Lifetime Maximum Reached for Stafford, 12 Credits Left

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Lifetime Maximum Reached for Stafford, 12 Credits Left

Postby ladyleila » Thu Dec 20, 2012 10:19 pm

Hello, I am in my senior year with the University of Phoenix online working toward a Bachelor's degree in Accounting, and I have reached an awful dilemma. I have three courses left (two of them electives), and it seems that I have reached the maximum amount that I can borrow in Stafford loans. I received an award letter stating that I would be receiving $12,500 for the 2012-2013 academic year, but only a little over $3,000 was actually disbursed to the school. I contacted the Financial Aid advisor to question the amount, and she informed me that I had reached my lifetime limit and would not be receiving the rest of my aid for the year. I currently have a balance of over $5,000 with the school and I need 12 more credit hours to graduate. I am receiving a bit of money from the Choctaw Nation as a member of that tribe, but it is only $500 to $800 per semester, depending on the dates of the courses and my GPA, which is currently 3.2. I lost my job in October of 2011, and my husband has been reduced to part-time status, so we are behind on several bills and do not have a strong credit score to apply for private student loans at this time. Unfortunately, my FAFSA information still shows that I make too much money for any type of federal grant since it is going off of my 2011 tax information, and it has been that way since I first started classes in 2009. Is there any way that I can appeal the limit to be able to pay for the last three classes and graduate? I am over $50,000 in debt and so very close to graduating, it would be devastating to have all of that debt and no degree to show for it, I cannot believe that this can happen. To make matters worse, I have the opportunity to accept a job that pays $50,000 or more per year under the condition that I receive my Bachelor's degree within six months, which I was on track to do. If no appeal is possible, are there any grant or scholarship opportunities that I can access with this short notice? Any and all help would be appreciated, I am at a loss for what to do at this point.
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