Answered by Found-1
The aggregate limits are on the individual, not a couple. For your wife: with an EFC of 980 she would qualify for around $3,781.00 a year in Pell grant if she goes full time. She may also qualify for OTAG at 1,000 a year... depends if she made it in by the deadline and state funding (I'm assuming you are in Oklahoma and residents). The max she can borrow as an independent freshman is 7,500 in federal Stafford loans a year. However, at a junior college, she may not qualify to borrow this much depending on the schools cost of attendance and her other aid. She may also qualify for a Perkins loan (the best loan she could get because of the lowest interest rate at 5%). If she is offered one of these, take it over the Stafford. Since she is likely eligilbe for the Pell and possibly OTAG you might lay off the loans for her. She shouldn't take out loans for junior college anyway. For you: Grad students don't get Pell no matter how low your EFC is, however you might get OTAG. Grad loans are harder to calculate for me so I could be WAY off so... All I can tell you is the max grads can borrow per year in Perkins is 6000.00 (again take these if you are offerd) and 20,500 a year in Stafford. Aggregate Stafford limit is 138,500. Read this book on loans and max amounts here: Good luck. So Sooners!