Loans for post-bacc??? How are people doing this?

[stephster416]

So for post-bacc programs you can get about $12,500 in federal loans for ONE year. If you take longer than that, and/or if you're not working full-time during a post-bacc (which I've heard is a bad idea and something I don't plan on doing), that amount doesn't really cut it. But I'm having a really hard time finding private lenders who are lending right now, especially for a non-degree program. Is anyone else trying to take out private loans to complete a post-bacc? If so, where?

I'm starting to get legitimately worried there isn't going to be a way to pay for this in the fall. 😕

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[skubdubdu]

One suggestion: Go full time to a post-bac program that is certificate offering. I know Wash U in STL offers one.

Another suggestion: Continue full time work and take 1-2 night classes per semester and finish the work over several years.

Another: Move in with your parents or get a financially stable spouse.

I chose option #3 and went to school full time for 1 year (Gen ChemI/II in summer, everything else in sequence in the fall and spring). I was busy but not as busy as I am now. Nonetheless it instilled good habits I maintained once in med school.

 

[generation3]

another option: try to get a job at a university and get accepted into its post-bac program.

i know for a fact that if you're a full-time employee at the university of pennsylvania and you are accepted into the post-bac there, you can take your courses for free (up to two per semester). the classes are held at night to accommodate students who work. it's a great option if you don't mind completing your courses over a period of two years.

i'm sure there are other universities that offer similar opportunities. it's definitely worth looking into if money's tight.

 

[stephster416]

Thanks - I am accepted to a formal program, for which I'll have to relocate, so working full-time won't necessarily be an option. Plus I'd like to be able to take more than one class at a time and focus on school. I've thought about trying to work at the school to get tuition remission, but in case none of those options pan out, I was really hoping to hear if anyone else if financing a post-bacc with private loans, and if so, from where? I have no debt from undergrad and the program isn't terribly expensive, but I'm just having trouble finding lenders right now - especially for a non-degree program.

 

[betterlate]

Thanks - I am accepted to a formal program, for which I'll have to relocate, so working full-time won't necessarily be an option. Plus I'd like to be able to take more than one class at a time and focus on school. I've thought about trying to work at the school to get tuition remission, but in case none of those options pan out, I was really hoping to hear if anyone else if financing a post-bacc with private loans, and if so, from where? I have no debt from undergrad and the program isn't terribly expensive, but I'm just having trouble finding lenders right now - especially for a non-degree program.

I'd try contacting the financial aid people at your formal postbacc. I'm sure you aren't the first person to have this problem. They'll likely be able to offer suggestions.

Can you get a co-signer for private student loans? I did this for my master's program. Granted, that was in a very different economic climate but it did make it possible for me to borrow private funds. Are their scholarships/grants that might help make up the difference? I'd also look into things like qualifying for food stamps/heat assistance/whatever while a FT student. That might help defray the cost of living and make it more possible to live on 12K.

I'm also starting at a formal postbacc come June. My one serious concern is whether or not I'll be able to fund the program. *crosses fingers*

Good luck!

 

[Alegna86]

I am doing an informal postbac at a local university and I wasn't able to get any private lenders. I haven't been able to get a loan without a cosigner nor do I have anyone that could cosign. Also, I am non-matriculating student (since I already graduated) so I couldn't get any federal loans 🙁. I hate this. It is a really tough situation. Good luck to you.

 

[stephster416]

Oh man. :-( I'm so sorry to hear that! It looks like I will be able to get a private loan with a co-signer, and thankfully my parents are willing to do it, but I don't know what I'd do otherwise. Best of luck!

 

[premed1001]

so there is no way to get a fafsa loan for postbacc non degree seeking student?

 

[DrMidlife]

FAFSA is a form. It's not a source of money. Please talk to your school's financial aid office about your options.

 

[premed1001]

FAFSA is a form. It's not a source of money. Please talk to your school's financial aid office about your options.

ok thanks!

 

[ksyhe]

Is it a one year formal program that starts in the summer? If so, this technically counts as two *academic years*, so as an independent student you can get $12,500 in Stafford loans for the "summer" and another $12,500 for the following "fall/spring," for a total of $25,000 for one *calendar year*.

 

[premed1001]

It is informal and at a community college

 

[afnprincess]

Does anyone have any advice on which loans NOT to use? (e.g. Sallie Mae) All of this stuff is so confusing 🙁

 

[DrMidlife]

Does anyone have any advice on which loans NOT to use? (e.g. Sallie Mae) All of this stuff is so confusing 🙁

Sallie Mae is a servicer of federal loans and a lender of private loans. It's okay to have Sallie Mae loans if they're federal. It's bad to have Sallie Mae loans if they're private.

Don't use private loans. If you can get a loan without using FAFSA or without getting your school involved, that's a private loan.

Why does this matter? Take a look at the news about med student debt at graduation that came out today. You'll be crippled plenty by federal debt that provides lots of repayment options. You'll be crippled bloody if you add private loans to that mix, because private loans don't have to offer you jack for repayment options.

 

[afnprincess]

Sallie Mae is a servicer of federal loans and a lender of private loans. It's okay to have Sallie Mae loans if they're federal. It's bad to have Sallie Mae loans if they're private.

Don't use private loans. If you can get a loan without using FAFSA or without getting your school involved, that's a private loan.

Why does this matter? Take a look at the news about med student debt at graduation that came out today. You'll be crippled plenty by federal debt that provides lots of repayment options. You'll be crippled bloody if you add private loans to that mix, because private loans don't have to offer you jack for repayment options.

Oh wow. Forgive me, but I didn't know that there were loans out there that you could take out without schools. Those are what private loans refer to then?

Also, thanks for clearing that up. So according to your reply, any loan I'd be getting from a private servicer of federal loans would be okay as long as the school is involved in the loan process, right?

Again, sorry for the ignorance and thank you for your response @DrMidlife!

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EDIT (after visiting https://studentaid.ed.gov/repay-loans/understand/servicers):

I think I misunderstood you. The private servicer of federal loans is typically assigned to you. You don't get to pick them out yourself. That, I am familiar with.

But the institution I am going to attend says I am only eligible for alternate/private options which would need me to have a co-signer and depend on my credit. The school is still involved in the process because the loan amount requested goes through the school but these loans are still private loans, right? The ones that will leave me crippled bloody... 🙁

 

[Kirph]

@Calizboosted76


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