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    rackcity's Avatar
    rackcity Posts: 100, Reputation: 1
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    #1

    Mar 28, 2016, 08:53 PM
    How much student loan can you get?
    Long story short, lets say somebody accrued approximately 120K in loans from grad school and for whatever reason leaves that school to enroll in a state school in a different (non professional degree program)... would a loan still be available to that person for undergrad?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,304, Reputation: 7692
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    #2

    Mar 28, 2016, 10:31 PM
    The programs, and types of loan, all differ. It is possible, but honestly not recommended, since it may not be possible for them to ever pay such high loans.
    tickle's Avatar
    tickle Posts: 23,801, Reputation: 2674
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    #3

    Mar 29, 2016, 03:25 PM
    It really does not say very much for the character of the person to even consider this. It would lead to a lifetime of debt and trying to avoid it and a lot of bad credit.
    Alty's Avatar
    Alty Posts: 28,318, Reputation: 5972
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    #4

    Mar 29, 2016, 03:38 PM
    Long story short, lets say somebody accrued approximately 120K in loans from grad school and for whatever reason leaves that school to enroll in a state school in a different (non professional degree program)... would a loan still be available to that person for undergrad?
    So you left that program to pursue another in a different school, for a non professional degree? What happened to the $120K? If you left, then you didn't need it to complete the program. So you should have tons of money left from that loan. Enough to complete the new program in a lesser college for a lesser degree.

    In other words, why do you need more money? From reading your posts you were in college learning to be a pharmacist. Now you've quit and are going to a new college for a lesser degree? What are you studying now? How close did you come to getting your license as a pharmacist?

    I'm not sure a bank or a loan committee, would give another loan to someone that didn't fulfill their first goal, and are now moving on to a lesser degree. How will you pay back the $120,000 you already owe for a degree you'll never use? How will you pay back future loans? You're putting yourself into a heap of debt without a solid future goal on what you're going to be doing as a career.
    teacherjenn4's Avatar
    teacherjenn4 Posts: 4,005, Reputation: 468
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    #5

    Mar 29, 2016, 07:49 PM
    Complete the FAFSA, and you'll have your answer from them. The office at your school can help you once you've completed the FAFSA.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
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    #6

    Mar 30, 2016, 03:38 AM
    Dollars to donuts the answer is a big fat NO. You are going to be paying that 120K for the rest of your life as it is.
    J_9's Avatar
    J_9 Posts: 40,299, Reputation: 5646
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    #7

    Mar 30, 2016, 04:45 AM
    Quote Originally Posted by Alty View Post
    So you left that program to pursue another in a different school, for a non professional degree? What happened to the $120K? If you left, then you didn't need it to complete the program. So you should have tons of money left from that loan. Enough to complete the new program in a lesser college for a lesser degree.

    In other words, why do you need more money? From reading your posts you were in college learning to be a pharmacist. Now you've quit and are going to a new college for a lesser degree? What are you studying now? How close did you come to getting your license as a pharmacist?

    I'm not sure a bank or a loan committee, would give another loan to someone that didn't fulfill their first goal, and are now moving on to a lesser degree. How will you pay back the $120,000 you already owe for a degree you'll never use? How will you pay back future loans? You're putting yourself into a heap of debt without a solid future goal on what you're going to be doing as a career.

    Student loans don't work that way. They don't pay you in advance so that you have money in an account. It's pay as you go. So, the amount of debt is already $120k. Any other loans would add to that $120k.

    To the OP, fill out the FAFSA. Chances are, though, you will not be eligible for any more money.
    Alty's Avatar
    Alty Posts: 28,318, Reputation: 5972
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    #8

    Mar 30, 2016, 05:25 PM
    Quote Originally Posted by J_9 View Post
    Student loans don't work that way. They don't pay you in advance so that you have money in an account. It's pay as you go. So, the amount of debt is already $120k. Any other loans would add to that $120k.

    To the OP, fill out the FAFSA. Chances are, though, you will not be eligible for any more money.
    Yes, I understand that. I thought that's what I posted. Obviously my post wasn't clear. :(

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