Parent plus new limits question
Here is my situation and I’m trying to determine if I would qualify for legacy parent plus loan limits. My son transferred after his freshman year to another school and is currently about to start his senior year in college. He is on track to graduate in 4 years. We did not take out any parent plus loans in his first year(old school) We did take out loans in his second and third year (new school same program)We are applying for another loan to cover his senior year and I see that the limits have changed due to the new laws by the current administration. Loans were taken out prior to July 1 2026. He has been in the same program but did transfer schools (even though we did not borrow any money for the prior school). Does this mean I will be subject to the new limits? I’m very confused. Does transferring schools prior to taking out any loans automatically disqualify your legacy parent loan status?