can you run out of financial aid if you recieve it ?

Question

is it true you can run out of financial aid? even if you make all the requirments?

Answer 1

Yes, you can. As Dawncs said, once you receive a Bachelor's you are no longer eligible for a Pell Grant. For Stafford loans, that depends if you are a Dependent, Independent, or Grad Student. The aggregate Stafford loan limit for a Dependent is $23000; for an Independent it is $23000 Subsidized and $23000 Unsubsidized; for a Grad student it is $65500. More information regarding loan limits can be found at www.finaid.org/loans.

In addition, there is also Maximum Time Frame. The Higher Education Act requires that institutions establish a maximum time frame in which students receiving Title IV funds are expected to complete the program of study and beyond which they no longer qualify for assistance. Some schools it is right at 100%; some it's 133%; some it is even 150%. You have to find out what it is for your school.

You should talk to a financial aid officer at your school for further information. Good luck!

Answer 2

Yes, there are limits to the federal subsidized student loans and even the Pell Grant. The Pell Grant ends after a person graduates with their first Bachelors Degree. I am not sure of the maximum for subsidized student loans. Also, the individual colleges have a certain amount each year to give in scholarships in their scholarship endowment fund, so I recommend filling out the FAFSA in January, early February, or well before the financial aid deadline for the school. Scholarships can help minimalize the need on student loans though. I will include some readings and resources which should help. Good luck!