FAFSA Loan Calculator
Estimate your potential federal student loan eligibility based on your Cost of Attendance.
Your Estimated Loan Eligibility
Estimated Maximum Federal Loan Amount:
$0.00
(This is an estimate for Direct Subsidized/Unsubsidized Loans. Actual amounts may vary.)
Understanding Your FAFSA Loan Eligibility
The Free Application for Federal Student Aid (FAFSA) is the gateway to federal student financial aid, including grants, work-study, and loans. Understanding how your potential loan eligibility is calculated is crucial for planning your education finances.
How Federal Student Loan Eligibility is Determined
Federal student loan eligibility is primarily determined by the difference between the total Cost of Attendance (COA) at an educational institution and your Expected Family Contribution (EFC), along with any other financial aid you're expected to receive. The formula is generally as follows:
Estimated Need = Cost of Attendance (COA) – Expected Family Contribution (EFC)
However, when considering federal loans, the calculation is more precisely about the "unmet need" or the amount of financial aid still required after accounting for the EFC and other aid:
Maximum Federal Loan Eligibility = Cost of Attendance (COA) – Expected Family Contribution (EFC) – Other Financial Aid (Grants, Scholarships, etc.)
Key Terms Explained:
- Cost of Attendance (COA): This is the total amount it will cost you to go to school for one academic year. It includes tuition and fees, room and board, books and supplies, transportation, and personal expenses. Each school determines its own COA.
- Expected Family Contribution (EFC): This number, calculated from the information you provide on the FAFSA, represents the amount of money your family can reasonably contribute to your education costs. It's an index number, not necessarily the exact amount you must pay.
- Other Financial Aid: This includes any aid you receive from sources other than federal loans. Examples include Pell Grants, state grants, institutional scholarships, and private scholarships.
- Federal Student Loans: These are loans made directly by the U.S. Department of Education. They often have more favorable terms than private loans, such as fixed interest rates and income-driven repayment options. The two main types for undergraduates are Direct Subsidized Loans and Direct Unsubsidized Loans.
Important Considerations:
- Loan Limits: Federal student loans have annual and aggregate (total) limits that depend on your year in school and whether you are a dependent or independent student. This calculator provides an *estimated maximum* based on the provided figures, but you are still subject to these official federal loan limits.
- Interest Accrual: Subsidized loans do not accrue interest while you are in school at least half-time or during deferment periods. Unsubsidized loans accrue interest from the time they are disbursed.
- Loan Counseling: Before receiving federal student loans, you will typically need to complete entrance counseling and sign a Master Promissory Note (MPN).
- Accuracy: The accuracy of your loan eligibility calculation depends on the accuracy of the information provided on your FAFSA and the COA provided by your school.
This calculator serves as a helpful tool to estimate your potential federal loan needs. For official figures and to apply for aid, always complete the FAFSA and consult with your school's financial aid office.