NOT eligible for financial aid as a second-degree student with a previous masters?!

nlion87 · Mar 9, 2010

Unfortunately your previous degrees disqualify you from receiving financial aid. The same thing happened to me when I applied to schools based on my BA eventhough I paid my own way through undergrad without loans. You can however obtain grants and private loans

Aurora77 · Mar 10, 2010

Appeal that decision. I don't know about the master's degree, but a previous bachelors doesn't disqualify you from federal student loans. I had to jump through hoops, but finally got qualified. Find another financial aid person--if my school is any experience, some are far better informed than others.

Ladybug15 · Mar 10, 2010

While you aren't eligible for grants, I was told that you are still eligible for Stafford loans if you have a prior degree - as long as you haven't maxed out on them. If for some reason, you do not get enough funds from the fed you can always look to private loans (such as Sallie Mae) to cover any remaining tuition obligations. So good thing is that you have options, all hope is not lost!

aurora155 · Mar 10, 2010

I'm confused by this, and it might apply to me. So if you have a previous Bachelor's degree you cannot get a federal loan to do a second Bachelor's degree? Am I interpreting that right? Or is it if you have a previous Bachelor's, you can't get a loan for a graduate degree? (I am not sure if the OP is doing an accelerated program leading to a BSN or a Masters.)

I will be beginning a graduate entry Master's in Nursing program. I already have a BS and an advanced degree in non-nursing fields. I never had a federal loan for my first two degrees. But I was actually hoping to get a loan for my Master's in Nursing degree. The program is very intense in the pre-RN phase, and they have told us that it is not possible to work during this time.

I'm trying to make sense of the conflicting statements in this thread. Some people say you can't get a federal loan if you have a bachelor's already, some say you can, some say you can get loans but not grants. :confused: Anyone know a good resource to point to where these questions are answered? I looked at the federal aid website but it did not mention second or advanced degrees. So if not mentioned, perhaps not a roadblock?

MiahMSN, MSN, RN · Mar 10, 2010

not sure why your financial aid rep is telling you you are not eligible for stafford loans, as it appears that you have not reached you maximum limits. an advanced degree makes you ineligible for a perkins loans and certain grants, but as long as you have not reached your maximum borrow amount, you should still be able to take out stafford loans (subsudized and subsidized).

i have a ba and an ma in non-nursing fields, and i will start a direct-entry msn program in the fall. fortunately, for my previous masters, i didn't even come close to maxing out for the stafford loan amount you can borrow, which is $138,000 (no more than $65,000 of this can be subsidized). what this breaks down to, is $20,500 each academic year (only $8,500 can be subsidized). just because you borrowed stafford loans for a previous masters, doesn't disqualify you from borrowing for another graduate degree, as long as you haven't maxed out.

below is valuable info from the federal student aid website. i would read it carefully, review it against the amounts you borrowed for your previous degrees to determine if you maxed out, then go back to your financial aid department and appeal what they are telling you.

http://studentaid.ed.gov/portalswebapp/students/english/studentloans.jsp

how much can i borrow?

it depends on your year in school and whether you have a subsidized or unsubsidized direct or ffel stafford loan. a subsidized loan is awarded on the basis of financial need. if you're eligible for a subsidized loan, the government will pay (subsidize) the interest on your loan while you're in school, for the first six months after you leave school, and if you qualify to have your payments deferred. depending on your financial need, you may borrow subsidized money for an amount up to the annual loan borrowing limit for your level of study (see below). you might be able to borrow loan funds beyond your subsidized loan amount even if you don't have demonstrated financial need. in that case, you'd receive an unsubsidized loan. your school will subtract the total amount of your other financial aid from your cost of attendance to determine whether you're eligible for an unsubsidized loan. unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it's paid in full. you can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). capitalizing the interest will increase the amount you have to repay.

you can receive a subsidized loan and an unsubsidized loan for the same enrollment period as long as you don't exceed the annual loan limits.

if you're a dependent undergraduate student (excluding students whose parents cannot borrow plus loans), each year you can borrow up to:

$5,500 (for loans first disbursed on or after july 1, 2008) if you're a first-year student enrolled in a program of study that is at least a full academic year. no more than $3,500 of this amount can be in subsidized loans.
$6,500 (for loans first disbursed on or after july 1, 2008) if you've completed your first year of study and the remainder of your program is at least a full academic year. no more than $4,500 of this amount can be in subsidized loans.
$7,500 (for loans first disbursed on or after july 1, 2008) if you've completed two years of study and the remainder of your program is at least a full academic year. no more than $5,500 of this amount can be in subsidized loans.

if you're an independent undergraduate student (and a dependent student whose parents have applied for but were unable to get a plus loan (a parent loan)), each year you can borrow up to:

$9,500 (for loans first disbursed on or after july 1, 2008) if you're a first-year student enrolled in a program of study that is at least a full academic year. no more than $3,500 of this amount may be in subsidized loans.
$10,500 (for loans first disbursed on or after july 1, 2008) if you've completed your first year of study and the remainder of your program is at least a full academic year. no more than $4,500 of this amount may be in subsidized loans.
$12,500 (for loans first disbursed on or after july 1, 2008) if you've completed two years of study and the remainder of your program is at least a full academic year. no more than $5,500 of this amount may be in subsidized loans.

if you're a graduate or professional degree student, each year you can borrow up to:

$20,500. no more than $8,500 of this amount may be in subsidized loans.

when you graduate with a graduate or professional degree, the maximum total debt allowed from stafford loans is $138,500. no more than $65,500 of this amount may be in subsidized loans. this maximum total graduate debt limit includes stafford loans received for undergraduate study. however, the aggregate loan limit for graduate and professional students enrolled in certain approved health profession programs is $224,000.

these amounts are the maximum yearly amounts you can borrow in both subsidized and unsubsidized ffels or direct loans, individually or in combination. because you can't borrow more than your cost of attendance minus the amount of any federal pell grant you're eligible for and minus any other financial aid you'll get, you may receive less than the annual maximum amounts.

ChineseLantern · Mar 10, 2010

Thanks for the replies, everyone! I'm actually planning to go back for an accelerated bachelor's program, so that's where some of my confusion came from.

I found this online: http://docs.google.com/viewer?a=v&q=cache:HOT_JKyoFq8J:www.nasfaa.org/PDFs/2004/II8LynnReplace.pdf+stafford+loan+second+degree+students&hl=ko&gl=kr&pid=bl&srcid=ADGEESiyw-yKjKtr-RJaszq_EHvtEXhoMxFbfQDgL25BpHcw3NuFb0YLRrj5kby1qhfJaCq82HfJQJRa_FbHqxMGRoRPceHgoh_I2xnBfi7QTq6dN8HRUAMLxcnPmNlAih8rs49aHDia&sig=AHIEtbSiVzf276Vcms54WOd1NsypxoDaNA

It's a case-study from the National Association of Student Aid Administrators, and cleared up some questions that I had, so perhaps it could be helpful to some of you, as well! Seems like you guys are right, we ARE eligible to receive aid as second-degree students!

chendamoni · Mar 10, 2010

I think it depends on the discipline of the degree you are seeking. If this is a second BS degree (which I assume it is since this is Nursing), then you are ineligible. To be eligible, you need to get a second-degree in a different disciple (a BA, for example).

I don't have a Masters, but I returned to school for a second undergraduate degree. At first, one financial aid advisor told me that I would be ineligible because I already had a Bachelors. Later, another advisor called me and said that since my first degree was a BA, I could still get financial aid since my next degree was a BS.

I know this isn't good news, but there are still private loans and scholarships that your school might offer. I'd also get a second opinion from another financial aid advisor (maybe the supervisor?).

TheSquire, DNP, APRN, NP · Mar 11, 2010

Or you could go into a graduate-entry program, which makes you eligible for GradPLUS loans from the Federal government.

GonnaBSN · Mar 11, 2010

Just curious, what's your initial MA in?

why the change?

krimicrat · Mar 12, 2010

I have a BA and a JD, and am currently in a BSN program, receiving financial aid (federal loans and scholarships from the school).

I was told I could not receive any financial aid at all from different schools, but they were wrong.

I have no idea if you can get another BS with financial aid.

Good luck!

FA2Nurse · Mar 12, 2010

not eligible.

been there done that.