August 6, 2008

Do You Know the Answer?

Q. Can a student who already has both an undergraduate and graduate degree receive a student loan to obtain a second undergraduate degree?

A. As long as the student is eligible, s/he can receive aid. Specific information to help you determine a student’s remaining eligibility is found in the 2007-2008 Federal Student Aid Handbook (Volume 3, Chapter 5, page 3-91 and 3-101):

“A student who is pursuing a second bachelor's degree and also has a graduate degree can receive student aid if they have eligibility. Only the loans that the student received for the first undergraduate program are included in determining the student's remaining eligibility for loans for the second undergraduate program, up to the undergraduate aggregate limits. Students pursuing a second bachelor's degree, approved for financial assistance, are eligible for Federal Stafford student loans (only if they have not exhausted aggregate student loan limit amounts), Federal Work-Study and Federal Perkins Loans.”