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- Nov 17, 2015
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Hello, I am new here, but I want to clarify that I am a graduate student.
My question is on my husband's behalf. He is currently in a Ph.D. Program and has been paying out of pocket for his tuition. He reached the $138,500 federal aggregate amount, but did not borrow more than that. Please do not judge. He has his reasons.
We have had a rough fall with unexpected medical expenses, so he applied for a Graduate Plus loan for a small amount just to get us through the end of the year (it will pay the remainder of the tuition that he owes the school, nothing more). He was found to be creditworthy and has submitted all necessary supplemental documentation to his school's financial aid office. We are waiting to hear from them. It has only been a couple of days.
Here is my question: I read that if you exceed the $138,500 aggregate, you must repay or may arrangements to repay the excess before a Graduate Plus loan will be awarded. Well, he did not borrow above the aggregate, but of course, interest has caused his balance to increase above that amount. Will the interest be held against him?
I do not mean to be rude, but please only reply if you know the answer for sure because I don't want to have a heart attack! I have a major lump in my throat right now!
Thank you in advance for any information you might be able to provide.
My question is on my husband's behalf. He is currently in a Ph.D. Program and has been paying out of pocket for his tuition. He reached the $138,500 federal aggregate amount, but did not borrow more than that. Please do not judge. He has his reasons.
We have had a rough fall with unexpected medical expenses, so he applied for a Graduate Plus loan for a small amount just to get us through the end of the year (it will pay the remainder of the tuition that he owes the school, nothing more). He was found to be creditworthy and has submitted all necessary supplemental documentation to his school's financial aid office. We are waiting to hear from them. It has only been a couple of days.
Here is my question: I read that if you exceed the $138,500 aggregate, you must repay or may arrangements to repay the excess before a Graduate Plus loan will be awarded. Well, he did not borrow above the aggregate, but of course, interest has caused his balance to increase above that amount. Will the interest be held against him?
I do not mean to be rude, but please only reply if you know the answer for sure because I don't want to have a heart attack! I have a major lump in my throat right now!
Thank you in advance for any information you might be able to provide.
