How are second degree students paying for school?

Nursing Students Pre-Nursing

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I am getting frustrated! I filled out my FAFSA and I got a letter in return congratulating me on my bachelors degree, but unfortunately it disqualified me from any aid at the undergraduate level. The financial aid advisor at my community college told me that because of the new healthcare law prohibiting private student loans, I am on my own to fund my education. That wouldn't be so bad except that the community colleges are so competitive in my state. I have been accepted to several BSN programs ($$$) but have been rejected from all of the community colleges I have applied to so far (I got B's in writing and psychology which is what is holding me back). It is my dream to become a nurse and it is starting to break my heart that I might not be able to because of a lack of funds. :crying2:

There is an lifetime undergrad max for federal student loans. I have a prior degree and loans but have about 25K left before I reach the max. I haven't gotten in the program yet so I don't know for sure but my understanding after speaking with financial aid is that I should be able to get the semester max for 2nd degree (up to 25K total). I think it's going to work out to me paying 1/3 and loans paying 2/3. I'm praying the school comes up with some money to help with my 1/3 and books.

Independent Students Annual Loan Limits First Year $9,500 ($3,500 subsidized/$6,000 unsubsidized) Second Year $10,500 ($4,500 subsidized/$6,000 unsubsidized) Third Year and Beyond $12,500 ($5,500 subsidized/$7,000 unsubsidized) Graduate or Professional $20,500 ($8,500 subsidized/$12,000 unsubsidized) Lifetime Limits Undergraduate Dependent $31,000 (Up to $23,000 may be subsidized) Undergraduate Independent $57,500 Graduate or Professional $138,500 (Up to $65,000 may be subsidized)

or $224,000 (for Health Professionals)

Here's the link:http://www.staffordloan.com/stafford-loan-info/

I already had a BA so I wasn't able to get any financial aid either, which I knew before hand. I had saved up for it and then simply paid out of my savings. It's about $25K in total.

I'm paying in cash, payment plan of 4 payments per semester - ADN program. I'm keeping my current job (until it goes out of business) and working part time.

My first degree was all scholarship. Now I use federal and private student loans.

I am hoping to get approved for federal subsidized loans. I completed my FAFSA over a month ago. I applied for, received, and paid off my undergraduate loans years ago.

If I am somehow not approved for loans, I will dip into my IRA.

Specializes in Medical Surgical/Addiction/Mental Health.

I am sorry…but I just applied for two private loans (PNC Bank and Sallie Mae to shop the rates) and was approved for both loans. I am in an accelerated BSN program. Of course I cannot get the federal backed loans because I have reached the maximum, but I still qualified for private loans. The other thing is I am not sure how a healthcare law regulates banks from lending. That doesn’t make any sense to me. I applied on the bank’s website. I chose PNC because it was a better rate. PNC is confirming my school attendance and loan eligibility. After that, the funds will be disbursed.

You should double check with the financial aid office again because that just doesn’t make any sense. Also, if you have not maxed out federal loans, you are entitled to receive them even if you have 30 undergraduate degrees (so as long as you have not met the aggregate limit). It is true that you will no longer be eligible for Pell Grants and most state funding, but you are not exempt from student loans.

I am sorry...but I just applied for two private loans (PNC Bank and Sallie Mae to shop the rates) and was approved for both loans. I am in an accelerated BSN program. Of course I cannot get the federal backed loans because I have reached the maximum, but I still qualified for private loans. The other thing is I am not sure how a healthcare law regulates banks from lending. That doesn't make any sense to me. I applied on the bank's website. I chose PNC because it was a better rate. PNC is confirming my school attendance and loan eligibility. After that, the funds will be disbursed.

You should double check with the financial aid office again because that just doesn't make any sense. Also, if you have not maxed out federal loans, you are entitled to receive them even if you have 30 undergraduate degrees (so as long as you have not met the aggregate limit). It is true that you will no longer be eligible for Pell Grants and most state funding, but you are not exempt from student loans.

Thank you for your response! What the healthcare law did was put an end to federally subsidies that were given to banks for the purpose of student loans. I just googled it. The woman at my school must be misinformed!

I am very glad to know that I can still get a private loan! Do you happen to know what the limit is for federal loans? I was on the FAFSA website and it said that I am very close to reaching the limit. I have $32,000 in federal loans but couldn't find anywhere how much the maximum amount was.

Specializes in Critical Care, Emergency Medicine, Flight.

sadly i took out loans via FAFSA. bc i have a BA already :( i dont think thats fair. if it was for a masters degree, then i dont think they should pay, but as long as its undergrad FAFSA should hook it up with the pell grants and such. in a perfect world maybe.

sadly i took out loans via FAFSA. bc i have a BA already :( i dont think thats fair. if it was for a masters degree, then i dont think they should pay, but as long as its undergrad FAFSA should hook it up with the pell grants and such. in a perfect world maybe.

I don't understand...do you think that you should be eligible for a Pell Grant even though you already have a bachelor's degree? The federal government should pay for subsequent degrees that are not at the master's level?

What's the income limit on a Pell grant these days anyway? Back in the 90's when my family was sending me to college straight out of high school, ~40K/year was too rich to qualify for a Pell grant so I didn't get one. What are the rules today, has it changed? Because it seems like everybody but me has a Pell grant.

If you already have a degree or surpassed a certain number of hours you will not be able to borrow federal student loans at a community college. If you go to a 4 year university then you may borrow up to the limits stated on FAFSA. Usually 12,500 is the cap for your third year and beyond and second bachelor's. I just got accepted to my University's Fast Track program which is around 20k for the year and I'm trying to figure out how I'm going to pay the total bill. I think I'm going to get the 12,500 from FAFSA and try to get the rest from a private student loan. Unfortunately I will sign a contract forbidding me from working during the program so I have to make sure the funds are secure. Good luck with your funding.

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