Gov't will give you loans to cover everything?

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miszfifi820

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Hi,

I was at an interview at a school and during the fin aid presentation, the lady said 'the govt will give you the maximum amount in loans for cost of attendance to medical'

What does that mean exactly? COA - includes housing and everything, so that means the govt will give me 75k a year for the school im matriculating in the fall? I am just wondering just in case the govt has a cap regardless of the COA.
I took out 16k for undergrad, so I havent maxed out my stafford, which i think is 120k? And then can I take out federal grad plus loans?

essentially if I can only fund my COA (75K x 4 = 300k) through loans, is there no possible way for me to do it through federal loans? Should I start looking for private loans now?

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They calculate your COA and you will be able to take out the amount of loans necessary to cover that COA. Sometimes you will have to get a grad plus loan after the stafford loans. It has a higher percent interest rate, but as long is your credit isn't god awful most students can get them. I know a few people who chose to go with private loans though.
 
They calculate your COA and you will be able to take out the amount of loans necessary to cover that COA. Sometimes you will have to get a grad plus loan after the stafford loans. It has a higher percent interest rate, but as long is your credit isn't god awful most students can get them. I know a few people who chose to go with private loans though.
okay thanks for the response and graduate plus loans dont have a cap if your approved? also grad plus loans taken out qualify for loan forgiveness, correct?
 
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i took out the max loans which pays for all of tuition with about $2000 per month for living expenses
 
For medical school you can borrow 40,500 a year in stafford loans with a cumulative max of 224,000, the rest up to your cost of attendance will have to be either grad plus or private loans, which might be a good option if your parents have good credit and wouldn't mind cosigning.
 
okay thanks for the response and graduate plus loans dont have a cap if your approved? also grad plus loans taken out qualify for loan forgiveness, correct?
I have no idea about loan forgiveness. And you should be able to take out as many grad plus loans as you want (up to the COA)
 
i took out the max loans which pays for all of tuition with about $2000 per month for living expenses

What did you do with 2000 per/month? Does this include rent?
 
What did you do with 2000 per/month? Does this include rent?
Well for my soon to be school, rent in the area is avg 1500/month, so $2000 would be just enough to cover rent and a little more..
 
For medical school you can borrow 40,500 a year in stafford loans with a cumulative max of 224,000, the rest up to your cost of attendance will have to be either grad plus or private loans, which might be a good option if your parents have good credit and wouldn't mind cosigning.
My parents have shi**y credit. So it looks like stafford and grad plus for me
 
yes that $2000 was for everything, rent/food/gas/bills
 
I'm pretty worried about this. My parents credit is garbage, and I already have a bunch of undergrad debt.

I'm really hoping I can get the health and human services scholarship. If not I will very seriously consider military options.
 
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