Article Plus WebcounterHow much financial aid can you borrow up to before you can be denied any more?
Question by Alexis B: How much financial aid can you borrow up to before you can be denied any more?
I owe almost $ 3500 in financial aid? I am thinking of applying to another college, but I am worried that I won’t get any financial aid since I already owe. Eventually, I will pay back my financial aid, but I was wondering is there a limit to the amount of financial aid you can receive?
Best answer:
Answer by Megan B
Yes, there are limits on the amounts you can borrow per year and the amounts you can borrow in your lifetime. I’m attaching a Dept of Education publication. Look in the back. They depend on if you are considered independent or dependent student.
A site I’ve used…
http://www.BestFinancialAid.info/
Hope that helps.
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I’m assuming that the $ 3500 that you owe in financial aid is a loan, probably a Federal Stafford Loan. Financial aid is looked at year by year and varies from each school. There are limits that you can reach for Stafford Loans if this is indeed what your current financial aid is owed. You can get up to $ 31,000 as a dependent student with no more than $ 23,000 being Subsidized over the course of attending college. Grants and scholarships are usually not based as much on amount limits when going for your degree as much as time. For example, some grants stop after you get your bachelors. Some of them stop after 2 years whether you received a degree or not. Each one varies, but if you passed all your classes, you probably aren’t in much danger.
If you apply for another college, how much aid you can receive will change from your current status. For example, one college’s cost of attendance may be $ 23,000 in which case you could accept no more than that amount. If you looked at another school that was cheaper, say $ 15,000, you could not accept more than $ 15,000 in aid for the year.
The short answer (with knowing very little about your specific situation) is that you are most likely fine owing that amount and will still be able to go to another college and get financial aid. The best and most accurate advice would be to contact the school you are thinking of attending, make sure they have your FAFSA information by listing their Federal school code, see how many of your credits taken will transfer and let them know anything else they may request. This is the only way to get a sure answer. Hope this helps!