Financial Aid

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MedSchoolHopefu

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How much am I allowed to borrow in financial aid for a post-bacc program. I read $18,500. I am going to UMASS boston. Do they offer financial aid, and if they do can I use the rest of theaid for housing (the program is alot less than 18,500).

thanks
 
MedSchoolHopefu said:
How much am I allowed to borrow in financial aid for a post-bacc program. I read $18,500. I am going to UMASS boston. Do they offer financial aid, and if they do can I use the rest of theaid for housing (the program is alot less than 18,500).

thanks
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I would love to know this as well..

Exigente
 
Don't quote me but I am 99.9% sure that you can only get 18,500 if the program is considered a graduate program. If the program is considered an undergraduate program then you can only borrow the maximum allowed for a 5th year undergraduate which is 10,500. UMass Boston is a Non-degree; undergraduate; certificate-granting program which leads me to believe that you will only be allowed to borrow the 10,500. However, the finiancial aid officer for the program should be able to help you with other private loans to help pay for your housing. Check with them first.
 
$18500 is the yearly max for FEDERAL loans, at the grad level. At the undergrad level (even "5th year undergrad" the way a lot of post-bacs are) the max federal loan is $10500.

I would be surprised if most of us doing post-bacs were not going to go beyond the federal loans and do private loans as well.
 
Thanks everyone, THis is going to get expenisive. I might just live at home and commute 😱
 
Keep in mind that 18,500 is only the max in FEDERAL loans. For some schools, this won't even cover the cost of tuition. The way student loans works (to my understanding) is like this:

The school ascertains what is a reasonable budget based on tuition, cost of living, room/board, books, etc.

You contact a student loan lender (your school should have a list of approved lenders. I used citibank), and they contact the school to find out what the "approved budget" is, and how much you have received in federal aid. They cover the remainder. You get your non-federal student loan on a special student loan interest rate. Any money you may need above and beyond what the school denotes as appropriate will have to be taken out on your own (and likely not at the student loan rate).

So fear not. You will be able to get the money you need for school. It'll just put you in the hole a little more. But you won't ever not-have the money.
 
I have a question to add to this thread. As a Post-Bac/2nd Degree Student, when completing the FAFSA and any private loan forms, how do you list yourself? Are you an undergrad or a grad? Because whether you are an undergrad or a grad will determine how much funding you can get, right?

Thanks!
 
lightnk102 said:
So fear not. You will be able to get the money you need for school. It'll just put you in the hole a little more. But you won't ever not-have the money.
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Not sure if this is 100% accurate, the HES lady made it seem like the max that I could get per semester being a dependant( under24) was ~$2000. 😱

AFter that converstation, I am really reconsidering attending HES for lack of funds and not sure which avenue to take next.

I will be calling the HCP director and getting more specifics later this week.

Discouraged,

Exigente 😳
 
adpitan said:
I have a question to add to this thread. As a Post-Bac/2nd Degree Student, when completing the FAFSA and any private loan forms, how do you list yourself? Are you an undergrad or a grad? Because whether you are an undergrad or a grad will determine how much funding you can get, right? Thanks!
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Yes, the scales are different for undergrad vs. grad -- and as to which you put, you should ask the FA office at the school.

For instance, mine is listed on the school's website as one of the grad programs (and it does require a BA first, of course). However it doesn't culminate in a Master's degree or MS-level certificate, so for FA purposes it counts as a "fifth-year undergrad" program. The distinction is subtle, and neither is wrong, really. But if I tried to get MS-level fin aid, I would be sorely disappointed.

If it's a program that confers an MS degree at the end, it's a grad program. Otherwise, it's likely not.
 
exigente chica said:
Not sure if this is 100% accurate, the HES lady made it seem like the max that I could get per semester being a dependant( under24) was ~$2000. 😱
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Yes, that "Dependent" issue is a tough one. If you're younger than 24 on the last day of the year in which you're applying, you're a "dependent" and that's that.

On the other hand, if your parents apply for PLUS loans (which are available to you, but not to my raggedy 34-year-old self) and they are turned down, then your school FA office may choose to consider you "Independent." Other exceptions can be granted if you are/have been in the military, if you are married, if your parents are in jail... 😉 definitely check in with the FA peeps. They will give you a good look at the landscape, and help you plan next steps.
 
Febrifuge said:
Yes, the scales are different for undergrad vs. grad -- and as to which you put, you should ask the FA office at the school.

For instance, mine is listed on the school's website as one of the grad programs (and it does require a BA first, of course). However it doesn't culminate in a Master's degree or MS-level certificate, so for FA purposes it counts as a "fifth-year undergrad" program. The distinction is subtle, and neither is wrong, really. But if I tried to get MS-level fin aid, I would be sorely disappointed.

If it's a program that confers an MS degree at the end, it's a grad program. Otherwise, it's likely not.
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Thanks for the advice. I will give them a call
 
Febrifuge said:
Yes, that "Dependent" issue is a tough one. If you're younger than 24 on the last day of the year in which you're applying, you're a "dependent" and that's that.

On the other hand, if your parents apply for PLUS loans (which are available to you, but not to my raggedy 34-year-old self) and they are turned down, then your school FA office may choose to consider you "Independent." Other exceptions can be granted if you are/have been in the military, if you are married, if your parents are in jail... 😉 definitely check in with the FA peeps. They will give you a good look at the landscape, and help you plan next steps.
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Thank you for the information..I was not aware of the ramifications of failing to quailify for the Plus loan, I will take that route.

Thanx..

Exigente
 
(note how I said the school may feel that way; they should but they are not required to. Good luck!)
 
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