Need help with understanding loan limits?
Hello all ! I am starting grad school and was just alerted I no longer qualify for fafsa because I hit the maximum amount. I have never taken graduate loans. My undergraduate loans are at 58k - so barely over the limit. My question is, if I pay down to 57k (and keep making payments throughout school to manage interest) - would I then qualify for fafsa again in grad school?
I am lucky to qualify for a few grants and am going to the cheapest school in the state - so I am probably only going to need ~ 10k or less for entire program, so there is no chance of me hitting the graduate aggregate limit.
Any help would be appreciated! I contacted my advisor as well but they (understandably) take some time to get back to me, and I’m absolutely panicking in the mean time 🥺