Students may receive summer financial aid; however, the opportunities tend to be more limited. The academic year begins with the fall semester and ends with the summer semester.
Many students utilize the full value of their financial aid eligibility among fall and spring semesters, which means a student may not have any remaining financial aid eligibility for the summer. For example:
Student A is a senior and received a $5,500 federal subsidized loan for the school year. $2,750 was disbursed to the student fall semester, and $2,750 was disbursed to the student spring semester.
The U.S. Department of Education will allow a school to disburse only up to $5,500 in a subsidized loan to a senior for the entire school year. Because the student used his or her full eligibility for the federal subsidized loan for the fall and spring semesters, there is no remaining federal subsidized loan eligibility for summer semester.