overqualified (Mar 9, 2012 - 12:42 pm)
I have no debt from UG, and about $34,000 from LS. I am seriously considering going back to school (second bachelors) in an area that I can get a very good job in. My question is: how much can I borrow per year thru the various govt. loan programs? My research has indicated $12,500/yr which barely covers tuition. Any help is greatly appreciated.
AssociateX (Mar 9, 2012 - 12:53 pm)
Isnt it $18,500/year through the Stafford loans? (Sub and unsubsidized?) Maybe my info is already outdated - but the max fed govt loan $$ available was 10K and 8,500 (total of 18,500).
BigSal (Mar 9, 2012 - 12:55 pm)
A second bachelors is subject to the overall undergrad lifetime loan cap (even if the debt was acquired in law school). I believe the lifetime limit is somehwere around 57k.
mayorfartbooger (Mar 9, 2012 - 12:56 pm)
From what I have been told, you have annual and aggregate limits based upon your class standing and accumulated debt. The money you have from LS does not impact your ability to borrow for UG, though, because the aggregate debt limit is not cumulative. It only impacts your ability to borrow year on year.
For example, in your situation, you have the full $57,500 UG aggregate limit available for independent students to pursue an UG degree because you carry no debt from your first. If, however, you had accumulated $27,500 in UG Stafford loans, then you would only have available $30,000 remaining UG fed loans to help finance you second Bachelors. Note again that your law school debt load is irrelevant to the calculation.
However, be aware that you will not be eligible for certain types of grant aid because of the fact you already hold a Bachelors. like Pell grants or anything through your state.
Also note that you cannot change your financial aid status easily mid year. I tried to do this and start my 2nd BS this Spring after graduating law school in Dec 2011, but was denied because I had maxed out my annual eligibility.
All of this came from an extended dialogue with several Fin Aid office folks last year. Verify this information with your school, but it is what I have been told.
BigSal (Mar 9, 2012 - 12:57 pm)
"Note again that your law school debt load is irrelevant to the calculation."
I was denied access to the Stafford for a second bachelors due to hitting the lifetime cap from law school. I complained and appealed and was still denied.
I agree with you on the rest.
mayorfartbooger (Mar 9, 2012 - 1:05 pm)
I had them pull my records and check what I had available to me when they told me that. We'll find out if they assfucked me or not in a few weeks when I get my aid package.
Maybe your mix of UG and LS loans was different from mine?
BigSal (Mar 9, 2012 - 1:06 pm)
I have no UG debt. The disqualifying debt all came from LS.
mayorfartbooger (Mar 9, 2012 - 1:43 pm)
Well, I'm probably going to get buttraped on this then. Hopefully the schools have some leeway in how they award fin aid. Otherwise, my attempts to enroll this summer will flame out spectacularly in short order.
BigSal (Mar 9, 2012 - 3:30 pm)
If you are able to pull this off, can you post how on the board? There is some chem shit that I would like to take.
mayorfartbooger (Mar 9, 2012 - 10:10 pm)
Here is part of the email correspondence I had with them a few months back:
"Thank you for your response. However, I need to ask another question for clarification.
The undergraduate aggregate limits of $23,000 and $34,500 combine to make a total of $57,500 for both sub and unsub Stafford loans. For graduate students, the aggregate limit is $138,500. Are these limits rolling, or are they independent of each other?
For example, if you carry $50,000 in total undergrad Stafford loans, does that mean your graduate Stafford loan limit is reduced by $50,000, thus only giving you $88,500 available for graduate Stafford loans? Or does it mean that you still have $7,500 available to pursue a second undergraduate degree and your graduate loan availability is still the full $138,500?"
"It would mean that you still have $7,500 available to pursue a second undergraduate degree and your graduate loan availability is still the full $138,500."
If this is wrong, then I will be totally fucked in record time.
BigSal (Mar 9, 2012 - 1:07 pm)
The first person that I talked with at my school said that I shouldn't have a problem. Then, she got overruled by the Director. The first person sent my file up for review to confirm what she was going to award me. I am guessing she did this to cover her ass.
So anything above $57,000 has to be covered by private loans now? I thought 100% of a law school loan could be federal? Dang, $57,000 barely covers one year's worth of tuition at some law schools.