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How Much Can I Borrow?

Discussion in 'Nontraditional Students' started by xUSMCx, 05.06.12.

  1. xUSMCx

    xUSMCx

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    I did some googling, and found that the limit for graduate stafford loans is $20,500/yr. Has anyone had difficulty/success supplementing their cost of living with additional loans? I have the G.I. Bill, which will cover $17,500 of tuition, plus about $5,500/yr in a non-taxable housing allowance. I'm married, with one kid on the way and expect to have another by the time I actually start med school, so obviously quality of life for my family trumps my ambitions. I should have about $100,000 saved by the time I start, will max out the graduate stafford and will be looking to borrow an additional ~$25,000/yr from private lenders. That will put me at about $65,000/yr for cost of living + $17,500 for tuition. Does this sound reasonable to anyone who's been there, done that?
  2. DrMidlife

    DrMidlife has an opinion Gold Donor

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    $20,500 is the grad school limit for Staffords, yes, but the med school limit is $40k. I like finaid.org for a comprehensive overview.

    Generally in med school you can assume federal loan availability for the full cost of attendance, and you can get more $ for child care.

    Best of luck to you.
  3. ineed2stpsmurfn

    ineed2stpsmurfn

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    what do you mean 'assume federal loan availability for the full cost of attendance'... which might be like 70 grand a year...?
  4. LingoLaine

    LingoLaine MS3

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    Yup, you can borrow it all but the interest rates are atrocious (currently 6.8%) and interest starts accruing day one.
  5. DrMidlife

    DrMidlife has an opinion Gold Donor

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    6.8 is higher than normal, but save "atrocious" for private loan variable rates and such.

    I find it amusing that those who aren't borrowing for med school complain the loudest about rates.
  6. DrMidlife

    DrMidlife has an opinion Gold Donor

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    I should mention that the difference between cost of attendance and the Stafford limit can be funded by GradPlus loans, which are also federal, but have less favorable loan terms. Good credit and/or a cosigner required. Again: finaid.org is a great info source.

    By all means try to get into your state's public school(s) if at all possible.
  7. MedPR

    MedPR

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    "Good credit" meaning what? 700+FICO? 720+?
  8. DrMidlife

    DrMidlife has an opinion Gold Donor

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    finaid.org! Really!

    From http://www.finaid.org/loans/gradplus.phtml:
  9. PostHaste

    PostHaste Eye Roller

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    Also, isn't the GradPlus rate at 7.9% now? Maybe not "atrocious," but definitely frustrating given the current Fed rates and the current mortgage rates.
  10. xUSMCx

    xUSMCx

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    Thanks for the leads. I did some more googling, and it looks like the Stafford will give me $40,500/yr. This may be a stupid question, but are there any limitations relating how much I can borrow to how much the school costs, or is it $40,500 for everyone? In other words, if I go to a cheap school that the G.I. Bill will completely cover, can I still max out the $40,500 and use it for cost of living?

    It doesn't look like I'm eligible for the plus loans. The way I read it, you have to be a dependent of your parents at the time you apply.

    Edit to add: I have great credit, for those factoring FICO into their replies.
  11. ShoTyme

    ShoTyme We're going STREAKING!!!

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    1 dollar
    Last edited: 05.07.12
  12. dmf2682

    dmf2682

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    I'll see your dollar and raise you two bits of string!
  13. PostHaste

    PostHaste Eye Roller

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    PLUS loans
    You can borrow from the government UP TO your total COA for your school. They should have that published on their website. There are a few things that can be added to the COA, but not many. Child care expenses can be added if your spouse is a student or employed.

    ETA: See below for info from MCW's site, it seems to summarize it nicely.
    Also, here is MCW's breakdown of cost of attendance. This is what you can borrow up to with federal (ie, not private) loans.
    http://www.mcw.edu/medicalschool/finaidcosts.htm

    Adding, here is UW-Madison's COA, for comparison of private vs. public.
    http://www.finaid.wisc.edu/196.htm
    Last edited: 05.07.12
  14. ShoTyme

    ShoTyme We're going STREAKING!!!

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    Your answer may be more accurate than mine.
  15. LingoLaine

    LingoLaine MS3

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    Uh, yeah, well maybe that's why we're not borrowing. If the rates were more reasonable we would do it just for the increased liquidity.
  16. xUSMCx

    xUSMCx

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    Thanks for the help everyone.

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