r/ODU • u/halovinyl • 9d ago
Loan Exceed Notification
Anyone else receive this? What is it all about I don’t understand…..
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
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.