<p>My question is what are the expirations for Pell and government Loans. Number of semester? Hours? </p>
<p>I searched but couldn't find much reliable information. I will have almost 200+ hours by the time I am done with my Bachelors, and I am wondering if it will run out on me or not?</p>
<p>Loans have an aggregate limit. Far a dependent undergrad student the limit is $31,000. For an independent student (or a student whose parent is denied a PLUS loan) it is $57,500. Once you hit that limit you are ineligible for more Stafford/Direct loans.</p>
<p>The Pell is currently available for up to 18 semesters. But, and it is a big but, each school must have a Satisfactory Academic Progress policy for FA eligibility. The SAP usually includes minimum grade requirements and maximum credit hours. The maximum credit hours are a percentage of the hours required for a degree and include all credits attempted ever including any courses attempted and dropped. It is likely you will lose eligibility for all aid before you reach 200 credit hours, but you would have to check with your school for their specific SAP policy. </p>
<p>Also check with your school for tuition costs. I was surprised to learn recently that quite a few public schools charge higher tuition once you exceed a certain number of credits over those required for a degree.</p>
<p>Of that 31K of stafford loans, only about 23K can be subsidized. There also are limits for each year.</p>
<p>I believe the maximum number of semesters for Pell grants is being reduced, as part of the recent budget deal.</p>
<p>I don’t recall there being anything in the recent budget about reducing the number of semesters the Pell would be available for. It would seem to be a logical thing to do though. I can’t really understand the 18 semester logic (other than for partial Pells for students who attend part time).</p>
<p>Thanks for the information. I won’t come close to 18 semesters, but my schools progress requirement is a maximum of 180 hours. Does anyone know if I got to say 178 hours, would they suspend my aid then or could I take another semester of 15 to 18 hours and then they would suspend my aid once I passed that threshold? </p>
<p>As far as paying extra tuition, Florida enacted that policy in 2009, but luckily for me I started in 2007 so I am grandfathered under the old rules. </p>
<p>Once again thanks for all of the information, my scholarships just expired after my fourth year so im completely relying on Pell and Loans now. By the way I will be at Florida State University if that matters for anything else.</p>
<p>[Congress</a> Raises Debt Ceiling, with Shifts and Cuts in Student Aid Funding - Fastweb](<a href=“http://www.fastweb.com/financial-aid/articles/3216-congress-raises-debt-ceiling-with-shifts-and-cuts-in-student-aid-funding?print=true]Congress”>http://www.fastweb.com/financial-aid/articles/3216-congress-raises-debt-ceiling-with-shifts-and-cuts-in-student-aid-funding?print=true)</p>
<p>I misread the above info - it says Congress will probably demand a reduction in eligible semesters for Pells, but it has not yet been approved yet. The Obama Administration has placed a priority on preserving Pell grants, which has requiring cutting back on other programs in the budget deal. Here’s a description of new changes to Pells that were approved. There may be more cuts in the near future, as part of ongoing budget deals.</p>
<p>Excerpts from link:</p>
<p>"Even though the debt deal devotes $17 billion to reducing a funding shortfall in the Pell Grant program and preserves the $5,550 maximum Pell Grant, the Pell Grant program remains at risk of cuts. The Pell Grant program is still left with a $1.3 billion funding shortfall in FY2012 and will probably suffer from funding shortfalls in subsequent years.</p>
<p>To address the remaining funding shortfall, Congress must either appropriate additional money for the Pell Grant program or make further cuts in student aid spending. The most likely scenario involves changing the eligibility requirements for the Pell Grant program, such as reducing the eligibility from 18 semesters to 12 and requiring at least half-time enrollment. Congress is unlikely to cut the maximum Pell Grant…</p>
<p>The debt deal eliminates subsidized interest on Stafford loans to graduate and professional students, effective for new loans made on or after July 1, 2012. It also eliminates all repayment incentives in the Direct Loan program for new loans made on or after July 1, 2012, except for discounts for borrowers who repay their loans via auto-debit. These changes do not affect existing loans. Of the estimated $21.6 billion in savings over ten years, a total of $17 billion is used to address the funding shortfall in the Pell Grant program. The remaining $4.6 billion is redirected toward deficit reduction."</p>
<p>Seems like a sensible move - certainly as far as full time pell is concerned. I wonder how many people actually take the Pell for the maximum time though. That would mean 9 years as an undergrad. I know quite a few that take 5 years, but 9?</p>
<p>Can you give a breakdown by class year of the $57,500 loan maximum? Thanks!</p>
<p>For independent students the maximums by year are:
Freshman $9500 of which up to $3500 may be subsidized (if there is need)
Sophomore $10500 which up to $4500 may be subsidized (if there is need)
3rd year and up $12500 of which up to $5500 may be subsidized (if there is need)</p>
<p>Aggregate limit $57500 of which up to $23000 may be subsidized</p>
<p>Believe me, there are plenty of students who take more than 9 years!</p>
<p>As an aside, the “semester” thing is misleading. It’s not really 18 semesters. It’s 900%, which is theoretically equal to 9 years but is not in reality. If you go part time, you might get 25% one term (half of the semester award) and 37.5% the next semester (3/4 of the semester award). That would total 62.5% for the year … so you can see that the 900% can last more than 9 years, or more than 18 semesters.</p>