- As stated in Federal Loan Guidelines, the actual loan amount you are eligible to receive for an academic year is determined by your school. Loan eligibility at Black Hawk College is determined on a case-by-case basis as authorized under 34 CFR 685.301(a)8 of the Higher Education Act.
The maximum annual amounts a student may request are:
|Grade Level||Degree Applicable Hours Completed||Loan Limits|
|Year 1||0 – 29 credit hours||$3,500|
|Year 2||30 – 64 credit hours||$4,500|
|Annual Additional Unsubsidized Stafford Loan limits are:|
|Dependent Students in Year 1 or Year 2||$2,000|
|Independent Students in Year 1 or Year 2||$6,000|
In addition, lifetime limits will restrict the amount of student loans that can be borrowed:
Life Time loan limits for 4-Year Bachelor’s Degree Undergraduate students:
Dependent = $31,000
Independent = $57,500
(Of these lifetime amounts, no more than $23,000 can be subsidized.)
Students should limit borrowing to only what is absolutely necessary, as loans must be repaid. The average loan debt of Black Hawk College graduates was $8,251 for the 2017-18 school year. We recommend students use the Federal Student Aid Repayment Calculator and the Mapping Your Future Debt/Salary Wizard to understand the long-term costs of borrowing and their anticipated ability to repay their student loans.
Is there a time limit on how long I can receive loans?
Yes – per Satisfactory Academic Progress requirements, a student is eligible to receive financial aid for a maximum of 150% of their program. Associate programs allow 96 attempted credit hours at Black Hawk College. Certificate programs allow 48 attempted credit hours at Black Hawk College. Transfer credit hours and withdrawn courses are included in this calculation.
In addition, many financial aid programs have lifetime limits:
- Federal Pell Grant – equivalent of six years of full-time enrollment (12 credit hours/semester)
- Illinois MAP Grant – equivalent of four and a half years of full-time enrollment (15 credit hours/semester)
- Federal Student Loans – $31,000 for dependent students, $57,500 for independent students (of these lifetime amounts, no more than $23,000 can be subsidized)
Additionally, the maximum time period that a new student loan borrower can receive Direct Subsidized loans is 150% of the published length of the program of study. New borrowers are encouraged to meet with an Academic Advisor to make sure you are in the correct major.