financial aid cap??

Nursing Students Pre-Nursing

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i had heard there was a cap on stafford loans for 2 yr programs and 4 yr programs, do you know if the adn nursing program would be considered a 2 yr program since it is actually more like 3 yrs? also , does this cap start over if you switch schools to attend your nursing program or is it a cumlitive total of all schools attended? thanks in advance.

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Specializes in Urgent Care NP, Emergency Nursing, Camp Nursing.

My google-search understanding is that there's a yearly cap which varies depending on your dependency status, and a lifetime max for Undergraduate and Graduate level loans. There's no difference between a community college and a major four-year research university as far as the federal college loan program is concerned. Since it's the federal government giving you the money, it keeps track of what it gives you no matter where you go, since it will want its money back in the future with interest.

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Specializes in Maternity.

yes there is a yearly cap, as well as an undergraduate cap, graduate cap,..and so on. i believe the undergraduate cap (at least for the group i fall under) is $31,000. go to the stafford loan website and go into the undergraduate section, it will give you all of the information that you need regarding their loans.

:heartbeat

oh also, no. it does not start over if you switch schools.

good luck!!

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Specializes in ICU, PICC Nurse, Nursing Supervisor.

it does not start over when you switch schools but you will have new limits when you go from undergraduate to graduate studies.

i had heard there was a cap on stafford loans for 2 yr programs and 4 yr programs, do you know if the adn nursing program would be considered a 2 yr program since it is actually more like 3 yrs? also , does this cap start over if you switch schools to attend your nursing program or is it a cumlitive total of all schools attended? thanks in advance.
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Specializes in ER/Ortho.

My CC informed us of a new rule this year about a cap on loans. They told us that you could get two loans as an undergraduate period. If you took out $5 for each loan, and took out two you were at the cap. This would mean that if your actual program was 2 years long, you would already be capped out if you had gotten a loan to help you through your pre reqs.

Anywho, they did put in a provision that allowed for a loop hole for those of use who were entering the program this year to at least get one more loan so we could finish.

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Specializes in Urgent Care NP, Emergency Nursing, Camp Nursing.
My CC informed us of a new rule this year about a cap on loans. They told us that you could get two loans as an undergraduate period. If you took out $5 for each loan, and took out two you were at the cap. This would mean that if your actual program was 2 years long, you would already be capped out if you had gotten a loan to help you through your pre reqs.

Anywho, they did put in a provision that allowed for a loop hole for those of use who were entering the program this year to at least get one more loan so we could finish.

Are these Federal Stafford and Perkins loans, or are they private loans? I've not read or heard anything about Federal loans being limited like that - especially since most people would exhaust those two loans by opening a subsidized and unsubsidized Stafford loan.

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Are these Federal Stafford and Perkins loans, or are they private loans? I've not read or heard anything about Federal loans being limited like that - especially since most people would exhaust those two loans by opening a subsidized and unsubsidized Stafford loan.

Federal loans definitely don't cap out after 2 semesters/years.

http://www.staffordloan.com/stafford-loan-info/index.php#stafford_loan_limits

And even though the nursing program is "3" years, its 4 semesters. Which is technically 2 school years.

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