I am nearly completed with a graduate degree but have decided to start a second. Can I still receive financial aid as long as I have not exceeded the maximum aggregated loan amounts for graduate studies? I know that once you receive a Bachelor’s degree you can no longer receive undergraduate financial aid. Is this the same with graduate degrees? Can you get 2 Master’s degrees on financial aid?
The answer: Absolutely, assuming you haven’t reached your lifetime maximum yet. If you are unfamiliar with that information, check out my blog on federal aid lifetime limits. One caveat that is not listed on my limit blog is the fact that of the $138,500 currently allowed to graduate students, only up to $65,500 can consist of subsidized Stafford loans. This includes undergraduate Stafford loans too… so in effect, you might have a lot less low-interest aid available than previous degree programs.
In addition, I would recommend reading my blog on Stafford loans if you haven’t already. It explains a lot of the finer details about how the loans work and simplifies them in plain English. Finally, always keep in mind that if Stafford loans don’t cover enough of your financial aid, there are other options such as Grad PLUS loans and private student loans. They require a credit approval, but are flexible enough to cover however much you need to take out up to your total cost of attendance.
If you have a question, feel free to post it in our financial aid forum, or leave a comment below!
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