Financial Aid and Post-Bacc Programs (Formal vs. 2nd Deg. vs. DIY?)

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LoRezSkyline

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hey all,

not sure if anyone on here is a financial aid whiz, but i have a question to ask - in terms of applying for loans, grants of any sort - how does it work when you apply for aid as a 2nd degree bacc student vs. being enrolled in an "official" post-bacc program vs. doing an "unofficial" d.i.y. post-bacc at a state university? is there an advantage to any of the three classifications, or is it a toss-up?

i thought i'd read somewhere that as a post-bacc it might be more difficult to get stafford loans and the likes because you're enrolled in a non-degree program, whereas i thought i'd seen someone else mention being able to get these kinds of loans b/c of their degree-seeking 2nd-bacc status? am i completely misinformed here, or what's the deal? all these choices between post-bacc programs are doing my head in, but the one thing i do know is that money will most definitely play a role in my decision!

to give you a bit of perspective on my personal situation - i'm looking at programs across the spectrum right now, everything from formal post-bacc programs at usc/scripps to 2nd degree programs at sfsu/ucsd to the bare-bones d.i.y. route at csula out here. so any light you all can shed on this one would help immensely!

thanks in advance...

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LoRezSkyline said:
hey all,

not sure if anyone on here is a financial aid whiz, but i have a question to ask - in terms of applying for loans, grants of any sort - how does it work when you apply for aid as a 2nd degree bacc student vs. being enrolled in an "official" post-bacc program vs. doing an "unofficial" d.i.y. post-bacc at a state university? is there an advantage to any of the three classifications, or is it a toss-up?

i thought i'd read somewhere that as a post-bacc it might be more difficult to get stafford loans and the likes because you're enrolled in a non-degree program, whereas i thought i'd seen someone else mention being able to get these kinds of loans b/c of their degree-seeking 2nd-bacc status? am i completely misinformed here, or what's the deal? all these choices between post-bacc programs are doing my head in, but the one thing i do know is that money will most definitely play a role in my decision!

to give you a bit of perspective on my personal situation - i'm looking at programs across the spectrum right now, everything from formal post-bacc programs at usc/scripps to 2nd degree programs at sfsu/ucsd to the bare-bones d.i.y. route at csula out here. so any light you all can shed on this one would help immensely!

thanks in advance...

I think it depends on the program--for ex. at UCONN you can apply for fin. aid through their continuing studies program. At Yale's program, it doesn't look like they provide any loopholes to get aid.
 
To get Fin Aid (staffords, unsub staffords), you need to enroll in a program that terminates in a degree (MS, BS, etc.) or a certificate which is how some of the postbacs programs like Columbia are setup. If you design a program yourself and just take classes, you might have no access to student loans and have to self-fund the classes.
 
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XO is right. In my secret identity, my day job is financial aid. In order for Stafford loans to be there for you, you can't be a "non-matriculated" or "continuing studies" kind of student; you need to be in a program that is degree-granting (or at least certificate-granting).

Also, if your Post-Bac is considered a "5th-year Undergrad" program (like mine will be, dang it), then the undergrad loan maximums apply. The most you can get in one FA year is $10500, and the most you can rack up over your (undergrad) lifetime is $46,000. Contrast this with grad school, where the yearly max is $18500, and the lifetime max is a whopping $138,500.

(Med school has even "better" - meaning higher - numbers, and more loan program options.)

These numbers, by the way, have not changed since 1992, and if we all write to our US Congresspeople and complain, you never know what might happen.

So, from best to worst, there are grad-level Post-bacs that give you a Master's degree; programs that (even though they might be listed in the grad part of the school catalog) count as "5th-year Undergrad"; and then there are the totally independent, not-really-enrolled-in-a-program programs.

If you can afford it, obviously not owing money to a lender is better. But if you need to rely on loans like most of us regular joes, be advised that DIY can be very rough. There are always the private educational loans, through a lender rather than the Dept of Ed, but the rates are higher and the credit guidelines are tighter. It's always a good idea to have a friendly conversation early on, with an FA person at your school of choice. Good luck!
 
i didn't know we had a double agent in our midst - but thanks a mil to febrifuge and the rest of you, that info gives me more of a toehold than i had before! i'm still not certain if post-bacc programs like usc or scripps (two of the most expensive options i'm pondering) matriculate with some kind of degree or certificate, but i'll check into that. sfsu is an unofficial d.i.y. post-bacc but you can enroll under 2nd-bac status, while csula is a d.i.y. unofficial post-bacc from what i gather? so if i'm understanding this right, i might qualify for stafford loans in the former case but i wouldn't in the latter?

to add yet another wrinkle to this one, here's a follow-up question for any of you that might be able to help - i moved to california five years ago to take a job out here, but my parents still reside in my original home state of north carolina. i'd really rather stay on the west coast if possible, but if money dictates i might (?) have the option of moving back in with one of my parents for the duration of my post-bacc. there's a program at unc-greensboro, which is close enough to commute to from my home town. would i automatically re-establish n.c. residency by moving back home due to the fact that they're my parents and have been there the entire time? or would i have to live there for a year while not going to school to demonstrate an intent to establish residency first?

thanks a mil - this board is invaluable...
 
Getting a little freaked out here by how small the numbers are for fin aid. What if you don't work? I know my EFC is going to be much higher next year bc of the income for this year but I was hoping to not work while I was doing the program. I was accepted to SFSU for Fall 05. I'm taking the fed subsidized and was thinking I could take private loans from citi to cover my cost of living and such. Does this mean I may really have to work? If the ag limit for undergrad is $75K with Citi does that mean I could potentially take out $35 a year for school, cost of living, etc. I believe I was accepted as a 2nd BA student. Thanks!
 
Because every situation is a little different, only a good friendly talk with a fin aid person at your school will answer all the questions. Generally, so long as the school is able to certify that the expenses are a necessary part of the cost of doing your program, and then the lender is willing to pony up the funds, it all works out.

A low EFC helps get more Subsidized, but even with a higher EFC the Unsub loans would be available. Of course, all the above is before thinking about max amounts, and aggregate overall max amounts like Citi's rule about $75k or $50k or whatever, lifetime.

So talk to your school's FA people. They are there to help you figure it out and let you know what the situation is, even though there are times when the only info they have to share is not so encouraging. Sort of like being a doctor, actually. :D
 
Thanks. Yet another question for you, I thought the undergrad and the med school loans were different, are they not? Does that mean if I were to take out $75K for my two yrs @ SFSU and then needed an additional $150K for med school that I could potentially be over an ag limit? The funds I would need are for living, how do they expect anyone to live on $10K a year and do well. Makes no sense to me.

Thanks again! I will make my way out to chat with a fao from SFSU.
 
blast form the past.

Question, Febri, maybe you can help a sista out.

If I have undergrad loans, but paid part of them off, does that max still count?

Additionally, If I paid for my MBA though loans, does that mean that will count against me for federal funds for my med school or grad school if I do a MS?

Thanks.
 
You paid off some loans? Awesome! I heard that people can do that, but it hasn't happened to me..... :)

You can get the story for yourself if you have your fin aid PIN - just look up your loan history on www.nslds.ed.gov. It's very handy.

The lifetime max applies to the principal balance of whatever you have out there, so if you had $20k from undergrad, then paid it off, and now have $10k from MBA, then your outstanding balance would be $10k, definitely not $30k.

And because you'd be working on a med school degree, then the mysterious med school max would apply, and I'm not sure what that is 'cuz the school where I work doesn't have a med school. But I'm sure it's a high max. :D
 
Febrifuge said:
You paid off some loans? Awesome! I heard that people can do that, but it hasn't happened to me..... :)

You can get the story for yourself if you have your fin aid PIN - just look up your loan history on www.nslds.ed.gov. It's very handy.

The lifetime max applies to the principal balance of whatever you have out there, so if you had $20k from undergrad, then paid it off, and now have $10k from MBA, then your outstanding balance would be $10k, definitely not $30k.

And because you'd be working on a med school degree, then the mysterious med school max would apply, and I'm not sure what that is 'cuz the school where I work doesn't have a med school. But I'm sure it's a high max. :D
:D Yes I found a way! Working my butt off. But not much of the federal ones. Private loans suck! Thanks for the info I will check it out!!!
 
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