Federal Aid Limit Question

Paying for College
1

<p>Hey all!</p>

<p>Tried to find the answer to this question everywhere and hoping you all can help. </p>

<p>I'm going back to school after graduating with a BA about 8 years ago. I've paid back all of my Federal Student Loans. </p>

<p>My question is, since I've repaid all of my federal debt, can I borrow up to the limit again? </p>

<p>-Andrew</p>

2

<p>Are you going back for a master’s?</p>

3

<p>Nope. Another bachelors. I majored in business and am going back for engineering so, there isn’t much overlap.</p>

4

<p>I assume you over the age of 24 which makes you independent you will be to take out loans:</p>

<p>$9,500 - 1st year
$10,500 - 2nd year
$12,500 - 3rd and 4th if needed </p>

<p>As far as other aid goes it all depends on the school.</p>

5

<p>See [Learn</a> How to Pay for a Second Bachelor’s Degree - US News and World Report](<a href=“http://www.usnews.com/education/best-colleges/paying-for-college/articles/2013/04/04/learn-how-to-pay-for-a-second-bachelors-degree]Learn”>http://www.usnews.com/education/best-colleges/paying-for-college/articles/2013/04/04/learn-how-to-pay-for-a-second-bachelors-degree)

</p>

6

<p>All of that I understand. My question is that since I’ve paid all of those loans back, making the balance for all federal loans $0.00 would I be able to borrow another $57,000?</p>

7

<p>Have you talked to your school’s FA office? Maybe kelsmom, who works in a FA office, will stop by and chime in. My understanding of the lifetime Stafford limit is that it would not reset, especially from reading that snippet, but I don’t know anything definitively.</p>

8

<p>

No I don’t think so. The federal loans limit is not a line of credit.</p>

9

<p>Thanks for all the replies! I’ll check with the FA office when they open back up on Tuesday.</p>

10

<p>“Lifetime limit” means exactly what it says.</p>

11

<p>You can borrow the full $57,500 if you are back to 0. The limit is based on outstanding loan amounts. The term is aggregate loan limit, not lifetime loan limit (yes, I know that “lifetime” is used even by finaid professionals, but it is not really correct).</p>