I am trying to finish my college degree and I am halfway done. After failed attempts at other schools, I have racked up a lot of student loan debt. I am close to meeting the unsubsidized loan maximum of $23,000; however, I read on a website that the total maximum for loans (both unsubsidized and subsidized) is $57,500. My question is even when I meet the maximum of $23,000 in unsubsidized loans, will I be eligible to continue receiving subsidized loans up to the cumulative maximum of $57,500? Thank you!
I don’t know where you are getting your figures, but please stop borrowing money. You are doing a great disservice to yourself by continuing to pile up debt.
Get whatever job you can that makes sense, and go to school part-time paying for school as you go. You’ll be better off finishing school in 6-8 years than you will be finishing in 2 with a debt you can’t possibly repay.
Please log out of College Confidential for the moment and look at a source of factual information about financial aid and student loans. This one is a good place to start: https://studentaid.ed.gov/sa/
The subsidized limit is still $23k, even if you continue to borrow to $57k.
A few things: The average student debt after 4 years of undergraduate is $40,000…so you’re not out of norm. BUT one thing to consider based on your note: Much of your debt has happened because of new directions/missteps at other colleges. What’s changed with your current situation? Do you have a clear path to graduation? And will that degree be one that will allow you to pay off this debt?
“Average” in not a good number to use. Many students graduate with no debt, so that means some are graduating with a lot. Which group would you want to be in?
I think you have it backwards. Subsidized loans have a $23,000 limit…not unsubsidzed. TOTAL federal Direct loan limit is $57,000 aggregate amount for undergrad.
But I’m not sure how you would get to $23,000 in subsidized loans when the limits are lower each year.
Can you explain what loans you have taken?
Regardless. If you have reached $23,000 in loans and still have two years to go…really…maybe you should consider working full time and attending college part time…and not taking out any further loans for undergrad.