<p>The financial office informed me that I am about to reach my aggregate loan limits. I am currently enrolled in summer school and under my financial aid account I was offered $5,598 in loans and I accepted it.</p>
<p>I was wondering since I am close to my limit will they allow me to borrow the money or will they just take it back? </p>
<p>I have borrowed $45,000 so far and I am not sure what the limit is. I am an independent student and I am going for my second BA degree. So will I be able to borrow more money or will they just cut me off now?</p>
<p>The limit is $54,500 as an undergrad. Once you hit that amount, you cannot borrow more Stafford loans. If the the amount you were offered and accepted brings you to $54,500, you will get to keep the loan for summer … but that will bring you to the end of borrowing as an undergrad. Go to [National</a> Student Loan Data System for Students](<a href=“http://www.nslds.ed.gov%5DNational”>http://www.nslds.ed.gov), and see how much you have borrowed to date. Every student should go to the site on a regular basis!!</p>
<p>kelsmom, I’m confused. I thought the Stafford limit for undergrad was $27,000, or $43,000 if PLUS loans are denied?</p>
<p>For independent students, the maximum is $57,500 (sorry - typo on my original post), of which up to $23,000 may be sub. For dependent students, the max is $31,000, of which up to $23,000 can be sub. If the parent is denied PLUS, the student can get up to $4000 (fr/soph) or $5000 (jr/sr) additional a year. If the dependent student reaches $31,000, and if the parent is turned down for a PLUS, the student can borrow unsub to the independent annual limit due to the PLUS denial … that is, he could borrow a full $12,500 in “additional unsub due to PLUS denial” if a junior or senior.</p>
<p>kelsmom you are a treasure! Thanks for all the hard work you do on these forums.</p>
<p>:) I love to help!</p>
<p>I have so appreciated your information as well. Thank you.</p>
<p>^ Me too.</p>
<p>But I still have a question.</p>
<p>If the (aggregated sub+unsub) loan limits by year are 5500+6500+7500+7500=27,000, how would a student get another 4000?</p>
<p>Students often take more than four years to get a degree … and sometimes return for another undergrad degree! I have seen students maxed out at $57,500 before completing their first degree, sadly. You only need to be half time to get a loan, and that is usually 6 credits. Students who are part time will often borrow to help pay the living bills … and the loans add up faster than the credits.</p>