<p>This is probably an idiotic question, but I really need an answer. I am about to reach my student loan aggregate. Luckily I am graduating this summer, but I am applying for graduate school for the fall. As a graduate, will my loan aggregate change? I will also be going from being a dependent to an independent. I need to know if I will be able to get more financial aid because my father retired and I will be getting a lot less financial help. If the aggregate holds true all the way through grad school, then there is no way that I will be able to pay for it. Does anyone know the answer to this? Thanks. </p>
<p>Loans for graduate school are separate from your UG loans. But you do need to be careful not to over extend yourself overall. Why not work for a while to pay off some of the loans you have now?</p>
<p>All that info is online on the Federal Student Aid site. Scroll down about half way and there is a chart on loan limits.</p>
<p><a href=“http://studentaid.ed.gov/types/loans/subsidized-unsubsidized”>http://studentaid.ed.gov/types/loans/subsidized-unsubsidized</a></p>
<p>when in grad school, you can borrow up to 20,500 /year from government. Up to $8500 may be with no interest until graduation(If you are independent, will probably apply to you). Your other loans are deferred until 6 months after graduation, they DO however, continue to accrue interest. Upon graduating, all loans become payable 6 months after graduation. IF you pay nothing on them before they mature, the interest rolls into the loan. You may, at that point, figure out how you are going to set up loans. IF you have no help from parents, you may want to do a salary based payment, which ultimately ends up in lower monthly payments, but more over all interest. OF COURSE, this is all unless Obama changed something in the last year. </p>
<p>No more subsidized loans at the grad level … all $20.500 is unsub now. Grad students are also eligible to borrow Grad PLUS (which does have a credit check involved). Also, if you use your grace period, you don’t get another … so, while undergrad loans are deferred while in school, you do have to begin repayment as soon as you graduate/leave school/drop below half time if you used your grace period after undergrad.</p>
<p>few grad schools do need-based aid; it’s merit or nothing. </p>
<p>Yikes! Sounds like you already have a LOT of loans if you have reached the undergrad aggregate limit. Please be watchful of your loan obligations. </p>
<p>Your father’s retirement status will have NO impact on your grad school aid. First, if you are independent, you don’t USE parent info. Second, as noted above, grad school financial aid is merit based. It is based on the strength of your application, and the school’s desire to have you in their program. It comes in the form of scholarships, assistantships, fellowships, sometimes work study, and loans.</p>