Hi all,
I’m 16 credits away from getting my BA and somehow forgot to complete my FAFSA for 16-17 until a week or so ago. My school’s finaid page (Finaid Requirements page in Banner–i.e. “accept award” page) is showing the following message:
Loan Limit Review
The National Student Loan Data System (NSLDS) has reported that you may have received federal loans in excess of loan limits established for the federal loan programs. The Office of Financial Aid is currently reviewing your record to determine if any adjustments are necessary. The review process may take up to 8 weeks during peak processing season.
Now I am assuming this is in regard to me reaching the subsidized loan aggregate limit of $23k which it looks like I just hit, on the phone the FA dept said that it is normal review for students that are close to graduating. But it won’t likely be ready in time for the tuition due date (even though I could login to NSLDS and show them I have $43k in total loans w/ $23k subsidized!). However my main question here is once it does go through is this:
Say my award is $10k and would (normally) split up like this:
Fed Staff Unsubsidized : $4000
Fed Staff Subidized: $6000
Does hitting the subsid. limit mean I would only get $4000 in total loans (all unsub) or does it now mean that I would get $10k in total loans (all unsub). Like does the other, normally subsid., portion now ‘convert’ to unsubsidized or am I now looking at a whole lot less aid?
Any clarification anyone can provide would be IMMENSELY appreciated!
Also I don’t know if it is relevant but I have been in school since about 2008 so this is a mix of FFEL, stafford, consolidated loans—but my totals are ~$43k w/ $23k of it subsidized and I got my associates in 2013 and plan on getting my BA this Spring, 2017
Thanks!