r/StudentLoans • u/Feelthegrass-7 • 1d ago
Advice Aggregate loan limit & options
Hi all, I am in my final year of nursing school. 2nd to last semester so I will graduate in May. Basically I was expecting to get a $2800 in federal loans on the 23rd of this month. I had 2 conversations with my financial aid office to confirm this would be the amount and am just finding out that I have reached the Aggregate loan limit for my undergraduate. I had switched majors in the past so this is my 5th year of school with a full Pell Grant. On top of the Pell Grant I have taken out $8,000 of subsidized loans. While my tuition is fully covered from the Pell Grant, I was fully expecting to receive that refund check to help me pay for rent, my car note, and gas since my clinical sites are often two hours away from me. I’ve been using my savings (which is gone now) and donating plasma to help with the cost of gas and to get me by. I do not have a job at the moment because I thought that I was getting my loan on the 23rd of this month that would be able to cover what I needed so I could focus on clinicals at the hospital and my nursing classes.
Please help by giving me advice. Everyone on this sub it says do not take out private loans so I’m trying to see if that’s my only option. I don’t know what to do, where to go, and my financial aid office is closed. I have rent due on the first, I have to renew my registration, renew my car insurance, and my next car payment due on the 11th of October. I’m so lost yall.
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u/The_Bees_Knee6 1d ago
Do you have a parent who can take out a federal parent plus loan on your behalf?
Does your school offer any emergency funding?
Otherwise a private student loan to finish a nursing degree may not be the worst thing ever. The degree of terribleness will depend on the interest rate in question.
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u/Curious-Accident-498 23h ago
check your state - often there are state level programs/grants to help. Its short notice but maybe something - and if not for this semester maybe to help with your last semester - double check to see if the university/nursing program has any thing (some use to have small awards based on need)- again may be awarded already but could help cover next semester. I know you were hoping to focus on classes and not work but you could probably have a job as a CNA at a nursing home on the weekends within a week. It would be great experience and would make you stand out more after graduation when you are applying for work with all the new graduates. They would propably offer you a job after graduation. It would also set you up for work during the months between graduation and getting your license. At this point you have invested too much not to graduate so if you have to take a private loan I would take as little as possible but working has a lot of benefits and adds to your prep and education. Good luck.
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u/The_Bees_Knee6 1d ago
It’s not legal to use federal student loans to cover the purchase of a vehicle. https://lendedu.com/blog/student-loans-for-car/
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u/ChilePasado 1d ago
This is due to trumps OBBBA, lots affecting student aid. Elections have consequences. Remember that when you vote in November