What Is the Maximum Amount of Student Loans You Can Take Out for a Second Bachelor's Degree?
Returning to school for a second bachelor's degree can teach you skills that qualify you for jobs in that field. Most types of grants and scholarships are limited to students pursuing their first bachelor's degree, so you will need to rely on student loans and your personal contributions to fund a second bachelor's degree. You can choose from a few types of loans available to students who have already earned a bachelor's degree.
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Federal Annual Limits
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The federal government has subsidized and unsubsidized Stafford loans and subsidized Perkins loans available for students pursuing a bachelor's degree, even if it is the second degree. The subsidized loans are awarded based on financial need, but any student can get unsubsidized loans. You can borrow up to $7,500 per year in Stafford loans if you are a dependent student or $12,500 per year as an independent student. You are independent if you are at least 24 years old, married, have dependents or have served in active duty military. Whether dependent or independent, you might get up to $5,500 per year in subsidized Stafford loans, which count toward the annual Stafford loan limit. You also can get up to $5,500 per year in Perkins loans.
Federal Overall Limits
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If you used federal student loans to get your first bachelor's degree, you might run into the lifetime limits the government sets. You cannot borrow more than $31,000 in Stafford loans for undergraduate study, including both your first and second bachelor's degrees. No more than $23,000 of this can be in subsidized Stafford loans. The Perkins loan program has a cap of $27,500 in undergraduate loans per student. Once you hit each lifetime limit, you cannot borrow any more money from that federal student loan program.
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Private Student Loans
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Private lenders do not distinguish between students getting a first bachelor's degree and a second degree. Therefore, you can apply for any type of private student loan and receive up to the cost of attendance each year. However, private lenders check your credit history and base awards partially on your ability to repay the debt. You might need to have a co-signer endorse your loan if you have a low credit score. You also should consider how much debt you can afford to repay, based on your projected salary after completing your degree. Estimate monthly payments with student loan calculators (see Resources).
Considerations
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Before enrolling in a second bachelor's degree program, consider whether you could enroll in a master's program in that field instead. You might have to take a few prerequisite classes before beginning the master's, but because the master's program is usually fewer credits than the bachelor's, it should still take about the same amount of time. Plus, you will graduate with a higher-level degree and have more career opportunities and earning potential. You can borrow up to $20,500 per year in Stafford loans for a master's degree and use federal PLUS loans to cover any additional financial need.
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