Financial Aid
Last Updated: January 30, 2008
How will this change the way that you receive your financial aid?
In the fall of 2008, Reading Area Community College will change from three 10 week terms, to two 15 week semesters. Fall semester will start in late August and spring semester will begin in late January. This will change the way that your financial aid is awarded and disbursed in the following ways:
- Your award notice will reflect your eligibility for fall and spring as opposed to fall, winter, and spring.
- Your annual award will be divided in half instead of in thirds. For instance, if you are eligible for a Pell grant for $2,000.00 for the year for full time enrollment, you will receive $1,000 in the fall and $1,000 in the spring. Similarly, any student loans that you apply for will be divided in half. A $7,500.00 student loan will give you $3,750 for each semester.
- Full-time enrollment in the semester system is 12 credits; half-time enrollment (necessary to receive new student loans, defer existing student loans, receive state grant funds and participate in the work-study program) is 6 credits.
- Your refund will be issued approximately six weeks into the semester, early October for fall and early March for spring.
New Federal Stafford Loan Limits - Effective July 1, 2007
For the first time in more than twenty years, the federal government has raised the annual loan limits for the Stafford Loan Program. Dependent freshmen may borrow up to $3,500.00 and dependent sophomores (30 or more earned credits) may borrow up to $4,500.00. For independent students, the limits are now $7,500.00 for freshmen and $8,500.00 for sophomores. Please note that while the annual limits have been raised, the aggregate limits for undergraduate students have not changed. They remain $23,000.00 for dependent students and $46,000.00 for independent students. Keep these limits in mind if you are planning to pursue your bachelor’s degree and always borrow conservatively.