Finding a way to pay for college after you've already gotten a BA & student loans

GoldenFire5 · Dec 13, 2005

Do you have anything set aside in an IRA or 401K? You can withdraw expenses for tuition out of those accounts without the 10% penalty. You'll still have to pay taxes on the amount withdrawn.

The end of the year is coming up as well. You accountant may be able to find some deductions or credits related to your interest on your current loans or tuition payments that may help.

Good luck!

FutureAustinNurse · Dec 15, 2005

I haven't been with my current company long enough to be fully vested (5 years) so I don't think I can do the 401a (we have a not k like everyone else) So that's not an option I think. And I met with the fin aid office @ Austin Community College and I may or may not even get approved for a student loan & it might take up to 10 weeks to even find anything out So now the question is do I wait until the summer to start & put off trying to take classes until then? Or do I try & take out a personal loan to cover myself for a while - and if I do that & the student loan doesn't come through....

Jen51699 · Dec 15, 2005

Why is it taking so long to find out if you qualify for loans at your school? My husband has a masters degree and is going back to get another bachelors degree and he filled out all of his paperwork and they told him right then what he was eligible for. I guess that I just don't understand why it would take up to 10 weeks when they already have your fafsa on file. Could you take one class next semester and just pay for it out of pocket?

Jen

FutureAustinNurse · Jan 26, 2006

Huh - I don't know why it would take so long I just thought that that's what happens for everyone... Something about having to do appeals & getting reviewed? Now you've got me wondering - hahaha. I've already started paying out of pocket for the classes I'm going to take (4 in all) and if I don't get aid then I'll just end up dropping the classes (w/o aid I can't leave my FT job which takes up so much of my time that I don't think I can get good enough grades to even have a shot @ getting into a CC here - 3.8's have been the cut off - yikes!) Thankfully my current company has worked with me (a total shock! but a great one!) So that I can at least right now take my A & P I. My other classes are through distance learning. I'm not so stressed but I will be when my other classes start in March (they're 8 week courses) Thanks everyone for responding!! :)

mama_in_atx · Mar 5, 2006

Hi FAN! I'm sorry I'm just now reading your message (back in school=not so much time for the boards!), but I think I can help you in a couple areas.

First of all, I worked for a company w/a 401A contribution program, and even though you're not fully vested, you are still entitled to a "loan" for something like 25-50% of your contributions+vested amounts, but the exact figure usually varies from one company to another. It's a great way to free up some funds temporarily, but you do have to pay your account back with interest incrementally over a certain period of time. Check it out w/your HR dept.

Secondly, I'm in Austin, too (currently finishing up my pre-req's at ACC) and I also have a BA from a private college with massive loans to boot! Since I'm married and have been staying home w/my 2 kiddos the past year, it's tough to find that extra $ for school. But I've found that I can take out student loans from private lenders that aren't at all affiliated with the fed govt loan programs. Wells Fargo is probably the one I'll use once I'm "IN" the program to not only cover tuition, but help with paying my son's daycare, too. They seem reasonable w/their rates.

Good luck w/school and finding $$!

mama_in_atx · Mar 5, 2006

Oh, about the delay in fin-aid results...if you already have a Bach degree, you have to file an appeal through the nursing dept at the CC you're wanting to attend in order to be granted aid through the fin aid office. They review your total loan debt and a few other factors to determine whether you qualify or would be a good candidate for further loans.

I know, it's an annoying hoop to have to jump through, but it's about the only way you can get FA unless you go for a Master's level program! (Then you're eligible for like $100K in loans! )

Sunshine0425 · Mar 5, 2006

Well this is what I've done. I have a previous BA and have student loans(over 20,000) They will automatically go into forebearance once you are over a part time status student. I have made arrangements with my CC where I am taking my prereq's to get on a payment plan. I then use the money I used to pay my monthly school loan, and payed on my classes. So far so good!!!! And I'm NOT in debt this time around. I don't know if it helps at all but Good Luck!!!

TopCat1234 · Mar 7, 2006

i should be a financial aid officer, with all that i know.... :idea:

ok, here's the scoop - for government student loans (stafford loans), you can borrow a maximum of $46,000 for undergraduate studies. undergraduate studies would include vocational/technical schools, associate degree programs and bachelor degree programs. you could even pursue a 2nd associate's or 2nd bachelor's and receive this type of financial aid, as long as you do not exceed the $46,000 maximum. once you receive your first bachelor's degree, you are no longer eligible for pell grants or state-based grants (free money).

if you truly only have $16,000 in stafford loans for your first bachelor's degree, you should be able to obtain an additional $30,000 for further undergraduate study, but there are yearly limits on that amount as well. if you are pursuing an adn, you would be eligible for $6,625 for your first year (up to 25 units), $7,500 for 2nd year (26 units to 57 units) and $10,500 for 3rd - 5th year (58 units or more). i am assuming you have completed most of the general education requirements in your bachelor's, so you should be at least the 26 unit-level to receive funds.

you can also consider a direct entry msn program, one that does not require previous nursing experience or an rn license but does require a bachelor's degree in another field. you would then be eligible for an additional $92,500 in government (stafford) loans for graduate studies.

hope that helps,

topcat

Lovely_RN, MSN · Mar 8, 2006

thank you for the information.

i have 36k in student loans and no cash stored up to pay for school. i didn't imagine myself going for a msn but i will give it some thought now.

i should be a financial aid officer, with all that i know....
ok, here's the scoop - for government student loans (stafford loans), you can borrow a maximum of $46,000 for undergraduate studies. undergraduate studies would include vocational/technical schools, associate degree programs and bachelor degree programs. you could even pursue a 2nd associate's or 2nd bachelor's and receive this type of financial aid, as long as you do not exceed the $46,000 maximum. once you receive your first bachelor's degree, you are no longer eligible for pell grants or state-based grants (free money).
if you truly only have $16,000 in stafford loans for your first bachelor's degree, you should be able to obtain an additional $30,000 for further undergraduate study, but there are yearly limits on that amount as well. if you are pursuing an adn, you would be eligible for $6,625 for your first year (up to 25 units), $7,500 for 2nd year (26 units to 57 units) and $10,500 for 3rd - 5th year (58 units or more). i am assuming you have completed most of the general education requirements in your bachelor's, so you should be at least the 26 unit-level to receive funds.
you can also consider a direct entry msn program, one that does not require previous nursing experience or an rn license but does require a bachelor's degree in another field. you would then be eligible for an additional $92,500 in government (stafford) loans for graduate studies.
hope that helps,
topcat

TopCat1234 · Mar 8, 2006

thank you for the information.
i have 36k in student loans and no cash stored up to pay for school. i didn't imagine myself going for a msn but i will give it some thought now.

that was my original plan, the direct entry msn, because of my financial aid situation. i'm maxed out at the $46,000. i was accepted to such a program, but became pregnant right before it started. knowing the workload involved, i gave up my spot.

now we've moved and the only similar program is a 4 hour drive away. so i figure i can pay out of pocket for a school district vo-tech program for lpn (about $3000-$4000), get working and hopefully get my future employer to pay the costs to pursue the rn and subsequent msn.

topcat

Peachy720 · Mar 8, 2006

Ahhh, this is just the thread I need.

Thanks for the advice so far, but here's the catches for me.

I'm just finishing my first degree, and I'm almost maxed out the $46k in federal loans.

I'm hoping to start my BSN program at Johns Hopkins this fall, IF I can come up with the money. I don't know what to do. Federal Loans are not looking good, I am not eligible for grants. I have been working part-time instead of full-time the last few years to focus in on school, and I do not have anyone to cosign. I am also scared because I FINALLY bought a credit report and looked at my loan details--first off, the student loan access detail has me defaulting on a loan that I didn't..I'm still trying to get that taken care of. When I bought the credit report, it shows someone claiming to be me living at an address that I've never lived and a workplace I've never worked--5 or 6 things on there that I have never done--including an unpaid $2k electricity bill. :nono:

You guys, this is my dream. HOW can I do this? I need about $100k for the 2 years of the program. ANY ideas on what I can do? I don't even care about the rates right now, educational lenders who are lenient?

I cannot thank you guys enough for ANY info you can give me.:biggringi

edit: have I mentioned I will do ANYTHING to be able to finance my education?