Second degree through TESC with financial aid?

[frances]

Greetings!

I just learned today that I qualify for financial aid (student loans) through TESC. I wasn't expecting it, but now that I know I am eligible, I am considering taking advantage of it as it will take some pressure off me financially. I'm only 27 credits away from completing a BA in Psychology and I had planned to test out of everything except for the capstone. However, to be eligible for the federal financial aid, I must be registered for at least 6 credits of online or guided study classes per term. I'm thinking about filling the requirement by earning a second degree, if possible. Can I earn a second degree from TESC on financial aid? And if so, any recommendations?

Thank you for your input in advance!

[marianne202]

I know that the federal rules changes this past fall and you can only declare a max of two majors. Since all your coursework must be applicable to your declared degrees you should be fine, however, you cannot graduate from one bachelor's degree before you finish the other one if you plan to use Pell money. If you are doing strictly loans you should be fine, but I would recommend that you check with your financial aid counselor. Keep mind that the interest adds up very fast on these loans since it is added daily, not monthly, on unsubsidized loans. Just be aware.

[frances]

Thank you for your input, marianne202. I plan to take out only subsidized loans. Are you aware if one can pursue two majors concurrently through TESC on financial aid? Or must the degrees be earned consecutively?

[Zombie]

To the extent of any remaining student aid eligibility you can get unsubsidized and subsidized student loans. I started my second time as a freshman, which meant not transferring in all credits immediately, going half-time, and using CLEP/DSST later to achieve sophomore status and further eligibility. I was not eligible for state aid or Pell the second time around.

6 credit minimum. Less aid for half-time, but that helps you preserve aid for summer classes.

Don't discount unsubsidized loans until you see your award, particularly as a half time student. You can always turn down an unsubsidized award. You probably know already that unsubsidized does not mean "private".

I see the previous reply relating to two majors as relevant only in the event you plan on a triple major this time around. From your post I gather that is not the case.
The first time around I did have three majors, but that has never been mentioned as a potential pitfall for getting my loan this fall.

Note
If you are a vet ages 35-60 and you go to a community college and have expired gi bill check out the VRAP program--I get 1586 per month but now have to go full time.