No financial Aid for second Bachelors degree?

dg05, RN · Feb 25, 2007

I don't think that's the case. I'm starting columbia's etp program in June & I have been offered federal and private loans.

Columnist · Feb 25, 2007

I am in an accelerated BSN program and have been told I qualify for federal unsubsidized student loans (though I haven't actually tapped them yet). A tip: if your school's financial aid office tells you you're not eligible for loans, check back another time with a different financial aid officer. I have found I get different stories from different officers, and sometimes it's just a matter of finding the person with the correct info. Good luck!

caliotter3 · Feb 25, 2007

I was pursuing a second BS almost 20 yrs ago and the financial aid office said that all I was eligible for was loans. I did get two federal loans but that was back then. You have to check around for your financial aid options.

MSJ2007 · Feb 25, 2007

It's not that you can't receive financial aid for a second Bachelors degree, but there is a cap on how much you can borrow over a lifetime. If you didn't borrow the maximum allowed on your first Bachelors degree, there may be funds still available to you. These limits take into consideration if you are a dependent or independent student as well. I'm certainly not the expert--there are likely more variables. Check with the financial aid advisors at your school.

This is a major reason why so many MN and MSN direct entry programs are popping up. I wouldn't have been able to afford a second Bachelors, but funds are available for a Graduate degree.

BAtoCNM · Feb 26, 2007

Hi Chaundrah,

I've just been accepted to a BSN/MSN program and have received two kinds of federal student loans, both subsidized. The school also gave me a significant amount of money in need-based grants. Some schools are willing to consider your previous loan burden when awarding need-based grants that come from the school itself, while others adhere strictly to the FAFSA calculations, which do not account for loan payments you already have and limit your aid if you have already received some for a previous bachelor's degree. Speak to someone "at the top" (ie, the director) at various schools' financial aid offices and likely they will be able to tell you the real deal (that's what I did).

Best of luck to you!

LuckyMe2g · Feb 27, 2007

I think it's pretty confusing when you already have a degree. So far, I have been told that I do not qualify for a Pell Grant because of my previous degree. I was also told that I won't be able to get a federal subsidized loan either, but I don't know how accurate that is. If it is true, then that leaves unsubsidized loans or private loans.

NurseTronic · Jun 3, 2007

I just graduated from an accelerated 2nd degree program. You can get federal loans but there is a yearly limit. I already worked at a hospital and was able to get tuition reimbursement each semester along with financial aid. It can be a tough road. Everyone in my program was either supported by a spouse lived with parents or a reimbursement setup like mine. The one person who tried to pay living expenses by working full time hours failed out.

LuvaBSNRN, BSN, RN · Jun 3, 2007

MSJ2007 said:
It's not that you can't receive financial aid for a second Bachelors degree, but there is a cap on how much you can borrow over a lifetime. If you didn't borrow the maximum allowed on your first Bachelors degree, there may be funds still available to you. These limits take into consideration if you are a dependent or independent student as well. I'm certainly not the expert--there are likely more variables. Check with the financial aid advisors at your school.
This is a major reason why so many MN and MSN direct entry programs are popping up. I wouldn't have been able to afford a second Bachelors, but funds are available for a Graduate degree.

This is true. I was told that I would not be able to receive any type of financial aid since I am pursuing a 2nd Bachelor's. NOT TRUE! I am in an accelerated program (I graduate Dec 07) and I DO RECEIVE financial aid. Since you already hold a Bachelor's there is a limit or cap on the amount you will be allowed to borrow. Once you hit that max then you are ineligible to receive any more money. Definitely check with your school's financial office and also speak to someone with the Department of Education. Good luck.

justme1972 · Jun 3, 2007

chaundrah said:
Is it true that there would be no Federal Financial Aid if I were to pursue an accelerated BSN degree since I already hold a BS degree? This limits me to Direct Entry MSN, if I want to have access to student loans, correct?
I hope I have misunderstood. Can anyone clarify any further?
Thank you!

You can get loans, but no grants. If that is what they told you, then it is 100% correct.

vamedic4, EMT-P · Jun 4, 2007

Hopeful is correct - you can get LOANS, just not GRANTS. GRANTS (free money) are given to people who are pursuing a degree..their first degree. You already have a bachelor's degree, and therefore don't qualify. You can get loans out the wazoo... just not a federal grant.

Cinqly, BSN, RN · Jun 16, 2007

msj2007 said:
It's not that you can't receive financial aid for a second Bachelors degree, but there is a cap on how much you can borrow over a lifetime. If you didn't borrow the maximum allowed on your first Bachelors degree, there may be funds still available to you. These limits take into consideration if you are a dependent or independent student as well. I'm certainly not the expert--there are likely more variables. Check with the financial aid advisors at your school.

This could certainly be a reason why you might not be eligible for loans. Did you take out any loans for you first bachelor's degree? There is indeed a cap on the amount of loans that you can receive to pursue an undergraduate degree. I'm not sure the exact level, and it may depend on your status (independent/dependent) as well as your residency classification (don't take my word for that, though). However, I believe that you can still get private loans...it's just that the interest rates and payback options might not be as flexible as government loans. You should really call direct. Also talk to your financial aid counselors. Also talk to the nursing school and see if there are any scholarships you can apply for. Good luck and you will find a way!