Will my Federal Direct Loan need to be prorated?

The annual maximum loan amount an undergraduate student may borrow must be prorated when the student is enrolled in a program that is one academic year or more in length, but is in a remaining period of study that is shorter than a full academic year (eg, senior graduating in December).

The loan amount is determined by multiplying the annual loan limit for the student's grade level by the lesser of these two fractions:

Number of credit hours enrolled in the program or 1
30   2