Second bachelors and Stafford loan limit

Paying for College
1

<p>I'm considering going back to school for a second bachelors in aerospace engineering. I understand that Stafford loans have aggregate or lifetime limits on the order of $60k for independent students. I currently owe $30k in Stafford loans for my first bachelors degree.</p>

<p>My question is: if I pay off the $30k I currently owe, will my loan limit reset to $60k? I ask because I've found conflicting information. Some sources say that it's a lifetime limit that cannot be exceeded even after repayment, while others say that it's an aggregate limit and that paying it off will reset it.</p>

<p>(I'm aware that getting a masters degree would avoid this situation because the lifetime/aggregate limits are separate and greater for graduate degrees. Going directly to a masters in aerospace engineering isn't an option for me -- it has to be a second bachelors, due to my academic background.)</p>

2

<p>I’m not an expert on this…but I believe it doesn’t matter if you pay it back…you have still borrowed that amount and it is included.</p>

<p>If you can afford to pay it all back, why wouldn’t you just USE that $30,000 to fund or partially fund that second degree?</p>

3

<p>The aggregate limit for undergraduate Stafford loans is $57,500 (independent students). Up to $23,000 may be subsidized. The aggregate limit is based on outstanding loan amounts … so if you paid off the $30,000, you would be eligible for the entire $57,500.</p>

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<p>Thanks Kelsmom. I still,have the same question…why not just use the $30,000 you want to use to pay OFF the first loans to cover current college expenses. At the end you would have the same total loan amount.</p>