new	annual	loan	limit	after	SAY
(plus	summer	trailer	or	header)
calendar	period	ends.
for	new	annual	loan	limit
after	BBAY	1	calendar
period	ends.
for	new	annual	loan	limit
after	BBAY	2	calendar
period	ends.
new	annual	loan	limit	only	after
successfully	completing	clock	or
credit	hours	AND	weeks	of
instructional	time	in	BBAY	3.
After	original	loan,	student	may
receive	additional	loans	during
same	SAY	if:
Received	less	than	annual
loan	amount	and	has
remaining	eligibility;
Progresses	to	grade	level
with	higher	annual	loan
limit;	or
Changes	from	dependent
to	independent.
After	original	loan,
student	may	receive
additional	loans	during
same	BBAY	1	if:
Received	less	than
annual	loan	amount
and	has	remaining
eligibility;
Progresses	to	grade
level	with	higher
annual	loan	limit;	or
Changes	from
dependent	to
independent.
After	original	loan,
student	may	receive
additional	loans	during
same	BBAY	2	if:
Received	less	than
annual	loan	amount
and	has	remaining
eligibility;
Progresses	to	grade
level	with	higher
annual	loan	limit;	or
Changes	from
dependent	to
independent.
After	original	loan,	student	may
receive	additional	loans	within
BBAY	3	only	if:
Received	less	than	annual
loan	amount	and	has
remaining	eligibility;	or
Changes	from	dependent
to	independent.
Student	may	not	become
eligible	for	next	grade	level
annual	loan	limits	until	after
completion	of	BBAY	3.
Summer	term	modules	may
be	combined	and	treated
as	single	trailer	or	header,
or	assigned	to	different
SAYs	(one	as	trailer,	the
other	as	header).
Modules	in	terms	other
than	summer	must	be
combined	with	each	other
or	with	other	terms	and
treated	as	single	standard
or	SE9W	nonstandard	term
(affects	all	
Title	IV
programs).
Student	need	not	enroll	in
each	module,	but	must
have	been	able	to	enroll	at
least	half	time	in	combined
term.
Modules	(summer	or
otherwise)	must	be
combined	with	each
other	or	with	other
terms	and	treated
as	single	standard
or	nonstandard
term	(affects	all
Title	IV	programs).
Student	need	not
enroll	in	each
module,	but	must
have	been	able	to
enroll	at	least	half
time	in	combined
term.
Modules	(summer	or
otherwise)	must	be
combined	with	each
other	or	with	other
terms	and	treated
as	single	standard
or	nonstandard
term	(affects	all
Title	IV	programs).
Student	need	not
enroll	in	each
module,	but	must
have	been	able	to
enroll	at	least	half
time	in	combined
term.
N/A
Annual	Loan	Limit	Increase	Based	on	Grade	Level	Progression	or	Dependency	Status	Change
The	annual	loan	limit	for	Direct	Subsidized	and	Unsubsidized	Loans	increases	as	a	student	progresses	in	grade	level.
Generally,	a	student9s	grade	level	for	loan	limit	purposes	is	set	according	to	the	school9s	academic	standards.
While	the	law	defines	minimum	coursework	for	an	academic	year,	it	doesn9t	define	how	much	coursework	a	student	must
complete	to	progress	from	one	grade	level	to	another.	Unless	a	student9s	program	of	study	or	a	school9s	academic
standards	clearly	specify	when	this	grade-level	progression	takes	place,	a	reasonable	approach	would	be	to	base	grade
levels	on	the	number	of	credits	required	for	the	program,	divided	by	the	number	of	academic	years	it	takes	a	typical
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