Federal Loan Question

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
TempleU555555
Posts: 48
Joined: Mon Oct 31, 2011 2:38 pm

Federal Loan Question

Postby TempleU555555 » Tue Dec 20, 2011 1:18 pm

I know there's a cap as to how much you can take out in your lifetime, RE federal loans.

Does anyone know what this figure is?

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sarahmargie
Posts: 193
Joined: Mon Jun 27, 2011 2:19 pm

Re: Federal Loan Question

Postby sarahmargie » Tue Dec 20, 2011 1:19 pm

138,000, I think.

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20130312
Posts: 3842
Joined: Wed Nov 09, 2011 8:53 pm

Re: Federal Loan Question

Postby 20130312 » Tue Dec 20, 2011 1:21 pm

A handy tool I came across:

http://www.google.com

TempleU555555
Posts: 48
Joined: Mon Oct 31, 2011 2:38 pm

Re: Federal Loan Question

Postby TempleU555555 » Tue Dec 20, 2011 1:21 pm

Ok, cool... thanks!

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bk1
Posts: 18425
Joined: Sun Mar 14, 2010 7:06 pm

Re: Federal Loan Question

Postby bk1 » Tue Dec 20, 2011 1:22 pm

sarahmargie wrote:138,000, I think.


Not true.

I believe that you can take out Grad PLUS loans up to the cost of attendance no matter how much you've taken out before.

TempleU555555
Posts: 48
Joined: Mon Oct 31, 2011 2:38 pm

Re: Federal Loan Question

Postby TempleU555555 » Tue Dec 20, 2011 1:23 pm

bk1 wrote:
sarahmargie wrote:138,000, I think.


Not true.

I believe that you can take out Grad PLUS loans up to the cost of attendance no matter how much you've taken out before.



Good to know. Thanks for this!

TempleU555555
Posts: 48
Joined: Mon Oct 31, 2011 2:38 pm

Re: Federal Loan Question

Postby TempleU555555 » Tue Dec 20, 2011 1:23 pm

InGoodFaith wrote:A handy tool I came across:

http://www.google.com



Too may hits with my search terms, thought TLS = better, quicker route.

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20130312
Posts: 3842
Joined: Wed Nov 09, 2011 8:53 pm

Re: Federal Loan Question

Postby 20130312 » Tue Dec 20, 2011 1:27 pm

TempleU555555 wrote:
InGoodFaith wrote:A handy tool I came across:

http://www.google.com



Too may hits with my search terms, thought TLS = better, quicker route.


Was the first link for me:

http://www.ifap.ed.gov/dlbulletins/atta ... Attach.pdf

10. How much can I borrow in Direct PLUS Loans?

There are no set annual or aggregate limits. You may borrow up to your full cost of attendance, minus any other financial aid you receive (including
Direct Subsidized Loans, Direct Unsubsidized Loans, scholarships, and certain fellowships).

11. Do Direct PLUS Loan amounts count toward the $138,500 Direct Subsidized/Unsubsidized Loan aggregate loan limit for graduate/professional students?

No. Only Direct Subsidized/Unsubsidized Loans and Federal Stafford Loans (subsidized and unsubsidized) made through the Federal Family Education Loan (FFEL) Program count toward the $138,500 aggregate.

12. Am I eligible for a Direct PLUS Loan if I have reached the $138,500 Direct Subsidized/Unsubsidized Loan aggregate loan limit for graduate/professional students?

Yes. However, if you have exceeded the $138,500 aggregate, you must either repay the excess loan amount or make satisfactory arrangements to
repay it before you can receive

TempleU555555
Posts: 48
Joined: Mon Oct 31, 2011 2:38 pm

Re: Federal Loan Question

Postby TempleU555555 » Tue Dec 20, 2011 1:29 pm

InGoodFaith wrote:
TempleU555555 wrote:
InGoodFaith wrote:A handy tool I came across:

http://www.google.com



Too may hits with my search terms, thought TLS = better, quicker route.


Was the first link for me:

http://www.ifap.ed.gov/dlbulletins/atta ... Attach.pdf

10. How much can I borrow in Direct PLUS Loans?

There are no set annual or aggregate limits. You may borrow up to your full
cost of attendance, minus any other financial aid you receive (including
Direct Subsidized Loans, Direct Unsubsidized Loans, scholarships, and
certain fellowships).

11. Do Direct PLUS Loan amounts count toward the $138,500 Direct
Subsidized/Unsubsidized Loan aggregate loan limit for
graduate/professional students?

No. Only Direct Subsidized/Unsubsidized Loans and Federal Stafford Loans
(subsidized and unsubsidized) made through the Federal Family Education
Loan (FFEL) Program count toward the $138,500 aggregate.

12. Am I eligible for a Direct PLUS Loan if I have reached the $138,500
Direct Subsidized/Unsubsidized Loan aggregate loan limit for
graduate/professional students?

Yes. However, if you have exceeded the $138,500 aggregate, you must
either repay the excess loan amount or make satisfactory arrangements to
repay it before you can receive



Thanks alot man!




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