New Student Loans Rules

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I am feeling a little stressed. My community college that I am attending just notified me that I am not qualified for student loans because I already have either $15,000 or more in loans. Which by the way are NOT defaulted. They have come up with this ridiculous rule that students are not allowed to borrow any more if they have at least $15,000 in student loans already starting this school year. I've been accepted for the Fall 2013 Nursing Program and is ready to start this August on the 26th. I was going to go part-time or either registry because of the course load and needed these loans to get me by.

Have anybody experienced this at their community college?

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Specializes in Addictions/Mental Health, Telemetry.

No! I have student loan debt from my BSN, but that did not prevent me from qualifying for a graduate school loan through the Feds. Maybe it's just your school.

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The maximum amount of student loans one can burrow is $57,000 were I live but that's for a graduate degree so if your pursuing a undergraduate degree the community college is required to make sure you don't burrow more than half of that amount. This is so that if you decide to move on to pursue a graduate degree you are not maxed out on student loans... I'm not sure why you would be affected by this if you've only received $15,000 so far.

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Specializes in Pediatrics, ICU.
I am feeling a little stressed. My community college that I am attending just notified me that I am not qualified for student loans because I already have either $15,000 or more in loans. Which by the way are NOT defaulted. They have come up with this ridiculous rule that students are not allowed to borrow any more if they have at least $15,000 in student loans already starting this school year. I've been accepted for the Fall 2013 Nursing Program and is ready to start this August on the 26th. I was going to go part-time or either registry because of the course load and needed these loans to get me by.

Have anybody experienced this at their community college?

Hey I had this problem and I went thru financial aid and they got me approved for student loans still and I even got the maximum amount you can get back each semester (which I need while trying to take care of everything for nursing school) talk to financial aid. Their's no way they can take that away from you. They don't determine that, the government does

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I agree that it just must be your school, because I have 23,000 and am still getting the full amount of loans each semester for my undergrad. I would also talk to someone at financial aid.

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The school can set limits on loan amount. My school started doing it this year, meaning that you may be eligible to receive X amount per year but the school can reject your application if the number is too far off from their set limit. (So if you are rejected you would have to reapply with a smaller asking amount.) I am attending a community college and I was told that because they don't offer housing to students they aren't offering as much money as a 4 year institution would. Which is bogus. Just because the school isn't offering housing doesn't mean I'm not living anywhere. So yes loan awards limits are set by the school.

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Specializes in Cardiac, CVICU.

It depends on the school. Pretty much every school can set a limit, but that limit is normally the amount borrowed per year. You should talk with financial aid or student accounts (ask to speak with the manager) and explain your story. They really should let you borrow more, especially because you have been accepted into the nursing program.

Besides that, what do they care?! Your loan money is lining their wallet! Haha

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Specializes in Pediatrics, Emergency, Trauma.

Unfortunately for some who go through ADN programs, the hours are far more than most Associate degree programs; it takes many 3-4 years, when including prerequisites to complete a program; in addition, a percentage of community colleges do not give full amounts under the loan program because they don't have the benefits of a four-year university...you're on the hook for many items, including housing, because they are not categorized for such privileges...a lot of times the state sets the mandates for the requirements, and services the federal loans...there are set rules they comply within the federal program, but have flexibility to allow school to set as much-or as little depending on tuition costs-to limits in order to comply with federal programs.

The upside to community college tuition is the cost; the downside is that most community colleges serve as a gateway to obtaining higher education in the form of a Bachelors degree after the Associates Degree; so they are bound by limits to costs that they cover; the rest is on the burden of the student, especially whether its the amount of semesters they cover, or a monetary amount.

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:yes:Thanks for everyone input. I do have an appointment with Financial Aid but I just wanted to know have anyone else experienced this. I kind of figured that the school can set limits. I am upset with their lack of communication. This has been a problem with my school for the longest.:writing: They will inform you of changes without giving you time to make an informed-decision:banghead: (I think I said that correctly, LOL). Just keep me in your prayers. Either way, I will have to make do. Ugh!!!

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Specializes in Pediatrics, Emergency, Trauma.

I have experienced this; hence my previous post.

FWIW, my community college operated (and from what I heard from other cohorts when I was in school) STILL operates that way.

I used them for the cost, and moved on to a four-year university to get my BSN. I didn't have the financial aid challenges that I had when I went to a community college; but that was my experience.

There are many challenges in obtaining an education, the top external challenge is the cost.

I suggest seeking other sources, as well as filing an appeal while getting prepared for nursing school if you haven't done so already. Best wishes.

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Specializes in Going to Peds!.

The community college where I received my ADN doesn't even allow students to take out federal loans. Most students are there on Workforce Initiative, Pell, SEOG, etc. My entire costs were paid by grants.

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Unfortunately for some who go through ADN programs, the hours are far more than most Associate degree programs; it takes many 3-4 years, when including prerequisites to complete a program; in addition, a percentage of community colleges do not give full amounts under the loan program because they don't have the benefits of a four-year university...you're on the hook for many items, including housing, because they are not categorized for such privileges...a lot of times the state sets the mandates for the requirements, and services the federal loans...there are set rules they comply within the federal program, but have flexibility to allow school to set as much-or as little depending on tuition costs-to limits in order to comply with federal programs.

The upside to community college tuition is the cost; the downside is that most community colleges serve as a gateway to obtaining higher education in the form of a Bachelors degree after the Associates Degree; so they are bound by limits to costs that they cover; the rest is on the burden of the student, especially whether its the amount of semesters they cover, or a monetary amount.

Why is that? I guess I should start a new thread, but I don't understand why a college would want people to stick around forever completing prerequisites, get into the nursing program, then possible fail and have 2 years or so in time wasted with nothing accomplished. Takes 3 years where I go minimum unless you are a student that has completed sciences in High School and arrive with the credits.

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