<p>I was accepted into a graduate program that begins in a couple of weeks. This summer I took a couple of undergraduate courses to help me prepare for my graduate studies. I took out $3,600 in undergraduate loans for summer quarter. My financial aid department just posted my financial aid for this year (for my graduate studies) and they included the $3,600 loan from my undergraduate courses this summer towards my annual graduate loan limits ($20,500). Is this correct? The reason I ask is because my financial aid department is completely unorganized and notoriously incorrect. I spoke with a financial aid officer before taking the loans this summer and she told me the loans for my undergrad count towards undergrad loan limits and that my graduate studies in the fall would not include the loan for summer quarter. If I had know it would have counted towards the graduate limits I wouldn't have taken the loan because now I am short $1,200 a quarter.</p>
<p>I am pretty sure the limits are annual limits based on the school year. So the limit would be based on the 2011-2012 school year. If your status changes mid school year your limit for the year increases, but any loans taken for the year are included in that limit. For instance a student starting the year a s a sophomore, who becomes a junior mid years will see their loan eligibility increase to junior level - but just an extra $1,000, not a whole new years eligibility. I think it would be the same if you change from undergrad to grad status mid year. So the limit for 2011-2012 would be for all loans received in that school year. Is your school a summer header? (i.e. they count summer as part of the following school year rather than the prior year). If so, then the summer loans will count as part of your total years eligibility.</p>
<p>I think that is correct. Hopefully kelsmom will see this post and verify one way or the other.</p>
<p>Thank you. I guess the financial aid office told me the wrong thing. And yes, my school counts summer quarter as the first quarter of the academic year.</p>
<p>I just read in the U.S. News and World Report that the Graduate limit is $20,500 for 9 month programs and that those attending 12-month programs can borrow up to $26,667. I wonder if that is true? I know it may seem crazy that I am so concerned with this, but I am 38 years old and my graduate program is a career change and the graduate program I am doing is accelerated. If I don’t come up with the $3,600 I will have to do the program part-time over 2 years and I really don’t want to do that. I need to start working sooner than that so I can put some braces on my kids teeth! :-)</p>
<p>I’m curious…what “graduate loan limit” are you talking about? Is this Stafford loans? DS went to grad school and he could have taken out FAR more in even Stafford loans than $20K…he didn’t (because he only took the subsidized ones).</p>
<p>Also, if you hadn’t taken the loan this summer, how would you have paid for THOSE courses (which you apparently needed to take)?</p>
<p>'Also, if you hadn’t taken the loan this summer, how would you have paid for THOSE courses (which you apparently needed to take)? '</p>
<p>As I mentioned above, I am 38 years old. I didn’t take the courses because I NEEDED to, I said I took them to prepare myself for my graduate program. They were not conditional for my acceptance into my graduate program. I took them because I haven’t been in school for a number of years and I wanted to brush up on my math/economic/statistic skills. I am asking about aggregate loan limits, I am not asking for an interrogation about the reasons I took summer courses and how I would afford to pay for them.</p>
<p>And thank you Swimcatsmom for your responses.</p>
<p>Yes, I agree about the PLUS loans, swimcatsmom. I will look into them. Maybe changing careers at 38 is a crazy idea, though it seems like the right thing to do in the long-term.</p>
<p>I have to change careers because my field is going belly up and my clients are dropping off like flies. As for the grad loan limit being used for undergrad, I replied to that on the other thread. Sorry I wrote the same thing on both threads. I posted on the other thread and then thought maybe I should have started a new one so I did.</p>
<p>And I don’t think 38 is too late at all. I am much older and trying to get back in the work force. How does that saying go - when someone says if I go back to school i will be xx when I finish - and the response is “how old will you be if you don’t go back?”</p>