FAFSA & Second Undergrad

[peasupmynose]

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Hello Everyone!

I hope your day is going well! I am returning to school so that I can complete the required classes for medical school. Currently, I am enrolled in the Molecular and Cellular Biology program, but the school I transferred to may need me to take additional non-sciences courses (humanities, societies, etc.) to acquire the degree even though I already had to complete those for my first degree (at another school). This could make the second BSc take three years instead of two. With FAFSA loans, if I do not complete the 2nd degree and try to proceed to medical school, would it be considered a breach of the terms and conditions of the loans and would I, in that circumstance, be required to pay the loans back during medical school? Does anyone have any experience with this? It really irks me that I already have a science based degree and I may not go back for another one because of an additional semester or two of required fluff courses. Thank you for any advice or experience you can share! Have a terrific week!

 

[FutureDrB]

As long as you are enrolled at least half-time in school, you do not have to pay on your student loans. So no, you would not have to pay while in medical school. Wouldn't you be taking out additional loans anyway if you were enrolled in medical school? (Assuming you weren't paying out-of-pocket for med school.)

 

[peasupmynose]

Good Morning FutureDrB! Yes, I would be taking out student loans for medical school, but my concern is that when I apply to FAFSA for medical school I will be required to prove that I received the undergrad degree and that I may be penalized somehow since I filled out "degree seeking" on the undergrad application. Thank you for taking the time to respond!

Have a wonderful day, sir!

 

[deleted480308]

ahhh, I see your question....the degree seeking status that you used to get approval for the loans is not a contract in any way.

when you move on to med school you just go get the grad loans....no one from fafsa ever checks to make sure your degree happened due to your undergrad loans

just note that your 6month grace period is partially used by the time between undergrad and med school

 

[Mars41]

As long as you are enrolled at least half-time in school, you do not have to pay on your student loans. So no, you would not have to pay while in medical school. Wouldn't you be taking out additional loans anyway if you were enrolled in medical school? (Assuming you weren't paying out-of-pocket for med school.)

@FutureDrB Curious about not having to pay back student loans while you are enrolled half-time???

Does this include non-degree seeking students (DIY postbac)?

This semester I will be enrolled in 8 credit hours. I am assuming half-time is 6.

Do I just contact the loan company and let them know I am going back to school?

I am not eligible for financial aid because I am a part-time student. It would be extremely helpful if I could take a break from the previous student loans.

Does the interest continue to accumulate or will the account remain the same until I am completely done with school?

Really interested to hear back from you on this.

 

[FutureDrB]

@Mars41

That's correct. If you are enrolled at least half-time (6 hours) at an eligible school (eligible meaning accredited...pretty much any college) then you can get an in-school deferment (or financial hardship deferment if you're only making so much a year, working part-time, etc.)

You mentioned "loan company"... Are these private loans? If not, loans are issued by the government now and handled by "FedLoan Servicing".

You're not eligible for loans because you're part-time??

I would say you aren't eligible for new loans because you aren't in a degree program. You are still eligible to receive loans if you are part-time. (I've always gotten them part-time.) But again, you have to be enrolled in an actual degree plan.

Interest on loans always accumulates.

I downloaded the deferment form for you, but I don't see a place to attach it. (You have to be logged in to FedLoan Servicing to gain access to the forms.)