<p>Can somebody please explain to me what it means if I'm at 350%. I am applying for my program next fall and don't know if I'll be able to finish college. I think I have used up my student loan money because they added my previous degree charges together with this degree, Is there also a limit on Direct loans and Plus Loans? What can I do? Thanks for your response...</p>
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This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans. See <a href=“http://studentaid.ed.gov/types/loans/subsidized-unsubsidized#is-there-a-time-limit[quote]If”>http://studentaid.ed.gov/types/loans/subsidized-unsubsidized#is-there-a-time-limit
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<p>Your Pell LEU of 350% means you have an additional 250% Pell available to use before it runs out. A student at a semester school who enrolls in at least 12 credit hours will use 50% in that semester (9-12 credits is 37.5%, 6-8 credits is 25%, and fewer than 6 credits is 12.5%). Add whatever % you use each semester to the 350% you have already used until you reach 600% … then no more Pell. If you use 50% per semester, you will have Pell for 5 more semesters. </p>
<p>There is a limit on subsidized and unsubsidized Direct Loans, but not on PLUS loans. You can receive up to $31,000 in sub/unsub (combined - but not more than $23,000 can be sub) as a dependent student - and $57,500 as an independent student. There is a cap on subsidized loans that is set at 150% as explained above … however, you can receive unsub in place of the sub if you reach the cap but not the $31,000/$57,500 limit.</p>