Loan Money Running Out But Still Enrolled, HELP

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Loan Money Running Out But Still Enrolled, HELP

Postby sharonda985 » Mon Apr 08, 2013 7:32 pm

Hi,
I am a senior and I will be graduating college with a BS in Psychology this quarter but I was told that due to all the classes that Im taking, my financial aid money has made me owe the school $1800. Is there any way I can get Stafford Loans to give me just a little more money to finish my last quarter of school. I am desperately trying to graduate on time. On top of that, I've already applied to another college for their Fall Semester and wanted to attend there to obtain my Associates. Will Stafford give me money to pay tuition for my Associates. Im confused bc I thought that I would receive as much aid as I needed as long as I attended school as a full-time student. I need clarity. Please help.
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Re: Loan Money Running Out But Still Enrolled, HELP

Postby Aid Whiz » Wed Apr 10, 2013 10:31 am

Stafford loans are subject to annual and lifetime loan limits. For fourth-year students, the annual Stafford loan limit is $7,500 ($5,500 subsidized/$2,000 unsubsidized) for dependent students. Depending on your situation, your school may be able to increase loan amounts, providing you haven't already hit your limits.

If you have maxed out these loans (or do not qualify for the need-based subsidized loans), you will need to find funding elsewhere, such as a private student loan or scholarship.

If you obtain your bachelor's degree, and want to go back for an associates, there are limited resources for this. Federal grants (such as the Pell or SMART Grants) are not available to bachelor's degree holders, and Stafford loans are subject to undergraduate loan limits as mentioned above. To become eligible for more funding, typically students must move on to receive their master's or a Ph.D.

For more information, I'd suggest contacting your school's financial aid office.
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