Wizard101 is an ever-expanding MMO that has to constantly put out new content, raise level caps, and so on and so forth. There probably isn't a planned maximum level, but KI will definitely try to go as far as they can. At the rate of 10 levels per year (sometimes 5 per year in a 2-parter world and the occasional year with no new main quest world), it would be a very, very long time before we even get close to Level 500.
The rumor your hearing is not exactly coming from the mouth of an educated wizard, I heard it before but its mere exaggeration on Wizard101 having an expiration date. W101 Central has a semi-similar post regarding said rumors but again W101 is growing even more and while we have our dips and valleys; wizard is only getting better with the new updates and are looking at the (QoL) aspects in a better fashion than they did years ago. I would not take too much stock on said rumors given that again most of the players with the exception of people from my generation; had started since they were 8, 9 and onwards and to be honest, There is more to rumors than those muttered by children in a virtual sandbox in my opinion.
Enjoy the spiral and have fun that is what we are here for. The National Inquirer and other means of falsified media is not appreciated or condoned here.
