Need Help with Financial Aid/Student Loans

[Nitantnel]

Haven't seen any threads about this and I am in need of some help in this area:

-I graduated with a Rabbinic degree (120+ credits) and now want to pursue a BA, is it still possible to get TAP for NYS?
-With regards to FAFSA I think I have no chance as the Yeshiva already ate up 12 semesters, the maximum FAFSA currently allows.
-Is there any other practical venue to try to tap into for Financial aid? (Jewish, frum, excelling in some area)
-If need be, What is the best approach for student loans? (I am a full fledged Am Haoretz in this area)

Thanks in advance for your replies!

[meshugener]

AFAIK, if you're not eligible for FAFSA, you are no longer eligible for TAP. They both are for your first 5 years in college, so once you were enrolled for 5 years, you're ineligible whether you took advantage of it or not.
Double check it, but IIRC that's the rules.

[PlatinumGuy]

FYI theres a thread here somewhere with some helpful info

[Nitantnel]

Be sure to check with both colleges to see what institutional aid may be available for you, as well. If you qualify for need-based aid through FAFSA, you more than likely will also receive some assistance from the college.

So need based is independent of how many years you already took advantage of the program?

FYI theres a thread here somewhere with some helpful info

Link?

AFAIK, if you're not eligible for FAFSA, you are no longer eligible for TAP. They both are for your first 5 years in college, so once you were enrolled for 5 years, you're ineligible whether you took advantage of it or not.
Double check it, but IIRC that's the rules.

Interesting. I had FAFSA and TAP for 6 years (12 semesters), so a five year limit must be a recent change.
 

[WhyAich]

@ Meshugener

That's simply not true. Even if you are ineligible for FAFSA you are still able to get TAP. (talking from experience)

With regards to FAFSA, i understood (here I'm not 100%) that as long as you don't have a bachelors (youre on your second one) you're eligible for  FAFSA. the reason why a school would tell you, you are ineligible anymore, or when you hear from pple. That the "system sucked out all your money" is because now you have a bachelors and so you are ineligible.

@nitaniel I'm no maven, but feel free to hop on down to chat

[MarkS]

While you're probably not eligible for any student aid (free money), you can get Stafford Loans for up to $12,500 per year ($5,500 subsidized (3.4%)/$7,000 unsubsidized (6.8%))

Subsidized means you don't start paying any interest until 6 months after you graduate. Unsubsidized means it starts accruing interest right away.

[KidOOO]

does anyone one know under what income point do you need to be eligible for any of this financial aid?

[WhyAich]

While you're probably not eligible for any student aid (free money), you can get Stafford Loans for up to $12,500 per year ($5,500 subsidized (3.4%)/$7,000 unsubsidized (6.8%))

Subsidized means you don't start paying any interest until 6 months after you graduate. Unsubsidized means it starts accruing interest right away.

He CAN get TAP

[WhyAich]

does anyone one know under what income point do you need to be eligible for any of this financial aid?

Call the financial aid office at your college

[KidOOO]

Call the financial aid office at your college

I am doing credits by exam through excelsior college but didn't register yet, trying to figure out if i have any chance of getting aid

[MarkS]

Fill out a Fafsa

[meshugener]

@WhyAich
I know many people who never got BA and became ineligible after 5 years.

[WhyAich]

I am doing credits by exam through excelsior college but didn't register yet, trying to figure out if i have any chance of getting aid

 PM me for my contact info. I'll help you out.

I also did credit by exam. I didn't get FAFSA because A. Already had a bachelors from semicha, and B. wasnt taking courses by the college.

I got TAP

[WhyAich]

@WhyAich
I know many people who never got BA and became ineligible after 5 years.

As I said AFAIK. But with TAP you're good to go.

[meshugener]

With TAP I don't have actual experience, its just what I heard, hence I said to double check it.

[outinstyle]

Does anyone have experience with either FASFA or TAP or any other financial Aid for study in Israel? I understand that I can register with a local college & use their study abroad program, but who gets the money, me or them? Does the money go to the LOCAL school or to me? How does it work? 

[Nitantnel]

While you're probably not eligible for any student aid (free money), you can get Stafford Loans for up to $12,500 per year ($5,500 subsidized (3.4%)/$7,000 unsubsidized (6.8%))

Subsidized means you don't start paying any interest until 6 months after you graduate. Unsubsidized means it starts accruing interest right away.

Does graduate school hold off the interest clock as well?

[MarkS]

Does graduate school hold off the interest clock as well?

Yes, With graduate school you can borrow $20,500 per year ($8,500 subsidized/$12,000 unsubsidized) but the interest rate is 6.8%. (unlike the BA where you get the subsidized loan at 3.4%).

[Zeeeeks]

Yes, With graduate school you can borrow $20,500 per year ($8,500 subsidized/$12,000 unsubsidized) but the interest rate is 6.8%. (unlike the BA where you get the subsidized loan at 3.4%).

When did it change to 3.4%, I paid 5.6%?

[MarkS]

When did it change to 3.4%, I paid 5.6%?

http://www.myfedloan.org/billing-payment/about-interest/interest-rate-charts.shtml