So I was informed today that I have hit my aggregate limit for federal loans. Got this in an email:
“I took a look at your aggregate limits for financial aid. It looks like Fall semester is the last semester that you are eligible to receive both the Pell Grant and the Wisconsin Grant. As for Federal Loans, you have already met that aggregate limit of a total of $57500. That means that we are not able to award you any additional Federal Loans.”
I’m 30 credits away from graduation. My problem is now that I cannot get any other loans I won’t be able to continue. I do not qualify for private loans as I made bad decisions with a credit card when I was 18. Also I don’t have an available cosigner. I’ve heard that sometimes schools with offer you a clean slate with the loans if you transfer? Is this true? Are there any schools in which people know that I can do this? I am currently a student at the University of Wisconsin - Superior and would like to remain within the state. Any and all ideas that people can provide would be quite helpful.
I just want to graduate so I can start a life.
Thanks,
-Josh
Tuition and fees per semester at UW-Superior is around $3000. If you can get grants and loans for the fall semester while taking 15 credits, all you need is to do is figure out a way to pay for 15 credits in the spring semester? How much can you earn between now and December?
You cannot finish at a new school with a clean slate regarding federal loans. Those are federal loans managed through a database that all schools will review, so the new school would know you have reached your aggregate limits as well.
You already have almost $60k in loans. You need to earn the rest of the money you need for college. If you get a Pell and state grant for the fall, that should pay your tuition. You need to work to support yourself and earn enough money for spring tuition. Usually the last 30 credits toward a degree must be taken on campus, so switching now only makes your problem bigger.
It’s time to work. Hard.
Are there any part-time job opportunities that you have had in the past that might be able to help you with full-time work soon? I sympathize that you’re in a tough situation right now. The only way to get past the aggregate loan limit is to pay down your federal student loan balance and realistically if you could do that you probably wouldn’t need the loan to begin with.
It sounds like you have coverage for this upcoming semester but not for next Spring. How many credits can you do this fall? Some schools don’t charge you more depending on how many credits you are able to load up on, so it might be worth trying to see if you can get 16 or even 18 credits in the Fall if it won’t cost you more than 12. In addition, see if the school has an installment plan for tuition that you can enroll in for the Spring semester; if there is one, you might be able to work and pay your way through school in monthly installments without having to withdraw.
There are no clean slates, I’m afraid (ultimately, the federal loans are all originated by the Department of Education and handled by a small group of servicing agencies; it doesn’t matter which college you are actually from – it’s kind of like maxing out your Visa credit card at one store and trying to get a ‘clean slate’ from the store down the street. It’s the same card, the same limit). However, there may be some ways that you can get through this last year, graduate, and get started with the rest of your life. See if you can reach out to your financial aid counselor as a first resource to explore different ways such as an installment plan that you might be able to manage costs for Spring.
@madison08 he can’t get a loan for fall.
@jahshua how much can you earn over the summer?
Are you living at home or in an apt? do you have a roommate
you can’t get more loans. You’re already at a ridiculous amount. You should have been paying attention. You’ve spend nearly $20k per year in loans for each “year” of school so far. That was very short-signted.
how many years have you actually been in school? Were you taking 12 credits a semester and just borrowing each time?
did you start at a CC or what?
I don’t know where you heard schools will offer a clean slate with loans if you transfer, but it is not true at all. Federal loans are mades by the govt and they set the aggregate. A school has no way of offering you a clean slate for federal loans.