<p>I wasn’t sure why this would be he case, but I read in some thread (can’t find it now) that someone wasn’t able to get financial aid because they already took out the maximum they could in loans. Considering I should be eligible for financial aid down the road when they begin looking at newer tax returns (aka 2012’s), I am wary of taking out a loan to get started all to find out it makes me ineligible for the financial aid for some reason later on. So is that the case or was there maybe something else I missed on that thread?</p>
<p>There is a lifetime cap on the total amount of loans a student may take out. There is also a limit on the number of semesters a student can enroll in and receive federal student loans.</p>
<p>Here’s information about Stafford loans:</p>
<p>[Student</a> Aid on the Web](<a href=“http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp]Student”>http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp)</p>
<p>It includes info about the lifetime max and the annual max.</p>
<p>You can always get private loans. The federal Stafford loans are the ones that have a cap. See below for dependent students:</p>
<p>Freshman
$3,500 plus $2,000 in unsubsidized loans<br>
Sophomore
$4,500 plus $2,000 in unsubsidized loans<br>
Juniors and Seniors
$5,500 plus $2,000 in unsubsidized loans</p>
<p>Maximum Total Debt from Stafford Loans
$31,000 (maximum $23,000 subsidized)</p>
<p>There is also a limit on the number of semesters a student can enroll in and receive federal student loans.</p>
<hr>
<p>No limit on number of semesters for loans … just for Pell. And it’s not really “semesters” for Pell, although it’s generally considered to be. It’s really a certain % of annual awards. I know most people don’t get the distinction, but it’s important for those who only attend part time.</p>