Can you ever be denied SL because you have too many credits?

[stellablue]

I know next to nothing about Student Loans, so please forgive me if these are stupid questions...

 

Here goes --

 

My husband has gone back to school to get his Bachelor's, and for some reason he thinks that he will not be able to get SL for his last year of school because at that point, he will have taken too many credits.

 

He started college in the early 90's and got through maybe his Junior year... Not sure how many credits he had at the time that he called it quits.

 

A few years ago, he went back to a local Community College to earn his transfer degree, and is now just finishing up his first year of the 3-year Bachelor's program at the University of Washington.

 

Is it possible that after another year, he'll have so many credits under his belt that he won't be eligible for student loans?

 

Thanks in advance!

[LynnInMN]

I know next to nothing about Student Loans, so please forgive me if these are stupid questions...

 

Here goes --

 

My husband has gone back to school to get his Bachelor's, and for some reason he thinks that he will not be able to get SL for his last year of school because at that point, he will have taken too many credits.

 

He started college in the early 90's and got through maybe his Junior year... Not sure how many credits he had at the time that he called it quits.

 

A few years ago, he went back to a local Community College to earn his transfer degree, and is now just finishing up his first year of the 3-year Bachelor's program at the University of Washington.

 

Is it possible that after another year, he'll have so many credits under his belt that he won't be eligible for student loans?

 

Thanks in advance!

 

There are limits are to how much you can borrow as a undergrad.

 

If you're an independent undergraduate student or a dependent student whose parents have applied for but were unable to get a PLUS Loan (a parent loan), each year you can borrow up to

 

For the 2006-07 academic year: $6,625 if you're a first-year student enrolled in a program of study that is at least a full academic year (no more than $2,625 of this amount may be in subsidized loans). For the 2007-08 academic year: $7,500 if you're a first-year student enrolled in a program of study that is at least a full academic year (no more than $3,500 of this amount may be in subsidized loans).

For the 2006-07 academic year: $7,500 if you've completed your first year of study and the remainder of your program is at least a full academic year (no more than $3,500 of this amount may be in subsidized loans). For the 2007-08 academic year: $8,500 if you've completed your first year of study and the remainder of your program is at least a full academic year (no more than $4,500 of this amount may be in subsidized loans).

$10,500 if you've completed two years of study and the remainder of your program is at least a full academic year (no more than $5,500 of this amount may be in subsidized loans). This amount remains unchanged for both academic years.

[wes m]

My university says yes:

 

Undergraduate financial aid applicants, pursuing fields other than occupational therapy, may not have registered for, earned or attempted more than 186 hours. Undergraduate occupational therapy majors may not have registered for, earned or attempted more than 276 hours. The maximum hours of possible eligibility include all hours registered for, earned or attempted at Texas Woman's University (TWU), plus any hours transferred to TWU, regardless of whether financial aid was received or when the hours were attempted or earned.

 

http://www.twu.edu/finaid/progress.htm

 

Student loans are considered part of financial aid.. Basically, they're trying to get people to get moving, pick a degree, and get yer hind-end graduated?

[Topher-U]

My university says yes:

 

Undergraduate financial aid applicants, pursuing fields other than occupational therapy, may not have registered for, earned or attempted more than 186 hours. Undergraduate occupational therapy majors may not have registered for, earned or attempted more than 276 hours. The maximum hours of possible eligibility include all hours registered for, earned or attempted at Texas Woman's University (TWU), plus any hours transferred to TWU, regardless of whether financial aid was received or when the hours were attempted or earned.

 

http://www.twu.edu/finaid/progress.htm

 

Student loans are considered part of financial aid.. Basically, they're trying to get people to get moving, pick a degree, and get yer hind-end graduated?

 

Somewhat. Alternative (non-gov) loans aren't ever limited, just by your credit ability.

[Emily Rose]

I believe the reason they do this is because you are only eligble for some of the federal aid programs while pursuing your FIRST undergrad degree. So if they didn't cap the number of credits, in theory, one could keep going and going and going to earn enough credits for multiple degrees without applying for graduation until the end. Graduation isn't automatic once you hit your magic number at your school. It's actually quite an ordeal at my university.