The lifetime limit for grad and undergrad loans is $138,500 with no more than $65,500 in subsidized loans. The aggregate loan limit for undergraduate loans is $46,000 with no more than $23,000 in subsidized loan. If you are a dependent student and don’t have any additional unsub because of a PLUS denial, then your aggregate loan limit is $23,000 total until you turn 24 (become an independent student). When you become an independent student, you would be eligible for the additional $23,000 in unsub. Since you didn’t say what was going on, this is just general information.

Now to answer your question…yes, if you pay towards the principal on your loans, you will regain that eligibility.

I really don’t know the answer to this question, and the Stafford Loan website doesn’t seem to answer it. What it does say is that there is a maximum amount of debt that you can have, which is $23,000 for dependent students and $46,000 for independent students. But even if you dropped out of school and started repaying your loans, you would be paying very little toward the principle every month, so I don’t know how much you could get your debt down. A better idea might be to look into a private student loan that would let you finish your education. I got mine through Citibank. It works similar to a Stafford loan in that is deferred until you graduate, but the government does not pay the interest on the loan, so it accrues while you are in school. Also, a private student loan is based more on your credit score instead of need based like a Stafford loan, so you may need to have a cosigner to get a good interest rate or to get approved at all.

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That doesn’t seem like a very good idea. If you have almost reached the limit of your Stafford Loan, I would assume you are almost done with school. The limit for dependent students is $23,000. The limit for independent students or students whose parents did not qualify for a PLUS loan is $46,000. Just to clarify that you are in fact almost at the limit.

There are other alternatives than dropping out of school for a year. Have you received a Federal Perkins Loan? You can take out $6,000 a year in a Federal Perkins Loan. There is also no credit check. I would see if you qualify with your financial aid office. There is also a Federal Plus Loan that your parents can take out. You would also need to talk to your financial aid office about this.

Another option would be private loans. Although the interest is a little more, it may be worth it if it prevents you from dropping out of school. You could look around and compare interest rates. Your parents may need to co-sign these loans.

If you have exhausted all these resources, I would look into work study. 25% of your paycheck would go to paying your school fees. You could also apply for scholarships. Check with your school if they have payment plans to help pay your schools fees. Dropping out is not the option.

Lifetime Loan

$46,000 for independent students. I found interesting information about your answer, college loans, scholarships, college grants here. http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.html Good luck!

It’s possible, however I am not 100% certain

Was going to ask this too

amazed that I found this topic already answered! Its like you read my mind!