<p>I’m considering pursuing a second Bachelor’s degree. To finance the degree, I’m planning to take out a Stafford loan. (Thanks to kelsmom for pointing out that these are available for second Bachelor’s degrees at all.) It’s not the end of the world if some or all of the amount is unsubsidized. Fortunately, I clearly qualify as an independent student due to being over 24 years old. FWIW, I didn’t use Federal financial aid for my first Bachelor’s degree, so the entire $57,500 lifetime limit should be available.</p>
<p>There’s a good chance that I’d take 24 credits per year or so. While work in my current career is likely to be sporadic and part-time going forward, it’s worth taking when it comes up. In this case, I might not advance an entire academic year in a calendar year. Also, if any of these credits are during a summer term, I would have less than 12 credits in a fall or spring semester.</p>
<p>Through online research, I’ve been able to figure out the basics of how Stafford loans work. However, my situation is somewhat unusual, so it’s unclear how many of the rules apply to it. The websites I’ve checked don’t seem to clarify matters. But this site seems to have quite a few financial aid gurus. So possibly someone knows the answers to these questions?</p>
<li><p>For a second Bachelor’s degree, one is really transferring in credits from previous institutions to the maximum extent allowed. Then, one has to fulfill the requirements of the major and any residency requirements. So if I transferred in 60 credits, is it accurate that I would be considered a third-year student and thus eligible for $12,500 per year?</p></li>
<li><p>At less than 30 credits in a year, one is still going to be in the same academic year after an entire calendar year. How does this affect the loan amount available? Is the limit of $12,500 per year prorated in some way? Would it be necessary to attain fourth-year status before being able to access any of the limit for that year?</p></li>
<li><p>If taking less than 12 credits in a semester - and therefore not technically full-time - how does this affect the loan amount available?</p></li>
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<p>I don't know the answer to the first one. You need to talk to your school.</p>
<p>2.) I'm assuming it's just like your first bachelor's degree, in that they go by year. So if you completed enough credits to be a senior, then you get the allowance for a senior.</p>
<p>3.) If you're less than full time, the loan will be prorated to reflect that.</p>
<p>Part of your answers are determined by whether you will be attending a traditional program or a non-traditional program. There are two different types of aid typically sen for adult students: semester based (traditional) and non-term (non-traditional). Do you know how the institution you will be attending views the program?</p>
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<li><p>I'm pretty sure this is the case for the programs I'm considering, at least as far as the school is concerned. So if the school classifies me as a junior, is it automatically the case that I qualify as such for Federal financial aid?</p></li>
<li><p>That makes sense - although the limit is $12,500 for both juniors and seniors. But in this scenario:</p></li>
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<p>At the beginning of the year, I have 60 credits and am considered to have junior standing. 90 credits are required for senior standing.
Fall semester, I complete 12 credits. This qualifies as full-time, so the loan amount is not prorated.
Spring semester, I complete another 12 credits. This qualifies as full-time, so the loan amount is not prorated.
Slight problem - I still only have 84 credits and thus still only have junior standing. Would I then need to pay for another 6 credits without funding - e.g., by private loans -before accessing any of the available loan amounts for the senior year?</p>
<p>NikkiL: Good question. In all cases, the programs are semester-based. Even in the case of the program which is explicitly for non-traditional students (Columbia's School of General Studies), it's still semester-based.</p>
<p>No, you will still be classified as a junior and receive the allowance for a junior. The next semester you will have over 90 units so they will give you the allowance for being a senior. They can adjust your loans mid year because it is federal aid that is freely given.</p>
<p>Also, just wondering...do the stafford loans fully cover the tuition at Columbia's School of General Studies if you're full time for a full year? I know it's very expensive.</p>
<p>OK, does that mean then that I can get $12,500 in my first year and another $12,500 in my second year even in the scenario above?</p>
<p>The Stafford loans don't even come close. 30 semester hours at Columbia GS, at $1,210 each, costs $36,300. They usually offer a renewable scholarship of at least $6,000 per year. That's still $30,300. The gap would be about $18K/year plus living expenses.</p>
<p>Now, if I could take 24 credit hours per year, that's $29,040. Or $23,040 or less after the scholarship. So IF the entire $12,500 is still available for a year where I take only 24 credits, the gap is only about $11K/year plus living expenses. Much more manageable.</p>
<p>Thing is, the good-but-relatively cheap options I'm considering aren't dramatically cheaper.
* Wisconsin costs $21,818 per year as an out-of-state student. So there's still a gap of $9K/year plus living expenses.
* At McGill, the Stafford loan would cover international tuition just about exactly. But I'm a US citizen, and a student authorization grants only limited authorization to work in Canada. So the US$1,000 per month or so for basic necessities in Montreal would have to come from somewhere other than a Stafford loan.</p>
<p>University-based financial aid is rarely available to second Bachelor's degree candidates. (The merit scholarship offered by Columbia GS is the only real exception I know of.) Worse, state universities often disallow second Bachelor's degrees entirely. One is looking at paying full-price at private universities or OOS public universities for the most part.</p>
<p>There's got to be a cheaper alternative. Online...unless you want the "college experience" is definitely cheaper. What state do you live in? Can you take all your prereqs at the community college first?</p>
<p>The "college experience" is not a primary concern. However, I'm expressly looking to attend a rigorous, top-tier university. Do any such universities offer online courses at prices significantly less than the other options noted above?</p>
<p>I'm willing to pay for quality here. A good thing, as it will probably be necessary.</p>
<p>Currently, I'm a resident of New York State. This may change if I have to move due to the economy. The SUNY system might be the cheapest acceptable option even as an OOS student. Even so, it's not my first choice for various reasons.</p>
<p>Any required gen ed courses have already been taken. Those should be transferable for the most part.</p>
<p>veryspoiledgirl and NikkiL: Thanks for the info!</p>
<p>I checked that link. Penn State was the only one of the three I found listed. FWIW, they charge $5,957 per semester for full-time study.</p>
<p>In general, are the online versions of the degrees as prestigious as actually attending at the campus?</p>
<p>For most of the programs I've investigated to date, the problem is the residency requirement. They require you to earn 60 credits through them in order to earn a degree. So taking prereqs elsewhere wouldn't help much if I then have to fill up the 60 credits with something else anyway.</p>
<p>Take3, you will have to find out what the school considers full time for financial aid purposes. For example, my school considers 12 credits full time for an undergrad. You can get a loan as long as you are at least 1/2 time ... so you can get a loan at 6 credits. We do not prorate based on hours. Some schools may, though ... so that's another question to ask. If you are classified as a junior coming in, you'll get junior level loans. Junior & senior level loans are the same amount. You can keep getting loans as long as you are meeting your school's academic progress requirements and not exceeding lifetime limits.</p>
<p>As far as online degrees go ... personally, I would not recommend this option for you. Your reasons for returning to school are solid, and I think you would benefit from a strong classroom experience. You don't have to go to Columbia to get a great education (although I would imagine it might help in the job market, at least for getting your foot in the door). There really are many good schools out there that cost less. You don't need to put yourself into debt so far you'll never get out from under it. That just doesn't make sense.</p>
<p>kelsmom: Yes, I'm definitely leaning towards actually being on a campus. I agree that it makes for a better experience.</p>
<p>Columbia GS is in fact more expensive than the other options I'm looking at, although not dramatically so. And I definitely agree that getting into unpayable debt is bad news. Currently, my plan is to try to save up enough beforehand so that only the Stafford loans are necessary. Hence all the questions about Stafford loans (-:</p>
<p>emeraldkity4: Yes, I've been following that thread. Fortunately, in my case, I probably only need to attend for two years instead of four. So it's only half as expensive. As for general cost of living, I've actually lived in NYC and know how to live relatively cheaply there.</p>
<p>The thread seems to assume that financial aid is available at other institutions. This is rarely the case for a second Bachelor's candidate.</p>
<p>You can remain at Junior level standing for more than 2 semesters, as long as you are complying with satisfactory academic progress (as defined by the school). Fall and Spring and Fall you would be a Junior...the next Spring, you would be a Senior. You can still take 12 credits during the 2nd fall term and therefore qualify for full loans. It really doesn't make much of a difference, since the amount of loans is the same for Junior and Senior levels. You may also want to check out scholarship search engines. There aren't a lot that you may qualify for, but every little bit would help reduce your dependency on loans.</p>