Professional Student Loan Limits

Paying for College
1

<p>My one friend Lakesha has this horrible idea, IMHO. She has totally passed her student loan limit for her Undergrad studies in History! She barely has a job! And, she is not trying to make payments in good faith while still at University! These are all grand capital no no’s in my book, man. </p>

<p>She told me that she wants to swap majors and get into a Professional major because…</p>

<p>The student loan limits for Professional Students are like 100k? </p>

<p>And, it will be easier to find a nice job upon graduation.</p>

<p>I told her that this is stupid because if she swaps majors, she winds up being at University longer which could make her look dumb to potential employers.</p>

<p>However my friend is hard core on swapping to a “Professional Student” major?! And, is trying to pick which one to do?!</p>

<p>I thought that this was for grad students or for future lawyers or something. </p>

<p>How can someone swap majors to something “Professional” in order to milk out their student loans and find a nice job upon graduation? Would that not look stupid as all get out? Or is that just me. Also, what in the heck is a “Professional Student” major? Seriously, I could bet that is like a future lawyer or dentist type of major. </p>

<p>I think history is cool, myself. I think that is one of those, worse case scenario I’ll teach, kind of majors. </p>

<p>This saddens me because my friend Lakesha is married to a nice fellow, has one cute son at Elementary school. She has good family support to finish her studying in history. So, I do not know what is going on, exactly- but her family appears to be very wholesome.</p>

2

<p>Well, I am a big Theology/Literature egg head, so I know nothing. </p>

<p>But, I am looking this up with the Professional crud and it seems to me that is like Law School and whatnot. Therefore, why in GODS name could Lakesha be thinking this stuff, eh? </p>

<p>I still could be wrong. But, seriously.</p>

3

<p>Your friend can’t get a professional degree (JD, MD, MBA) without an undergrad degree unless she’s referring to a BS in Business. If she’s maxed her undergrad financial aid loans (sub, unsub, and perkins), she’s gonna have to obtain private loans.</p>

<p>The combined sub and unsub stafford loan limit is at $138k while the perkins limit is at $40k; these are limits for combined undergrad and grad totals.</p>

4

<p>I am thinking that this whole thing is stupid. It just so happens to come during the time of year where property taxes are coming close. So, I think that is this gals motive in trying to obtain even more blessed student loan monies. </p>

<p>The whole thing is stupid to me. It really is. </p>

<p>However…</p>

<p>What is it? A BS in Business is a professional degree? I am not trying to devalidate the nature of such a degree (and as a Theology/Literature student, I know nothing of it). </p>

<p>But…</p>

<p>If Lakesha swaps to a BS in Business program, she can get over her 46k in loans? I mean, that is going to be very bad!</p>

<p>Like, I do not understand this at all. I am racking my brain trying to find either a second job or a more higher paying job to cover University expenses for next year, you know? I would never, personally, think of swapping majors in order to try an dhave even more debt.</p>

<p>What does someone gain trying to swap majors just for (maybe) better job opps and even more loan monies?</p>

5

<p>No a BS in Business is an undergrad degree and not considered a professional degree like a JD, MD, MBA, etc. </p>

<p>If she’s maxed her sub/unsub/perkins loans limit for undergrad, she will not receive more more need based loans, sub/unsub/perkin loans regardless of her switching her major. She will have to obtain loans, via banks or lending agencies, and work out a repayment agreement since private loans are repaided monthly without a grace period.</p>

<p>Regardless of her motives, hopefully she’s pursuing something she’s going to enjoy studying while accruing more debt.</p>

6

<p>Yeah, I was thinking that anything called professional would mean a higher degree one earns after the BA or BS. </p>

<p>So, I called her husband and spoke with him for a bit. He is going to try and work with her with regards to her just finishing her studies in History. I did tell him that if she really feels like doing something more “Professional” is best than she could do something unique and just take her transcripts and all to the local community college and do a AS in Accounting or that Information Systems stuff. </p>

<p>I thank you very much for your response SFS Rules. It tripped me out when Lakesha called and I am grateful that I had someone to kinda verify what I was thinking all along.</p>