Student loan maximum amounts

[sbbent]

When I was looking up my loans on the NSLDS site when I applied for consolidation, I saw something that raised a question, and I haven't been able to find an answer.

 

I know that the max amount of loans an undergrad can receive is $46,000 total. Do cancelled loans count toward that max? I'm asking because I withdrew from school last fall after my financial aid had been processed for the year, and my loans for the spring semester were cancelled. There is also a cancelled loan from 1995 (I think it was a parent loan).

 

For example, say I've taken out a total of $25,000 in loans, and $5,000 of that was cancelled, leaving $20,000 that I actually used and owe. What amount would I still be eligible for now? $26,000 (46,000 - 20,000), or $21,000 (46,000 - 25,000)?

 

I'm working on a 2nd degree and need to know how to plan for it.

 

I hope this made sense

 

Thanks

[dnlaw]

When I was looking up my loans on the NSLDS site when I applied for consolidation, I saw something that raised a question, and I haven't been able to find an answer.

 

I know that the max amount of loans an undergrad can receive is $46,000 total. Do cancelled loans count toward that max? I'm asking because I withdrew from school last fall after my financial aid had been processed for the year, and my loans for the spring semester were cancelled. There is also a cancelled loan from 1995 (I think it was a parent loan).

 

For example, say I've taken out a total of $25,000 in loans, and $5,000 of that was cancelled, leaving $20,000 that I actually used and owe. What amount would I still be eligible for now? $26,000 (46,000 - 20,000), or $21,000 (46,000 - 25,000)?

 

I'm working on a 2nd degree and need to know how to plan for it.

 

I hope this made sense

 

Thanks

 

 

No, cancelled loans do not count towards your maximum amount. I'm not sure but you may be able to borrow more since you're working on your second degree. (Post Bac. status) Call your financial aid officer.