federal loans 2nd bachelor's

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Hi,

I'm looking to begin an absn program in the Fall and i've recently graduated from a 4 year institution with a ba in a non-nursing field. my concerns are in relation to tuition and financial aid. I have accrued about $23,000 in loans for my first degree (majority of the reason being that i dormed all four years) and the tuition for the program that I am looking at is about 32,000. I am still considered as a dependent and so based on the aggregate loan limit would I not be eligible for anymore federal loans and would have to get a private loan? also, how would I be able to change my dependency status in order to eligible for a higher loan limit amount? Thanks!

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Specializes in Psych/Mental Health.

Contact your financial services department right away and file FASFA. I'm a 2nd degree student with a bs and ms in another field...somehow I always get loans to cover my tuition and most of it is unsubsidized but some are subsidized.

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I've already submitted my fafsa earlier this year. I just did a google search and saw that dependent students are only allowed up to $30,000 in federal loans i believe while independent students have a higher aggregate loan limit so I just assumed that I wouldn't be able to take out enough federal loans to cover my tuition =/

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Becoming an "independent" student is based on how you file your taxes. For your last year of taxes, did somebody else (your parents) claim you as a dependent?

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Specializes in Neuro, Telemetry.
Becoming an "independent" student is based on how you file your taxes. For your last year of taxes, did somebody else (your parents) claim you as a dependent?

This is is not true. What you file for taxes doesnt matter to the FAFSA in any way. Dependency status is determine by age. Under age 26 is deamed a dependent for receiving federal aid. Exceptions are for being married, having a child or other dependent, being ward of the state, and I believe mulitary personnel. All others user age 26 are dependent status for FAFSA until they turn 26 or meet an exception.

The only way to get your dependent status changed without age or qualifyin exception is trough the financial ad office at the school. You can apply to change your status to independent but there usually has to be some good cause. Example would be that both parents are deceased or you were an emancipated minor and such. You may get approved for other reasons but only at the discretion of the FA office at your school.

Some me shady schools will approve everyone for independent status so they get their money. But I would hope you are not going to a nurse in a box crap school.

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Specializes in Critical Care, Postpartum.
This is is not true. What you file for taxes doesnt matter to the FAFSA in any way. Dependency status is determine by age. Under age 26 is deamed a dependent for receiving federal aid. Exceptions are for being married, having a child or other dependent, being ward of the state, and I believe mulitary personnel. All others user age 26 are dependent status for FAFSA until they turn 26 or meet an exception.
26??? That sounded very odd, so I just checked FAFSA requirements and the questions they ask to determine dependency doesn't add up to 26. You may want to check again, but the magic number is under 23.

To the OP, I graduated from an ABSN program and received some federal aid subsidized and unsubsidized loans. If the loan amount doesn't cover your tuition, you may have to think about private loans, and possibly some scholarships.

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Becoming an "independent" student is based on how you file your taxes. For your last year of taxes, did somebody else (your parents) claim you as a dependent?

yeah my dad did, I'm 22 and technically still live at home

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This is is not true. What you file for taxes doesnt matter to the FAFSA in any way. Dependency status is determine by age. Under age 26 is deamed a dependent for receiving federal aid. Exceptions are for being married, having a child or other dependent, being ward of the state, and I believe mulitary personnel. All others user age 26 are dependent status for FAFSA until they turn 26 or meet an exception.

The only way to get your dependent status changed without age or qualifyin exception is trough the financial ad office at the school. You can apply to change your status to independent but there usually has to be some good cause. Example would be that both parents are deceased or you were an emancipated minor and such. You may get approved for other reasons but only at the discretion of the FA office at your school.

Some me shady schools will approve everyone for independent status so they get their money. But I would hope you are not going to a nurse in a box crap school.

ugh well that sucks. hopefully i can work something out

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26??? That sounded very odd, so I just checked FAFSA requirements and the questions they ask to determine dependency doesn't add up to 26. You may want to check again, but the magic number is under 23.

To the OP, I graduated from an ABSN program and received some federal aid subsidized and unsubsidized loans. If the loan amount doesn't cover your tuition, you may have to think about private loans, and possibly some scholarships.

i dont mind having to take out the loans since grants are out of the question but if i could cover most of my tuition without private loans then I would be super happy but it doesnt seem like it'll work out that way for me. I'm just going to have to contact the finaid office at the school again and see what I can do

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https://studentaid.ed.gov/fafsa/filling-out/dependency

(for questions related to dependency) BUT definitely talk to your financial aid office- they'll be able to help way more than most of us!

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I was in the same situation too. I graduated last year with my bachelor's and came out with about 26,000 in loans. The school I'm going to now is pricey so I knew I would have to take out loans to cover the tuition. When I filled out my FAFSA this year I realized that I could claim myself as an independent since I'm 23, even though my parents claimed me on their taxes this year. So when I talked to my financial advisor I was pleasantly surprised to find out that since I claimed myself as an independent on FAFSA I had way more money left for my federal loans (close to another 30K I think). I think if I had claimed myself as a dependent I would have only had about 2-3,000 if that. Unfortunately I did have to take out a private loan because of my tuition. But that was my experience with that.

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thanks for this! were you 23 at the time that you did your fafsa this year? also, they allowed you to claim yourself as a dependent? because I thought that they determined your dependency status themselves based on your answers to certain questions. unfortunately for me I did my fafsa in January and I'm going to be 22 until December, I still live at home and I do not have any kids or anyone that I claim as a dependent. One thing though is that my actual nursing courses don't begin until spring 2015 but I'm pretty sure I may still need to find a way to pay tuition for the fall but I may be able to have my loan amount increased when I reapply for fafsa. this is all just so stressful lol but Im going to talk to someone at the finaid office.

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