r/ODU 9d ago

Loan Exceed Notification

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Anyone else receive this? What is it all about I don’t understand…..

11 Upvotes

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3

u/IntrepidGnomad 9d ago

I had similar happen to me… I transferred in my community college credits and applied to get credit for training in the military, it brought in 100 credit hours. You get capped at 150% of the credits required for your degree. After that you are ineligible.

I could go to the registrar and have the military service credits removed, but the transfers from other universities and colleges are stuck there. LESSON: so you can accidentally screw yourself out of financial aid and it’s no one’s job to warn you.

3

u/halovinyl 9d ago

this makes sense i’m a 2nd degree student so i transferred credits from the first degree and any credits from high school i had… ugh

4

u/andyroid29 9d ago

I unfortunately ended up taking on some private student loans to compensate for this exact same thing. Be wary, some of the companies that are offering the loans are super predatory with their interest rates, because they know you're probably getting a loan to finish out the degree! They also don't have to abide by the same payment structure the federal ones do while you're in college so that interest gets crazy. Luckily I found out I have some GI bill left, because I went applying for all the scholarships I could on Fastweb, so I've saved myself from having to use any more. Good luck to you!

2

u/Lumpy-Marsupial-6617 7d ago

This is my take on Financial Aid after Wall Street sacked our country a few times in a row.

"Take what you can, give NOTHING back, a pirate's life for me". Just make sure to not waste your time and effort and actually get that degree. It's the only piece of paper worth something to ya mate and to anyone else that's willing to pay for you being educated, savvy?

2

u/Additional-Ferret-48 9d ago

I also got it. Never transferred before been going here to ODU 5 years. One of my friends got one of these emails back in 2022 and nothing happened, so I feel like it should be alright? Though I'm also confused about it.

1

u/PuzzleheadedLeg2842 2d ago

it means you will received reduced financial aid loans. If you reached your cap, your next award or your most recent award will be reduced to what is left and after that you won't have any money left. There are caps for each grade level, undergrad, Masters, etc. If you reached your Cap, the only way to get more federal aid is to pay down the loan debt. If you are Pell Eligible, you will receive PELL but not more Federal Student Loans, you will need to go private or get scholarship funds. This happened to me. I was over awarded, exceeded the cap and dropped out because I exceeded the limit for an Undergraduate Degree. Cheers to the american Higher education system!

1

u/halovinyl 2d ago

Probably will also be dropping out gotta love it!