Amount of loans you can take out when you already have a bachelors?

mmc51264, BSN, MSN, RN · Sep 22, 2015

I have never been turned down for money. I had a bachelors got a Masters in teaching and then went back got ADN, then BSN Now I am supposed to start MSN at private and I can borrow more than I need (just taking portion of tuition-got some grants). Now that the government has taken over, they love to let people get into debt. Just like the housing market.

JustBeachyNurse, LPN · Sep 22, 2015

Is there a cap on how much loans you can take out once you have a bachelors degree and decide to go back for your ASD or aBSN.
Someone told me 35k is the most you can take, but how will I get into a private school that charges 40 k a year if that's the case?

Yes there is a cap for federal loans. I believe post baccalaureate you may only be entitled to unsubsidized loans if you haven't already received the maximum undergrad. You aren't entitled to pell grants as a second degree student. There are private educational loans that are not backed by the federal student loan protections (deferment, etc) that require excellent credit, collateral and/or a qualified cosigner. The interest rates for private loans are not subject to federal guidelines either.

mmc51264, BSN, MSN, RN · Sep 22, 2015

All of my loans are both subsidized and unsubsidized and Federal. I have no private loans.

Cola89 · Oct 31, 2015

It's not worth getting into over 35k in debt for a nursing degree. Ask me how I know.

LDAthleteNurse, BSN, RN · Oct 31, 2015

It's not worth getting into over 35k in debt for a nursing degree. Ask me how I know.

It might be if you have a BSN. For an ADN or LVN, no.

flyersfan88 · Oct 31, 2015

Is there a cap on how much loans you can take out once you have a bachelors degree and decide to go back for your ASD or aBSN.
Someone told me 35k is the most you can take, but how will I get into a private school that charges 40 k a year if that's the case?

You don't waste your money going to a school that expensive. That's how.

joanna73, BSN, RN · Oct 31, 2015

There must be cheaper alternatives. How do you expect to live, save AND pay loans of 40k a year with a starting salary of 50-65 000? Do the math before you take on any debt.

NOADLS · Oct 31, 2015

There must be cheaper alternatives. How do you expect to live, save AND pay loans of 40k a year with a starting salary of 50-65 000? Do the math before you take on any debt.

1) Don't have kids before you are financially stable - if I make 65K and have 40K loans, I can guarantee that my living expenses will be 20K or less for that year and I will knock that debt off right away.

2) Do p4p

BeachsideRN, ASN · Oct 31, 2015

Studentaid.ed.gov

Yes there are limits. $57,500 for undergrad and $138,500 for grad.

joanna73, BSN, RN · Oct 31, 2015

Assuming that you make 65k, and many people do not make that much their first year of nursing, paying 40k per year in loans is not financially wise. It will take forever to pay those loans back.

Also, I'm not sure where the OP lives but depending on cost of living, it's unlikely that living expenses total 20k a year. My mortgage costs 9000/ year.

WookieeRN, BSN, MSN, RN · Oct 31, 2015

Do NOT take out more loans than you expect to make your first year. Do you plan on making $160,000 your first year? Otherwise it will take you a lifetime to pay that off.