Starting med school with 100% loans

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Lindindite

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Hi, fellow nontrads. Just wanted to see if I'm alone here in starting med school with 100% loans. I'm a bit nervous about this since I have a baby and the baby's father will be working/living mostly in another city. Anyone else out there doing 100% loans as well?
 
I don't think you are alone at all. I have not applied yet but I do plan on using student loans close to 100% when I begin.

I own a home which I just rented out in order to move in with family and work on the rest of my prereqs before I apply. My goal is to keep the house rented out, allow some equity to build up during the years that I am in school, and sell after I get out of school, paying back a good amount of loans once I do.

Just a though for those non-trads that own homes already instead of selling outright before school.
 
Hopefully renting out the house will work great, my parents were landlords for decades, all through my childhood.

Only things to be aware of are

1) it takes (in most states) 3 months or so to evict a non-paying tenant -- they had to do this for a tenant of a house worth 500K+ in an upscale suburb after they'd checked credit & had many years' landlord experience; it's part of being a landlord.

2) any problems, pipe burst, furnace repairs, electrical short, need to be fixed & paid by the landlord pretty quickly; a small emergency fund should help with this.

3) for many houses, rent won't cover mortgage + taxes + insurance + repairs, so you're looking at a bit of an outlay, even presuming no down months in between tenants, this assumes no management company is retained..

re: 100% loans -- I thought most med students were 100% loan funded.. hopefully the baby's father can help out with expenses? I recall the monthly diaper expense being more than cable + cell phone put together. In a recent med school meeting I'd heard that up to $800 add'l loans per month can be taken out to pay for childcare; other than that you'd be limited to the estimated COA for loans.

Yr 1 & 2 should be doable on the time side, I have heard that for the surgery rotation in year 3 at times you'd be away from 4 am through 9pm, IM and I think OB/GYN would be similar hour-wise; some additional support would be needed for this beyond a paid childcare service..

best of luck
 
nontrdgsbuiucmd said:
Hopefully renting out the house will work great, my parents were landlords for decades, all through my childhood.

Only things to be aware of are

1) it takes (in most states) 3 months or so to evict a non-paying tenant -- they had to do this for a tenant of a house worth 500K+ in an upscale suburb after they'd checked credit & had many years' landlord experience; it's part of being a landlord.

2) any problems, pipe burst, furnace repairs, electrical short, need to be fixed & paid by the landlord pretty quickly; a small emergency fund should help with this.

3) for many houses, rent won't cover mortgage + taxes + insurance + repairs, so you're looking at a bit of an outlay, even presuming no down months in between tenants, this assumes no management company is retained..

re: 100% loans -- I thought most med students were 100% loan funded.. hopefully the baby's father can help out with expenses? I recall the monthly diaper expense being more than cable + cell phone put together. In a recent med school meeting I'd heard that up to $800 add'l loans per month can be taken out to pay for childcare; other than that you'd be limited to the estimated COA for loans.

Yr 1 & 2 should be doable on the time side, I have heard that for the surgery rotation in year 3 at times you'd be away from 4 am through 9pm, IM and I think OB/GYN would be similar hour-wise; some additional support would be needed for this beyond a paid childcare service..

best of luck
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No doubt. Thanks for the heads up. I'm actually fortunate enough to have the monthly rent cover all expenses (mortgage, tax, ins, etc...) and have a few hundred left over. Works well.

And dealing with children and loans, I think it all comes down to how much you want it and how much you are really willing to sacrifice. Obviously family can children come first, but if there is a feasible way to make it happen, then that's the golden ticket--esp in a family/parent role.

I applaud you and everyone else in your position.
 
Lindindite said:
Hi, fellow nontrads. Just wanted to see if I'm alone here in starting med school with 100% loans. I'm a bit nervous about this since I have a baby and the baby's father will be working/living mostly in another city. Anyone else out there doing 100% loans as well?
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Wow, and GW ain't cheap. Sorry that you're in that situation. Do you know about all of the options that could help you with paying back loans? Not sure what you're thinking you might go into, but there are basically three options that I know of to get help with your loans during or after med school:

1) Join one of the armed services and get a health professions scholarship. The military will pay for your tuition/fees and offset your living expenses, though in return you'll have to serve for several years. May not be a good option unless you were thinking of joining the military anyway.

2) Go into primary care and work in an underserved area through the National Health Services Corps. This doesn't offset your loans during medical school, but would help pay them back afterward. Well worth looking into if you're planning on a primary care career.

3) Go into research and get loan help from the NIH's Loan Repayment Program. Again, this won't offset your loans during medical school, but it would help you pay them back afterward.

Hope this info is helpful, and best of luck with school. 🙂
 
Lindindite said:
Hi, fellow nontrads. Just wanted to see if I'm alone here in starting med school with 100% loans. I'm a bit nervous about this since I have a baby and the baby's father will be working/living mostly in another city. Anyone else out there doing 100% loans as well?
Click to expand...

Just a question since I'm considering doing the same, how is your baby's father handling being away from the baby? In my case I'd more likely leave the baby with the father.
 
QofQuimica said:
Wow, and GW ain't cheap. Sorry that you're in that situation. Do you know about all of the options that could help you with paying back loans? Not sure what you're thinking you might go into, but there are basically three options that I know of to get help with your loans during or after med school:

1) Join one of the armed services and get a health professions scholarship. The military will pay for your tuition/fees and offset your living expenses, though in return you'll have to serve for several years. May not be a good option unless you were thinking of joining the military anyway.

2) Go into primary care and work in an underserved area through the National Health Services Corps. This doesn't offset your loans during medical school, but would help pay them back afterward. Well worth looking into if you're planning on a primary care career.

3) Go into research and get loan help from the NIH's Loan Repayment Program. Again, this won't offset your loans during medical school, but it would help you pay them back afterward.

Hope this info is helpful, and best of luck with school. 🙂
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Very good list. That said, remember that there are MANY jobs that offer loan forgiveness. I had applied to the NHSC a little while ago thinking that it was one of only a few ways not to be in debt the rest of my life. However, the VA and most hospitals will offer loan forgiveness as part of your contract with them.

Don't think it's those three choices, or primary care loans, or nothing. You'll have lots of options when you graduate

Congrats again on your acceptance!
 
I will be going in with 100% loans for tuition, books, etc. Cost-of-living stuff will be covered by my boyfriend. This is the same situation I have for undergrad, except that my institution gives me about 50% grants, 50% loans. Because I will be starting in 2010, I haven't done any real research yet about financing medical school, so I don't know if there are grants available for medical students, and if there are, what the eligibility requirements for them would be. I doubt that grants exist for med school, but I don't have any real information about it either way.

As my boyfriend's salary increases, we may be able to put more of his salary toward my education expenses, but as it stands right now we're getting loans to cover the full amount.

It's frightening to take on all that debt, but after I graduate med school, we're planning to continue living in the same lifestyle as we currently do, and to take my salary as a resident (paltry as it will be) and pay that directly toward our educational loans. Luckily our undergraduate debt is pretty small, and his company pays for his grad school classes, so at this time we don't have much in the way of educational debt. So by the time I'm an attending we should have a good chunk of the debt paid down.
 
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quiz said:
Just a question since I'm considering doing the same, how is your baby's father handling being away from the baby? In my case I'd more likely leave the baby with the father.
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He's really not happy about this at all, but work is work, and with one of us leaving the workforce, the other's gotta keep on going. I don't think I could leave the baby with him. I'm too attached and controlling! 😀

I'm applying to every scholarship I'm eligible for, but I'm finding that I don't qualify for very many!

Thanks, everyone, for your replies! You make me feel less nervous about the HUGE debt I'll have in 4 years!
 
Lindindite said:
I don't think I could leave the baby with him. I'm too attached and controlling! 😀
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Wow, lucky him...

Figures...father never has any say in it and is just made to keep the checks coming. Sickening.
 
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atomi said:
Maybe. Everybody has a different threshold of pain though. Yours far exceeds mine. At that point, it just wouldn't be worth it to me personally. Don't forget, you have a responsibility to your family first and foremost. You brought them into this life, you have a responsibility to follow through and make them happy and help them grow! If med school and the debt is going to keep this from happening, then it is not worth it.

Repeat my sentiment over and over again that this is not a career that one must be willing to do at all costs! Don't just follow the rhetoric that practical life and financial considerations should be thrown out the door if you want to get accepted. Refuse to abandon the logical for the illogical (i.e., med school admissions and 'financial aid')! Some people just can't afford med school the same way some people just can't afford a new sports car. Sucks, but that's life. Find the best path for your circumstances and take it (hint: the hardest path is not always the best path, I have learned this myself). Good luck.
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Well noted, atomi. I totally agree that my family comes before my career change, and I definitely have a different threshold of pain, as you call it. It's not at all painful, however, albeit nerve-rattling to be borrowing so much money in the next four years. Luckily, I have a huge family support system in DC (where I am from), and although the debt's scary, the investment is 100% worth it.

And FlaMedic, I was the breadwinner while the father got paid nothing, pursuing his dreams, so now it's my turn. 😛
 
I should also say that I have met many a med school grad now that did it on 100% loans and the repayment is not eating at all into their new post-residency lives. On top of that, they've got all sorts of other debt--car loan debt, undergrad debt, and credit card debt. Luckily, I'm currently debt-free. Budget management is key which I am no stranger to. So I'm feeling much better about the cost of attendance.
 
iloveDrStill said:
Very good list. That said, remember that there are MANY jobs that offer loan forgiveness. I had applied to the NHSC a little while ago thinking that it was one of only a few ways not to be in debt the rest of my life. However, the VA and most hospitals will offer loan forgiveness as part of your contract with them.

Don't think it's those three choices, or primary care loans, or nothing. You'll have lots of options when you graduate

Congrats again on your acceptance!
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I didn't know about loan forgiveness from the VAs and other hospitals. Thanks for the tip! I'll look into this!
 
Lindindite, congrats on the GW acceptance. It seems like a great school.
 
I am doing it on pretty much 100% loans. My parents wouldn't retire otherwise, and as a non-trad with parents who are already slightly old relative to my age, I felt really guilty. I think there's a lot of us in this situation, especially as non-trads, due to not wanting or not being able to rely on our parents.

One thing we're probably going to do is buy a condo near school and hope that b/c the economy is so depressed, that the property value will increase more rapidly than any interest on loans (likely in this area). Instead of paying rent, I'll pay off the condo. If I do my residency in the same region, it will definitely make more sense than paying rent for 6+ years. In the best case scenario, I'll actually be able to use resale profit to pay off some of my loans. In the worst likely scenario, I don't feel like I'll be worse off than if I paid rent all that time.

Obviously, you need to have some money saved up to do this (and you didn't say exactly what the relationship was with your baby's father), so maybe it's something that would work out in your region and financial situation?
 
I'm also doing it with 100% loans. My husband took a HUGE paycut to move with me for school (and he got the best paying job in his field in the state), so most of my loan proceeds go to living expenses for my children and husband. We almost never eat out, we do our own home repairs, very few processed foods (they're expensive) and we still need every dime of my loan disbursements.

Regarding repayment: there are also many positions after residency that will help you pay back your loans. If you get a job with a hospital or medical group there is often loan repayment; they pay so much every year and if you end up staying with the group/hospital for 5 or 7 years they'll pay a huge chunk (if not all) of your med school loans. Look for this perk when you apply for jobs later.
 
Anyone fighting with this has to really ask 2 questions:

1. Do you want to be a physician?
2. Do you have any other options besides going 100%?

If it's yes to 1 and no to 2, stop asking anymore questions and get the 100% loan and stop worrying about the debt. Yes, it's there, but since you have no choice really, just accept it as your lot in life for not being born to wealthy parents.
 
Code Brown said:
Anyone fighting with this has to really ask 2 questions:

1. Do you want to be a physician?
2. Do you have any other options besides going 100%?

If it's yes to 1 and no to 2, stop asking anymore questions and get the 100% loan and stop worrying about the debt. Yes, it's there, but since you have no choice really, just accept it as your lot in life for not being born to wealthy parents.
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Totally agreed. The long term satisfaction will outweigh your current concerns if you wouldn't be happy in another field. Obviously there will be days when you kick yourself in the butt, but I know many residents and fellows who are living happily in spite of huge loans to repay.

I believe your child will have a better life if you are proud of your accomplishments and don't think you gave up your dreams, even if he has to live more frugally. If he's truly a baby now, by the time he's old enough to care about living with/without, the $ will be relatively a non issue for you.
 
pietachok said:
Totally agreed. The long term satisfaction will outweigh your current concerns if you wouldn't be happy in another field. Obviously there will be days when you kick yourself in the butt, but I know many residents and fellows who are living happily in spite of huge loans to repay.

I believe your child will have a better life if you are proud of your accomplishments and don't think you gave up your dreams, even if he has to live more frugally. If he's truly a baby now, by the time he's old enough to care about living with/without, the $ will be relatively a non issue for you.
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You speak the truth. And congrats on USC!! I wish I could have stayed in L.A. for med school!

Pietachok, I'm doing the same thing with buying a condo. It's absolutely the way to go, especially in the suburbs around DC. I bought a house in L.A. back in 2001, so prices today seem really outrageous to me, but they have certainly dipped and I've seen some good deals pop up here and there. PM me if you ever want an honest assessment of the L.A. neighborhoods.

Thanks again to everyone who's responding. I never questioned taking the loans out or going to med school. I knew it was going to be expensive. I just got a hit of WOW, THAT'S GOING TO BE ONE HUGE DEBT once I got the CoA from GW, and that's when I posted my original message. It does give a bit of comfort knowing that I won't be alone!
 
Lindindite said:
You speak the truth. And congrats on USC!! I wish I could have stayed in L.A. for med school!

PM me if you ever want an honest assessment of the L.A. neighborhoods.
Click to expand...

Thanks.
Actually I'm from LA, too, and my parents still live out there. I'm going with a condo downtown b/c they have more condos (and condos being built) than they can fill right now since the LA financial scene obviously is tanked at the moment. Accordingly, many properties are asking for teeeny down payments and the prices are disproportionately deflated in that area.
 
pietachok said:
Thanks.
Actually I'm from LA, too, and my parents still live out there. I'm going with a condo downtown b/c they have more condos (and condos being built) than they can fill right now since the LA financial scene obviously is tanked at the moment. Accordingly, many properties are asking for teeeny down payments and the prices are disproportionately deflated in that area.
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Nice. My friend just bought a gorgeous loft next to Little Tokyo. All the new bldgs and the converts are just stunning!
 
I'm going in with 100% debt + post-bacc loans. I can't think of anything else I rather be doing (besides going in with scholarships)! 🙂
 
I would hate to be your bf. Would if you guys break up? Then he will get the short end of the stick. Nothing last forever and I hope that you guys are an exception. As far as ur bf salary going up to pay more of your expenses; wow- u got balls.

Klemptor said:
I will be going in with 100% loans for tuition, books, etc. Cost-of-living stuff will be covered by my boyfriend. This is the same situation I have for undergrad, except that my institution gives me about 50% grants, 50% loans. Because I will be starting in 2010, I haven't done any real research yet about financing medical school, so I don't know if there are grants available for medical students, and if there are, what the eligibility requirements for them would be. I doubt that grants exist for med school, but I don't have any real information about it either way.

As my boyfriend's salary increases, we may be able to put more of his salary toward my education expenses, but as it stands right now we're getting loans to cover the full amount.

It's frightening to take on all that debt, but after I graduate med school, we're planning to continue living in the same lifestyle as we currently do, and to take my salary as a resident (paltry as it will be) and pay that directly toward our educational loans. Luckily our undergraduate debt is pretty small, and his company pays for his grad school classes, so at this time we don't have much in the way of educational debt. So by the time I'm an attending we should have a good chunk of the debt paid down.
Click to expand...
 
Whoah unsolicited attack, scurred09.

Just because they're not married doesn't mean they're not a committed couple. It's better for them financially to take out fewer loans along the way, obviously. Divorce exists, but you don't see many married couples insisting that the student spouse take out living expenses loans so that the working spouse can spend more money on hobbies/retirement etc.
 
No attacks on my part. I just feel sorry for the bf. Dating someone that is going med. school is a recipe for disaster. Relationship is tough as it is w/o med. school involved. Just hope she warrants his investment.
sindadel said:
Whoah unsolicited attack, scurred09.

Just because they're not married doesn't mean they're not a committed couple. It's better for them financially to take out fewer loans along the way, obviously. Divorce exists, but you don't see many married couples insisting that the student spouse take out living expenses loans so that the working spouse can spend more money on hobbies/retirement etc.
Click to expand...
 
scurred09 said:
I would hate to be your bf. Would if you guys break up? Then he will get the short end of the stick. Nothing last forever and I hope that you guys are an exception. As far as ur bf salary going up to pay more of your expenses; wow- u got balls.
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Then I'm glad you're not my boyfriend! :laugh:

Sindadel hit the nail on the head (thank you, Sindadel). My boyfriend and I are a very committed couple. We will be celebrating our nine-year anniversary in September. I supported us while he finished his college education, and we both worked to establish ourselves while he got his career going. It was always the plan for me to quit working to pursue my education. And when I am an attending (after spending my residency paying down a big portion of our student loan debt), he will quit working to pursue his PhD.

We both warrant each others' investment.
 
Klemptor said:
Then I'm glad you're not my boyfriend! :laugh:

Sindadel hit the nail on the head (thank you, Sindadel). My boyfriend and I are a very committed couple. We will be celebrating our nine-year anniversary in September. I supported us while he finished his college education, and we both worked to establish ourselves while he got his career going. It was always the plan for me to quit working to pursue my education. And when I am an attending (after spending my residency paying down a big portion of our student loan debt), he will quit working to pursue his PhD.

We both warrant each others' investment.
Click to expand...

By the way, I would do the "buy the condo" with caution.

There are many people who did this a few years back and now their "brilliant idea" is worth half of what they owe on it and are having to let it go to foreclosure. I would absolutely advise against doing this unless you plan to live in it for many years to come.😍
 
I wish you two the best. Update me when your an attending🙂

Klemptor said:
Then I'm glad you're not my boyfriend! :laugh:

Sindadel hit the nail on the head (thank you, Sindadel). My boyfriend and I are a very committed couple. We will be celebrating our nine-year anniversary in September. I supported us while he finished his college education, and we both worked to establish ourselves while he got his career going. It was always the plan for me to quit working to pursue my education. And when I am an attending (after spending my residency paying down a big portion of our student loan debt), he will quit working to pursue his PhD.

We both warrant each others' investment.
Click to expand...
 
QofQuimica said:
2) Go into primary care and work in an underserved area through the National Health Services Corps. This doesn't offset your loans during medical school, but would help pay them back afterward. Well worth looking into if you're planning on a primary care career.
Click to expand...

Some states have similar loan repayment plans. Also, NHSC does (or did) have scholarships as well.
 
Salacious Crumb said:
Some states have similar loan repayment plans. Also, NHSC does (or did) have scholarships as well.
Click to expand...
A couple of my friends took the scholarship and got a free ride for 3rd and 4th year.

To the OP, you are not alone. A lot of my classmates were 100% loan (we just graduated 2 weeks ago), and they walked out with more zeroes on their balance sheet than a Star Trek Convention!
 
I did it. Had to borrow extra each year for daycare. I'm in deep debt, about 350k 🙁
 
redrumi said:
I'm going in with 100% debt + post-bacc loans. I can't think of anything else I rather be doing (besides going in with scholarships)! 🙂
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Redrumi -

I'll also be 100% dependent on private loans to afford my post-bacc studies next year.

Currently, I've only the Federal Loans and GradPLUS loans for my masters studies, but no credit card debts, no car loan payments, etc. My current credit score is excellent, too.

Since you've already passed this stage, I have a few questions for you, if you don't mind answering:

1) How much private loan were you allowed to receive in post-bacc? (I'll be 100% dependent on those loans to afford the post-bacc studies and the living costs for me and my family).

2) How do you financially plan for the gliding-year and on? I mean:

a) Are you gonna be paying back those prior Federal Loans + private loan for post-bacc during the gliding-year? How about later in the medical school?

b) Or, are you allowed to defer them all during the gliding-year, and on with the medical school? (if not, then how do you plan to proceed with that much of a debt?)

Thanks for your kind answers in advance,
 
OP here. I'm so glad that more 100% loan-ers have come out of the woodwork. Always nice to know that I'm not alone! 🙄

bigDinLV said:
I did it. Had to borrow extra each year for daycare. I'm in deep debt, about 350k 🙁
Click to expand...

Looking at daycare and nanny costs right now. Wow, it's really pricey. bigDinLV, did you have to go the private loan route for your daycare costs? I see from my school's literature that childcare expenses cannot be added to the cost of attendance beyond a possible $3000 for the school year. And all the private student loans I'm finding will not cover anything beyond the CoA.
 
I am borrowing 100% (not to mention the almost $70K I already owe for my graduate degree that has been accumulating interest for several years now). We have 2 kids and my husband had to quit his job for us to move for med school. He did not rush into another job because we wanted to give our family time to adjust to med school first (having at least 1 parent available at all times), which meant that we had to borrow even more, but we feel that the financial sacrifice was far more acceptable than any emotional sacrifices we may have had to make otherwise. He will be working again soon, but we will still have about $320K in student loans by the time I start residency. That is only a little more than the amount of money we paid (more accurately - borrowed :laugh:) for our house. For our family, achieving this dream and investing in a great career is just as worthwhile as buying a house - it is an investment that will bear fruit for the rest of our lives. And when I say "us" I really mean it, it is not just me going to med school, it is our whole family, so before we even started down this path, we made sure that everyone was 100% on board (it helps that my husband has been working in health care for 20+ years, no surprises for us). So, make sure that you have great family support and go over all imaginable contingencies with the baby's father. If you have already decided on this path, if you have been accepted, if you cannot imagine yourself doing anything else... money should not be the deciding factor (not to say that you shouldn't make a careful financial plan).
 
ExtremeUnderdog said:
I am borrowing 100% (not to mention the almost $70K I already owe for my graduate degree that has been accumulating interest for several years now). We have 2 kids and my husband had to quit his job for us to move for med school. He did not rush into another job because we wanted to give our family time to adjust to med school first (having at least 1 parent available at all times), which meant that we had to borrow even more, but we feel that the financial sacrifice was far more acceptable than any emotional sacrifices we may have had to make otherwise. He will be working again soon, but we will still have about $320K in student loans by the time I start residency. That is only a little more than the amount of money we paid (more accurately - borrowed :laugh:) for our house. For our family, achieving this dream and investing in a great career is just as worthwhile as buying a house - it is an investment that will bear fruit for the rest of our lives. And when I say "us" I really mean it, it is not just me going to med school, it is our whole family, so before we even started down this path, we made sure that everyone was 100% on board (it helps that my husband has been working in health care for 20+ years, no surprises for us). So, make sure that you have great family support and go over all imaginable contingencies with the baby's father. If you have already decided on this path, if you have been accepted, if you cannot imagine yourself doing anything else... money should not be the deciding factor (not to say that you shouldn't make a careful financial plan).
Click to expand...

Hi, ExtremeUnderdog, same question to you. Did you go the personal private loan route or did your school increase your CoA to help with the living expenses of children so you could qualify for more in student loans?
 
Hi Lindindit, the school gave me an increase for each child, which was still not entirely enough since my husband had to quit his job and selling our house before moving was not an option in this market, so we borrowed from every source we could. We did not end up using all the money, but we needed to have the security until we figured out how our new lifestyle was going to work - on the bright side, we will not need to borrow as much next year.
 
ExtremeUnderdog said:
Hi Lindindit, the school gave me an increase for each child, which was still not entirely enough since my husband had to quit his job and selling our house before moving was not an option in this market, so we borrowed from every source we could. We did not end up using all the money, but we needed to have the security until we figured out how our new lifestyle was going to work - on the bright side, we will not need to borrow as much next year.
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Thanks for sharing your experience. 🙂
 
Lindindite said:
Hi, fellow nontrads. Just wanted to see if I'm alone here in starting med school with 100% loans. I'm a bit nervous about this since I have a baby and the baby's father will be working/living mostly in another city. Anyone else out there doing 100% loans as well?
Click to expand...

I wouldn't worry about it too much. Almost all of my classmates were 100% student loans. Of course, when I graduated in 2006, the Stafford cap for health professions was $186,000 for the four years. You could do a scholarship for primary care if you want to do that route. You could do the military scholarship, although, if you do, realize that you may not get into the training program that you want. (I am prior military and know how it goes.) Or you could be like me and most of my classmates and just take the loans. I don't anticipate having problems paying it back, but I am also not in primary care.
 
Lindindite said:
Hi, fellow nontrads. Just wanted to see if I'm alone here in starting med school with 100% loans. I'm a bit nervous about this since I have a baby and the baby's father will be working/living mostly in another city. Anyone else out there doing 100% loans as well?
Click to expand...

Oh, by the way, don't get married until your last year of medical school. They determine your financial aid package based on your previous year's W2, and your spouse's income would count, thereby, decreasing how much money they would allow you to borrow, even if you have not capped on your Stafford loans yet. They say that you could have "contributed" to your tuition yourself.
 
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