FASFA info for returning RN-BSN student

Nurses General Nursing

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Specializes in Med/Surg/vascular surg/Rehab/LTC.

Just a question, does anyone know how I can determine how much Federal student loans my husband and I will receive with both of us being in college, two children between us (he pays child support also) and a fam income of approx 93k in 2009?? we are both trying to go back to school this semester, but im not sure how to figure out id the loans will cover us. With out them, he will have to wait for me to finish my schooling before he can finish his. I dont want to do that to him but..... without the money there is no way.

thanks for any info!!:nurse:

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Specializes in Med/Surg, Ortho, ASC.

I would think that the FAFSA website would offer much more concrete information.

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Specializes in Med/Surg/vascular surg/Rehab/LTC.

I checked the FASFA website, over and over. It does not give you an idea of how much is avail for someone. I was just trying to get a ballpark figure before i filled out all of their requested information.

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For 2010, the maximum per person alloted for the year for the PELL Grant is $5500.00 (approx). That is if you have an EFC (estimated family contribution) of $0 and you go to school full time (at least 12 credit hours). The only way you will find out if you get the entire amount is to fill out a FAFSA online. It's totally free and takes about 45 minutes or so to complete. You will need your 2009 tax returns handy. When it is complete, it will tell you what your EFC is. If it is $0, you will get the full $5500.00 for the year.

Mind you, this is for the PELL Grant, which you do NOT have to pay back. As far as loans go, I think that depends on your credit...the sky's the limit but just remember...you have to pay it all back plus interest when you're done with school!

Hope this helps! :)

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The family info doesn't matter for federal student loans. You can each borrow according to what year this is in your education. The info can be found here:

http://www2.ed.gov/offices/OSFAP/DirectLoan/applying.html

Private loans are a different matter, and obviously depend on your credit and the lender.

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Specializes in NICU.

That's because it also depends on the cost of your school. Someone attending a program that costs $90/credit hour will not be approved for as much as someone that attends a program costing $500 a credit hour generally. Your living and family situation, income, etc are taken into account as part of the calculation, but a ballpark figure can not be generated until your school submits it's information for this reason.

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Specializes in adult ICU.

You can't. It's all based on calculations but there isn't a FAFSA calculator available before you apply -- you can only get that info from the FAFSA people. It's not a simple calculation and looks at a lot of factors, which is (I think) why they make you send them all that detailed financial information.

Once you do the FAFSA itself, it WILL give you a score -- which if I am recalling correctly, is 0 on the low end and 10,000 or greater on the high end. If you score low enough, you are eligible for grants, and in the high range, you can get federal loans. If you google "FAFSA score" you will find some tables, but that is the most info you can get before you actually get your aid report, which takes a few weeks.

I see no reason why you wouldn't be able to get federal loans of one type or another (subsidized or unsubsidized) with your income/family status, but you have to apply to find out. I was eligible for loans for a MSN in a similar situation to yours.

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Specializes in Med/Surg, Ortho, ASC.

ScottE - thanks for doing the research for the OP.

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A couple more things to add:

1. Federal Loans (those offered through the FAFSA) are NOT credit-based, they are need-based.

2. If you already have a degree (ex. bachelors) you will not be eligible for federal GRANTS, only federal loans.

3. Your best bet is to complete the FAFSA and see what they offer. Then, go to your school and see what other types of assistance they offer, such as scholarships. Additionally, use the web (such as fastweb.com) to find more scholarships. Scholarships require applications and essays and such, but if you both want to go to school at the same time and the above doesn't cover everything, it's worth it.

Good luck.

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Here's a calculator, but of course it's only an estimate

http://www.finaid.org/calculators/finaidestimate.phtml

You'll have to apply to really know what you can get. It took me all of 10 minutes to fill that stuff out. I'm going to doubt that you will receive grants, at least you wouldn't if you were in my area. My husband and I only make $32,000 and we received NO grants, but we are able to receive the entire subsidized loan.

Our school allows us to borrow the full Stafford loan amount every year, so we got the entire $9,500 last year and are getting the entire $10,500 this year.

Also, the max for Federal Stafford loans for an undergraduate degree is like $57,000. Not sure how much you already have now, but keep that in mind.

http://www.finaid.org/loans/studentloan.phtml

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Yes, Federal Loans are need based but they do a credit check...and if you have poor credit, you may not get it. Also, you are not eligible for PELL Grants if you have a Bachelors or higher...the OP said she is RN-BSN...she's going for her Bachelors.

I agree 100% though that OP should go to their schools' Financial Aid Dept. and see what they can do to help. Take the time to fill out the FAFSA first and then go and see what they have to offer. Also, not sure where OP is located but here in NC we have CFNC (College Foundation of North Carolina) which helped me a lot. Perhaps there is a foudation such as this in your state! Good luck!

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