Help! Unexplained Arm Skin Sagging!

I need help on unexplained arm skin sagging I have been dealing with since last year. I was fairly thin throughout my late teens and early 20s, and then gained approximately 50-60 lbs in about 2 years between ages 22-24. I was able to loose it all successfully in 18 months with diet and fitness, and did not experience any loose skin at all. I was able to maintain my weight and size until I had unexpected surgery at 28. I was on bed rest and gained approximately 10-13 lbs in three months (March to June). So then I lost approximately 15-18 lbs about three months after that (July - September). It was around this time I noticed some loose skin on my midsection, but really minor. About a year ago I began noticing that the skin under my arms was getting loose. No matter how small I was, that sagging skin was there. I admit my diet was pretty bad at this time, including eating processed foods and alcohol intake. I've cleaned up my diet, and was doing lots of cardio and weight training this past winter, my arms looked a little better, but since I stopped my fitness routine due to increase course load in grad school, my under arm sag is getting horrible! I'm completely freaking out. I understand that skin elasticity decreases with age, but seriously I'm 30 years old! I'm so embarrassed and this has been a huge source of distress for me. I don't know if this weight-loss related, since I didn't notice the skin sagging till way after I lost weight, and it seems to get worse and more loose when I gain weight actually. So my long-winded question is, what the hell is this arm sag thing?!? Is this simply a result of lack of muscle mass that can be successfully addressed with diet and fitness? Or is this really just my body aging and I should start saving up now to get surgery? Any help on this issue would be really appreciate, this really bothers me and haven't been ashamed of showing off my arms since I was overweight at 24.