<p>I have reached my aggregate limit. I need about 27 credits to graduate with a Bachelor of Science Degree! I dropped a couple semesters of 12 credit hour classes and even was charged for those classes! I have had all of my loans consolidated and I am currently paying off my debt at a very minimal rate.I work at Parenting Arizona a local non-profit organization on a Native American reservation in Tuba City. I have been divorced twice and have sole custody of four sons ages;14,12, and twins that turn 3 on Memorial day! What do you recommend I do to try and finish my Bachelor degree? <a href="mailto:rcn4sons@gmail.com">rcn4sons@gmail.com</a> </p>
<p>You mean the aggregate loan limit?</p>
<p>You generally will be charged for classes if you drop after the add/drop deadline, which is about 3 weeks into the course. That’s a pretty universal tenet.</p>
<p>First of all, are you sure that you have hit the aggregate limit for independent students? It is higher than that for dependent students - $57,500 as opposed to $31,000.</p>
<p>If you have, you have to find an alternative way to pay for college. You can’t borrow any more federal loans.</p>
<p>1) See if your job will pay for some of your classes.
2) See if you are eligible for any federal grant money, like federal Pell grants or SEOG.
3) See if you are eligible for any state grants. For example, New York State has a program called the Tuition Assistance Program (TAP), for which NYS residents can get a small amount of tuition assistance to attended universities within New York State. Some states have grants for minorities, for low-income residents, veterans and people with disabilities; others have grants for people pursuing certain degrees, like nursing or teaching. Check that out.
4) Talk to your university’s financial aid office. They may have ideas about alternative ways to finance your degree.
5) You may be able to borrow a private loan from a bank or an educational loan corp, like Sallie Mae. However, beware. If you already have nearly $60,000 in federal loans, you have a whole lot of of debt already. If you still need 27 credits - that’s about one year full-time, or two years part-time. I don’t know what your credits cost, but even if they are only $500/credit that’s an extra $13,500 in debt, which will put you nearly $75,000 in debt. Unless you have or get a very high-paying job after college, it will be difficult to repay that debt! Also remember that private banks and loan corps don’t have the same protections that federal loans do, like income-based repayment and public loan forgiveness. They also usually have stricter rules on deferment and forbearance. For example, some private lenders limit your total forbearance to 3 years <em>total</em> until you repay the loan. If you go through a period of financial hardship that lasts longer than that, you’re out of luck.
6) You may need to transfer to a cheaper school.
7) You may need to pay out of pocket. This may necessitate taking fewer credits per semester.</p>
<p>If you’ve reached your borrowing limit, then the system is trying to tell you something.
You are getting in over your head with loans.<br>
Better look at other ways to pay for your remaining courses. See above. </p>