG)

-Federal subsidized and unsubsidized Stafford Loans

-Federal work study

You turned 24 before the beginning of the calendar year in which the school year began.

You are married on the date you complete the FAFSA (answer “Yes” if you are separated but not divorced).

At the beginning of the school year, you will be working on a graduate, doctorate or master’s degree program.

You are a veteran of the U.S. Armed forces.

You have children who will receive more than half of their support from you.

You have legal dependents (other than your children or spouse) who live with you and who receive more than half of

their support from you, now and through the end of the school year.

When you were age 13 or older, both your parents were deceased, you were in foster care or you were a dependent/ward of the court.

As of today, you are an emancipated minor as determined by a court in your state of legal residence. A copy of a court’s decision must be provided.

As of today, you are in legal guardianship as determined by a court in your state of legal residence. A copy of a court’s decision must be provided.

Your high school or school district homeless liaison determined that you were an unaccompanied youth who was homeless.

The director of an emergency shelter program funded by the U.S. Department of Housing and Urban Development determined that you were an unaccompanied youth who was homeless.

The director of a runaway or homeless youth basic center or transitional living program determined that you were an unaccompanied youth who was homeless or

were self-supporting and at risk of being homeless.

If you cannot answer yes to any of the above questions, then you are considered dependent and must report your parent’s information on the FAFSA.

Thus, if a lender deducts the 3 percent origination fee from a $2,000 Stafford Loan that is to be paid in two installments, the student will receive payments of $970 and $970. However, the student will be responsible for the full value of the loan, $2,000. A lender may choose to pay all or part of the origination fee on behalf of their students.

The guarantor is also authorized to collect an insurance fee not to exceed 1 percent of the loan. If the guarantor charges an insurance fee for its Stafford and PLUS loans, the lender may pass on the charge to the borrower.

For PLUS loans, the origination fee is always 3 percent and may not be reduced by the lender. The lender may also charge an insurance fee on Stafford and PLUS loans to defray the insurance fee charged by the guarantor; the fee is limited to 1 percent.