Loan Issues - Exceeded Aggregates

Maximum Subsidized and Unsubsidized Federal Direct Student Loans that you can borrow:

• Dependent Undergraduates (bachelor-level): $31,000
• Independent Undergraduates: $57,000
• Graduate Students (master’s and above): $138,500. This includes all undergraduate loans.

Maximum Subsidized Federal Direct Student Loans that you can borrow:

• Undergraduates: up to $23,000 of the $31,000 (dependent) or $57,500 (independent) limits
• Graduate Students: only eligible for unsubsidized loans

Sometimes this hold can be resolved after being reviewed by a financial aid specialist. You will receive an email to your WSU student email account if you need to do anything.

You might not have reached your lifetime limit if:

• You received additional unsubsidized loans due to a Parent PLUS loan denial
• You exceeded the subsidized limit, but you haven’t reached the total loan limit
• You are a graduate student, but you only exceeded the undergraduate loan limit

If you have reached the lifetime loan limit, you cannot receive more federal student loans.

• Resolving an exceeded loan limit does not give you more loan eligibility.
• The limits set by the Department of Education are firm.
  • You cannot borrow more federal student loans until you repay current loans.
  • If you have exceeded the dependent undergraduate loan limit ($31,000), your parent(s) might be able to borrow a federal Parent PLUS loan, or if their application is denied, you could receive some additional unsubsidized loans, up to the independent student limit.
  • If you have exceeded the dependent undergraduate loan ($31,000), you may consider a reduced course load so you can pay as you go until you become an independent student (around age 24) and then can be considered for increased loan eligibility.
  • If you have reached the independent undergraduate loan limit ($57,500), you cannot borrow more loans toward a bachelor’s degree. You could still borrow loans toward a master’s degree if you haven’t reached the graduate loan limit.
  • Graduate students might still be able to get Graduate PLUS loans.

If you have reached the limits for federal student loans, you might consider:

• Parent PLUS loan: a loan a parent takes out for a dependent undergraduate student
• Graduate PLUS loan: additional federal loan based on credit for graduate students
• Alternative loan: this type of loan is available from private lenders (based on credit)
• Payment plan: this plan allows you to pay your tuition and fees throughout the semester
• Scholarships: review various scholarship opportunities from reputable organizations
• Working and going to school part-time to pay as you go

Please think carefully before going further in debt unless you have a clear and achievable goal that will allow you to repay what you owe.  Use the Federal Student Loan Simulator to estimate your payments.

• Your academic advisor
  
  • Clarify your degree plan
  • Know how much longer you will need to pay for your education
• Financial aid advisor
  
  • Discuss how to make your financial aid last until you graduate
  • Discuss other possible sources of aid
• Shocker Financial Wellness
  
  • Get help with a budget to make it through finishing your degree
• The Office of Student Success
  
  • Get help with skills needed for academic success to complete your degree quickly
• Shocker Career Accelerator
  
  • Find a campus job on Shocker Central
  • Research careers
    • Make sure you have a solid plan once you graduate
    • Get an idea of how much you might earn
  • Set up internships or cooperative education
    • Gain experience to add to your resume
  • Get help with job search skills like resume writing and interviewing
  • See what you might be able to do with the education you have so far
• Counseling and Pyschological Services
  
  • Get help dealing with the stress of reaching the end of federal loan funding for your degree