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Federal Loan Question

Posted: Tue Dec 20, 2011 1:18 pm
by TempleU555555
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?

Re: Federal Loan Question

Posted: Tue Dec 20, 2011 1:19 pm
by sarahmargie
138,000, I think.

Re: Federal Loan Question

Posted: Tue Dec 20, 2011 1:21 pm
by 20130312
A handy tool I came across:

http://www.google.com

Re: Federal Loan Question

Posted: Tue Dec 20, 2011 1:21 pm
by TempleU555555
Ok, cool... thanks!

Re: Federal Loan Question

Posted: Tue Dec 20, 2011 1:22 pm
by bk1
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.

Re: Federal Loan Question

Posted: Tue Dec 20, 2011 1:23 pm
by TempleU555555
bk187 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!

Re: Federal Loan Question

Posted: Tue Dec 20, 2011 1:23 pm
by TempleU555555
InGoodFaith wrote:A handy tool I came across:

http://www.google.com

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

Re: Federal Loan Question

Posted: Tue Dec 20, 2011 1:27 pm
by 20130312
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

Re: Federal Loan Question

Posted: Tue Dec 20, 2011 1:29 pm
by TempleU555555
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!