FASFA info for returning RN-BSN student

Published

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:

Yes, Federal Loans are need based but they do a credit check...and if you have poor credit, you may not get it. .

Federal Stafford loans are not based on your credit score. Private loans are based on your credit.

I have wretched credit, so does my hubby. That's not an exaggeration either. If they were credit based, then we sure as heck would not be in school!

"How do Federal Student Loans use Credit Scores?

The Stafford, Perkins and PLUS loans do not depend on your credit score. The Stafford and Perkins loans are available entirely without regard to your credit history. The PLUS loan, however, requires that the borrower not have an adverse credit history. (Undergraduate borrowers whose parents are denied a PLUS loan will be eligible for increased unsubsidized Stafford loan limits.)

An adverse credit history is defined as being more than 90 days late on any debt or having any Title IV debt (including a debt due to grant overpayment) within the past five years subjected to default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write-off. It does not otherwise involve your credit score."

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

Up Vote Up Vote ×

WOW! I'm so sorry I posted inaccurate information...I was told that by my financial aid officer 5 or so years ago when I was first starting back to school. When I asked about Federal Loans she said, and I quote, "You can apply for them, but if you have poor credit it would be a waste of time. They do check."

Thank you for setting that straight for me! I am going on after finishing my current degree, and while I have been able to do it debt free thus far, I don't think I'll be as lucky the next time around. Now I know I can apply for Federal Loans! Thanks again!!:yeah:

Up Vote Up Vote ×
WOW! I'm so sorry I posted inaccurate information...I was told that by my financial aid officer 5 or so years ago when I was first starting back to school. When I asked about Federal Loans she said, and I quote, "You can apply for them, but if you have poor credit it would be a waste of time. They do check."

Thank you for setting that straight for me! I am going on after finishing my current degree, and while I have been able to do it debt free thus far, I don't think I'll be as lucky the next time around. Now I know I can apply for Federal Loans! Thanks again!!:yeah:

I'm sure they do check. But I think it's more to see if you are delinquent on one of their loans, or to see if you are in an active bankruptcy.

Eh, not your fault! Man, you'd really think the financial aid officer would know that. That's pretty crappy.

I've received faulty information from financial aid employees before. Needless to say, I don't ever ask for their advice and only go in there when I need to turn in something.

Well, I'm glad you know you can get Federal loans now!!

Up Vote Up Vote ×

I'm currently in school, will graduate with a BS in May. Last semester I visited with the financial aide office because I was thinking of changing majors, I was advised at that time to complete the program I am in (the classes wouldn't transfer) then come back for RN-BSN because Pell would cover a second bachelors! I was surprised but took her word, now I'm reading in this thread that isn't true. I'm very dissapointed.

Up Vote Up Vote ×
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!

PELL grants are offered through the federal government and therefore are federal grants, same thing. Also, just because the OP is RN-BSN does not mean she doesn't have a BS in another field. I am going for my BSN but have a BS in Sports Medicine. I was trying to help the OP understand her options if she did have a degree in anything else.

Up Vote Up Vote ×
Specializes in School Nurse, Med/Surg, Float.

I applied last month. I am married with 4 children and my husband pays child support. He is currently laid off. I was told we DO NOT qualify for pell grants (our combined income was over 93k on last year's tax return). He isn't working now and I am working per diem. The college then told me without student loans or tuition reimbursement from employer I would have to pay out of pocket.

Up Vote Up Vote ×
I applied last month. I am married with 4 children and my husband pays child support. He is currently laid off. I was told we DO NOT qualify for pell grants (our combined income was over 93k on last year's tax return). He isn't working now and I am working per diem. The college then told me without student loans or tuition reimbursement from employer I would have to pay out of pocket.

The FAFSA will tell you if you are eligible for Pell grants, but the SCHOOL will notify you about federal loans. That is the next step. You and the school will receive what is called a student aid report (aka SAR) and that is what the school uses to determine how much in federal loans (subsidized and unsubsidized) you will qualify for. This is all done through your school at this point. If you have already applied to the school, you should have access to some electronic version of your records (ex. where you can register for classes, look at your schedule, see your tuition and fees, etc.). Typically under a financial aid tab is where you will find out any "awards" you have qualified for. If you have NOT applied to the school, then you will not know your federal loan status until you do. In my experience, MOST people will qualify for some type of federal loan, even if it is only unsubsidized (meaning interest is accrued while you are in school).

Don't give up.

Up Vote Up Vote ×
I'm currently in school, will graduate with a BS in May. Last semester I visited with the financial aide office because I was thinking of changing majors, I was advised at that time to complete the program I am in (the classes wouldn't transfer) then come back for RN-BSN because Pell would cover a second bachelors! I was surprised but took her word, now I'm reading in this thread that isn't true. I'm very dissapointed.

That's terrible, you would think that financial aid advisers would know what they're talking about. There is no federal aid available to fund a second bachelor's, except for federal loans (as long as you didn't max them out getting your first degree).

Up Vote Up Vote ×
I'm currently in school, will graduate with a BS in May. Last semester I visited with the financial aide office because I was thinking of changing majors, I was advised at that time to complete the program I am in (the classes wouldn't transfer) then come back for RN-BSN because Pell would cover a second bachelors! I was surprised but took her word, now I'm reading in this thread that isn't true. I'm very dissapointed.

Are you graduating in May 2011? What is your BS in? I take it you are currently an RN? I am sorry you were misinformed, you would be surprised at how many FA offices don't know what they are talking about, especially when it comes to unusual cases (Not your typical 18 year old fresh out of high school situation). If you want you can send me a personal message and see what options you might have left. Technically, you have not graduated with a BS yet.

If I wasn't going to be a RN, I would be doing this for a living for military personnel. I am extremely passionate about post-secondary education for everyone, have done the research for myself and have worked for an online college where I gained a wealth of information, including financial aid.

Up Vote Up Vote ×
Specializes in School Nurse, Med/Surg, Float.

mater44 I do not have bachelors degree. I have and associate and was denied pell grant. would that apply to me too?

Up Vote Up Vote ×
mater44 I do not have bachelors degree. I have and associate and was denied pell grant. would that apply to me too?

The associates degree is NOT why you were denied. There are many factors, but in your case, you would still be considered an undergraduate and have not earned a bachelors degree so on that factor alone you would still be eligible. You might want to look at your estimated family contribution or your EFC. If that number is GREATER than 5273 (for the 2010-2011 school year) you would not qualify (ie. you make "too much" money).

Up Vote Up Vote ×
+ Join the Discussion