Well, a bigger pot holds more soil and the soil holds the water. That can lead to rot, and you don't want that. By mixing perlite with your cactus soil, you can improve the odds of the plant not sitting in water. Mix 1 part soil to 1 part perlite and you'll have it cut 50%. I have my Aloe vera in an 8 inch orchid pot. I'm sure it was overpotted at first. But I have used a good draining mix for the plant and it stays outside all year. The top dressing of rocks helped hold it up until the roots took hold well. You can see the outer leaves are starting to yellow and die back, but the middle growth is still good.

Certainly not here to dispute the name of the Lowes plant. I bought a couple of the same plants, chuckling to myself that ALL of the aloes were labeled Aloe vera. Mine are PIG, growing well and curiously have lost their spots. You can see some of the spots remain on the bottom, oldest leaves. So I'm pondering the label again. Of course it hasn't flowered yet (about 3 years old), which will add to the info. I guess I wonder if Aloe vera pups start with spots. I have no pups to compare. My plant does not look like the OP's first plants. This post was edited by Crenda on Thu, Aug 7, 14 at 10:23

Pic 4; wish I would know how to post multiple pictures at the same time. Aloe Vera ??

All houseplants plants need drainage, at least one hole. The pot is also too big for the plant as I suspect the roots don't fill the pot entirely will a little free space for growth? Media is the soil mix its grown in when used in this context. Your 'soil' appears to be dark and fibrous which to us indicates a high peat content. Aloes, like most c/s plants need sharp drainage, so one with lots of grit or perlite. You need to add as a minimum 50% of something to a c/s mix to get that, for e.g. perlite, pumice, small horticultural grit or aquarium gravel, or search in the box at the top for a suitable gritty mix. Inspect all the roots for hollow, squishy, smelly bits and the collar of the plant where the leaves grow from, there could be a brown portion that I'm seeing, is that soft? Seems like the remains of another rotted leaf there? The leaf appears to have rotted and is done for probably because of the problem with your soil. Despite infrequent watering, this kind of soil can stay wet for ages if it's not being dried out by the plants uptake of water.