Sub and Unsub Loans affecting Grad Plus?

Paying for College
1

Hi.
I have a question (duh!)
I am not hitting the aggregate unsubsidized and subsidized Direct Loan limit ($138,500). But I might. If I do hit that limit, am I prevented from taking out Grad Plus loans?
Is there a limit on Grad Plus loans?
Are they looking at putting a limit on those?

I’m only fee-liable at my university for the next 3 years – after that, I only pay a small admin fee (I study overseas) of £450.
If I did hit the Direct Loan limit, I would pay for the rest with Grad Plus. I just want to make sure I’m able to. I would hate to hit that and have to stop in the middle of an education. The student loans website isn’t clear.

2

I was under the impression that grad plus loans are in addition to the direct loans, but that you have to qualify for them like a parent plus loan. That they will check your credit worthiness. But I’m not sure.

3

https://studentaid.ed.gov/sa/types/loans/plus

4

Yes, they are; I just got my second round of them. But, once I hit the direct limit, does the plus then stop too?

5

Grad plus loans can only be used for grad school. You will be eligible for Gradplus loans based on your creditworthiness.

The $138.5k is the total amount for undergrad and grad (unless you are in law/med/dental/vet school).

6

That is a good, if frightening question. Yes Plus loans are in addition, as long as you can qualify by not having adverse credit history. How the lender thinks they will ever see any of that money is another issue. This article may clarify

http://www.usnews.com/education/best-graduate-schools/paying/articles/2013/03/15/consider-4-factors-about-graduate-plus-loans-before-borrowing

7

There are no aggregate limits for the graduate PLUS loan.