<p>Hi, all!</p>
<p>After a decade and a half in my chosen field, including bachelor's and master's degrees to enhance my career, I've come to realize that I'm not doing what makes me happy. So, I'm going back to school to pursue licensure as a teacher. Two of the programs I'm looking at are for second bachelor's degrees, and the third is a post-bacc teacher-prep program.</p>
<p>Anyway, with my previous education, I've almost reached my aggregate Stafford Limits. I actually exceeded my aggregate limit for subsidized Staffords because my grad school had incorrectly awarded me a subsidized loan when they should've given me an unsubsidized loan. That's being taken care of thanks to a reallocation, and once it's done, I'll have my Title IV eligibility for aid restored, including having a little to borrow as an unsubsidized Stafford should I need to, based on the rest of my aid package.</p>
<p>What I'm wondering, though, is: once I reach my aggregate limit for Stafford loans ($138,500), will that cut off my eligibility for other federal programs, like Federal Work Study or Perkins Loans? I know going OVER the aggregate shuts off all aid (found that out due to this overpayment that the school's reallocating for me), but does reaching it mean I wouldn't be eligible for things like Perkins Loans?</p>
<p>I can't seem to get a clear, concise answer anywhere, and I'm just trying to plan my future steps. I know I won't be eligible for a Pell, due to my previous bachelor's degree (and I wouldn't qualify for the post-bacc teacher program exception in the Pell, because the school that offers the post-bacc program also has a bachelor's degree program in education...).</p>
<p>Thanks in advance for any answers or insight, everybody! Glad to have found this community. :)</p>
<p>Are you saying that you are going to be in debt for over $138,000 due to all the student loans you already owe money on, and hope to be able to borrow for this latest endeavor? That is wayyyyy too much to owe if you want to be a TEACHER! A starting teacher will at BEST make $40,000 a year, in a really, really great district, with a Master’s degree, and that is probably a very generous estimate. You will not be able to comfortably make your loan payments! Will you hold a second job as well? Teachers have to be available for evening “open house” things, conferences, etc, as well as doing all the extra work required outside of class time, like the never ending grading of papers and lesson planning. The first couple years in particular are very demanding on your time and energy. You could swing a job during the summers, but would this help you enough financially? Please think carefully about how you will pay these loans back!</p>
<p>The answer to your question depends on the policies of the individual school. Where I work, there is no SEOG,CWS, or institutional aid for anyone at the undergrad level who has a prior bachelors degree. I am not 100% sure, but I don’t believe we award Perkins after 1st bachelors, either. This type of funding is very limited, so we reserve it for those who have not had the opportunity to earn a degree of any type.</p>
<p>TEACH Grant may be a possibility for you …</p>
<p>Thanks for the answers! I’m definitely not looking to borrow more – my first year is pretty much taken care of via state grants and a couple of small scholarships, but I just mainly wanted to look ahead to my future.</p>
<p>Trust me…I know I’ve got a lot to pay back, and adding to that pile is going to be a last resort. I’m just trying to plan ahead mainly for my second year. I just didn’t want to miss out on any possible additional FSA of any type simply because it put me in an imposed freeze. My plan is to manage my savings carefully, keep in good standing for my grants, and apply for future scholarships. I also hope to eventually take advantage of loan forgiveness for teachers, though I know this requires a number of years in the field first.</p>
<p>Was a little disheartened to discover second-degree students aren’t eligible for the TEACH Grant, because I think it’s a fantastic program and I’d gladly give my service in exchange for that kind of assistance.</p>
<p>In any event – thank you for the answers – and the ever-helpful cautionary reminders. :)</p>