Strange comment onf FAFSA student report?

Discussion in 'Financial Aid' started by TechnoViking, May 14, 2008.

  1. TechnoViking

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    I filled out my FAFSA yesterday and received my report today. Under SAR comments, I see this:

    "Based upon data provided by the National Student Loan Data System (NSLDS) and
    your reported grade level, we have determined that you may have received a
    total amount of student loans that exceeds the loan limits established for the
    federal loan programs."

    I don't get it. I have not borrowed anywhere near the limit as an undergrad. All of my Federal loans are in good standing.
    I plan to finance my entire medical education using Federal loans so this is of huge concern to me.

    Can anyone shed some light on this comment?

    Thanks!
     
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  3. rgerwin

    rgerwin Senior Member

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    well, how much debt do you have and is it possible you were accidentally reported as an undergrad again?
     
  4. TechnoViking

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    About 29k from undergrad. I double checked my FAFSA and everything was correct so I called them. They told me that the statement about reaching my limits "appears to be incorrect" but they did not know why. They told me to talk to the financial aid dept. at my med school about it.
     
  5. dijital

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    "Based upon data provided by the National Student Loan Data System (NSLDS) and
    your reported grade level, we have determined that you may have received a
    total amount of student loans that exceeds the loan limits established for the
    federal loan programs."

    For example...the federal government loan limit might be 250K... you have borrow 29K from them so now you have 221K left that you can borrow. If you use all that up then I assume that there are private lender that are very willing to help.
     
  6. TechnoViking

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    I figured that "may" was the key word but it's not the most clear cut statement imo. But yeah, that should be the case.
     
  7. AMDFAO

    AMDFAO AMDFAO

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    The comments auto feed to your application based on your answers. If you answered your grade level was undergrad, it would tie your debt to those limits and spit out a comment about reaching your loan limits (for example, you answered your grade level was 4th year undergrad or you would be working on an undergrad degree). Assuming your stafford debt was $29,000 and you were going to be a first year MD grad student, you limit goes to $224,000 lifetime while in MD/DMD. With the annual maxes of $40,500/9 month year, $42,720 for a 10 month, $44,940 for an 11 month and a $47,160 for a 12 month year, I don't think you'll hit the cap.
    The comment should not freak you out and your Med school can handle the correction if one is needed (it's also a warning to FA to make sure you are not overawarded). If you are still freaking, call your med school just for reassurance it will all be OK.
    I agree the comments are confusing and everytime the Dept of Ed tries to simplify they just make it worse so if others are confused, consider yourselves normal.
     
  8. TechnoViking

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    Thanks AMDFAO. I feel better now.
     

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