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

[Upward_Bound]

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?

[Not_A_Hat_Person, RN]

Keep in mind that your first year's salary could range from $0 (unemployed) to $15,000 (1 year full-time at minimum wage).

[klone, MSN, RN]

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?

Because they depend on you to take out private loans. According to that chart posted below, you can only take out $12,500 per year in student loans, with a lifetime cap of $57,000 for an undergrad degree.

[klone, MSN, RN]

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.

Not $40,000 in loans, total. $40,000 PER YEAR in student loans. Meaning, probably more like $120,000+ in student loans.

[klone, MSN, RN]

Assuming you have to take out $130,000 in loans. The interest rate for a private student loan is pretty high, so let's assume around 10%, paying it off over 15 years. That's about $1400/month. For 15 years.

[BeachsideRN, ASN]

Assuming you have to take out $130,000 in loans. The interest rate for a private student loan is pretty high, so let's assume around 10%, paying it off over 15 years. That's about $1400/month. For 15 years.

Plus lending fees. Likely more like $2000/month

[joanna73, BSN, RN]

So let's assume that it takes you 6 months to find a full time job and you bring home 3500 per month. If you're paying 1500-2000 per month in loans, that leaves 1500 to live, pay expenses, eat, and save.

The rule of thumb for loans is one years salary.

[mmc51264, BSN, MSN, RN]

According to that chart posted below, you can only take out $12,500 per year in student loans, with a lifetime cap of $57,000 for an undergrad degree.

This must be new because I have 5 degrees and more debt that I will admit, all of if through Fed Loans. How could the graduate limit be so low? A med student needs way more than that and I know they don't all take out private loans (those that aren't funded by parents or scholarship)

[WookieeRN, BSN, MSN, RN]

This must be new because I have 5 degrees and more debt that I will admit, all of if through Fed Loans. How could the graduate limit be so low? A med student needs way more than that and I know they don't all take out private loans (those that aren't funded by parents or scholarship)

Graduate limits are different than undergraduate. There has been a cap on federal student at least since 2006 when I first went to college.

[klone, MSN, RN]

How could the graduate limit be so low? A med student needs way more than that and I know they don't all take out private loans (those that aren't funded by parents or scholarship)

The graduate cap is around $137,000, and that's not including the undergrad degree, which is $57,000. So if a med school grad took out the maximum amount of federal student loan aid, they would graduate with around $200,000 in student loans, which sounds about right from what I've heard.

[BeachsideRN, ASN]

This must be new because I have 5 degrees and more debt that I will admit, all of if through Fed Loans. How could the graduate limit be so low? A med student needs way more than that and I know they don't all take out private loans (those that aren't funded by parents or scholarship)

Med school limits are slightly different because they have GradPLUS loans also