Does your state have a cap on student loan amounts you can have at once?

[Thystle]

Ok hubby was told today (at the school from financial aid office) that in this state he cannot qualify for anymore student loan money because he is already carrying over a certain amount in past loans (he has a BS and wants to go into a different field). We are current and not deliquent. They said they passed a law saying you could only have a certain amount "out" at any given time which is roughly about $28,000-ish. If you have loans over this amount you are already paying on you can't take out anymore loans.


Is this true in other states as well? I don't recall hearing that before.

[Thystle]

And to clarify this amount is total at all... not the cap loan amounts per year they will lend you. They mean any and all loans currently held.

So if he were to pay off all loans he has now tomorrow... he could then qualify again for more student loans.

[Gator-mom]

We are in Utah, and DH is in the same boat. He is still currently getting loans, but he will run out before he finishes his program. Our cap is somewhere around 50 or 55K total for a Bachelors degree. We are only going to run out, because he started at a very expensive tech school and transferred to the Art Institute, which is also very expensive..thus, not enough money to cover the needs!

[Drummer's Wife]

I believe it's like $57k total. I don't think it's a state thing, but federal. I wonder if 28k is the max for unsubsidized loans only? Hope you've figured it out by now.