Reaching lifetime limit as a dependent with parent plus denial

Hello friends so im currently struggling to figure out whats going on. I reached my maximum lifetime limit (31k) in federal loans but my parents continuously get denied Parent Plus, my school told me that with Parent Plus denial the only amount of financial aid i can get is $2500 unsubed loans a semester TOTAL. This totally goes against all the research ive done but maybe i just misunderstood. I thought i would be able to borrow what independent students are able to borrow (12500 a year) can someone please clarify because if i cant figure this out i have to move 1500 miles back home and go back to school there and that would be disappointing.

@kelsmom
What is the limit for Direct Loans for undergrad?

https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized#how-much

Dependent undergraduates students are limited to

For independent students and dependent students whose parent do not qualify for Parent Plus loans, the limits are higher-

How much have you borrowed so far?

If you had not yet maxed out your stanard federal loans, the Parent Plus denial would get you an additional sum each year on top of your standard federal loans. However, you are maxed out. This means you only can access the Pernt Plus denial amount.

How close are you to graduating? How old are you now? Would it make best sense for you to stay where you are, work full time, and study part time to finish up your degree?

i transferred from a tech college back in rhode island to a university in Florida (which i dont qualify for instate due to my parents living in RI) its about 8k a semester, i could transfer to a state college back home and pay $4k a semester so after aid its gonna be $1200 a semester. thats probably my best best because i really dont want to take out private loans

@WayOutWestMom ive borrowed $15,333 in subsidized loans and $17,333 in unsubsidized loans

that $12,500 figure that you’re quoting is including the $7500 that you would have been able to borrow IF you hadn’t already maxed out. Since you’ve maxed out, you can’t borrow that $7500 portion, you can only borrow the $5000 portion that is split into two semesters.

If this was your 4th year of college, then you wouldn’t be maxed out, and then you could have borrowed the entire $12,500. However, since you’ve reached your dependent loan max, you’re limited to only the amount that a decided parent plus loan would give you … $5k for seniors.

Since you don’t have a qualified cosigner, you wouldn’t get those either.

Ok, you’ve already borrowed a good bit of money. You seem to be focused on “I need more loan money” rather than “how am I going to pay all this debt back”. You’re being a bit short-sighted.

Go back to RI and finish your degree as cheaply as you can. Once you’re paying back your loans, you’ll be grateful that the annoying payments aren’t even higher!

What is your major and career goal?

?

Are you already attending UCF or were your plans to start there in Spring? Your OP is unclear.

Now it sounds like you haven’t yet transferred to this OOS school (UCF), but have received your FA pkg and realize that your funding is very short…sounds like you were counting on the $12,500, which you’re not getting.

If you haven’t yet moved to FL, STAY PUT!

Yes! And if it’s too late for you to apply/transfer for spring admissions, then apply for Fall admissions and work/save during the next 8 months!

i was already down in florida for a year before transferring to UCF i was accepted as a spring transfer student and then received my financial aid package. Ive submitted an application to an In-State school back in RI so now i just have to hope my transcripts make it there before the December 1st deadline

This will be best. You won’t be accumulating a lot more debt this way.

Does this mean that you haven’t been in school for a year? If so, that sounds like your loans are out of grace period. Are they?

I thought i would be able to borrow what independent students are able to borrow (12500 a year)


You are correct. With a Parent PLUS denial, you are able to borrow at the independent student limit for your year in school. You have not yet reached the aggregate borrowing limit for an independent undergraduate, so you can borrow the $12,500 (assuming you are a junior or senior). If your aid office says no, ask to speak with a manager. The person with whom you spoke is not properly trained.