Loan Limits? Forum

[joloyolo]

After filling out my FAFSA this year, I received a notification from my school financial aid office stating I have exceeded loan limits. What the hell am I supposed to do in that situation? Private loans? Is there a protocol for that like the school has a preferred lender, etc?

This is for my last year. I have secured a Summer associate spot in Big Law, not I or my parents are independently wealthy, am I seriously in jeopardy of not finishing here?

[IAFG]

Wait what? How much have you borrowed?

[cinephile]

Did they mean Stafford? I thought Grad Plus was unlimited.

[haus]

Did they mean Stafford? I thought Grad Plus was unlimited.

according to http://studentaid.ed.gov/types/loans/plus

The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

It would seem that it would be hard to exceed this limitation (for Grad Plus).

[swampman]

I'm confused too. There is no lifetime limit on GradPlus loans -- you should be able to borrow up to the total cost of attendance each year. So either you've somehow borrowed over the COA, or maybe the school for some reason imposes some limit on your loans based on ability to pay because of your SA gig? Either way you could make up the difference in private loans.

You should probably just talk to your financial aid office though.