additional loans

[kendall]

as an hpsp medical student are you eligible for any other federal loans? i ask because in many cities, the military stipend is not nearly enough to cover living expenses.

thanks,

k

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[Homunculus]

Originally posted by kendall
as an hpsp medical student are you eligible for any other federal loans? i ask because in many cities, the military stipend is not nearly enough to cover living expenses.

thanks,

k

yes, you are eligible for other loans. no HPSPer i know lives on the stipend alone.

 

[texdrake]

You are elidgleable for the difference between your "estimated need" and the value of the scholarship.

I believe the value of the scholarship is calculated as Tuition/Books/Fees + Stipend. With the value not to exceed $50,000 a year (not sure about that number).

The total usually comes to around $3-6K per year for a single student. That is from the total amount of the $38,500 you can get from the government. Of course you could always get outside loans as well, but that is what you can get.

This year I took the maximum so I got my stipend plus $3,450. Next year I will also take the maximum with the idea of paying off all of my credit card debt (3% is a nice rate!)

 

[bobbyseal]

Actually,

Stipend is not counted in my school's financial aid calculations. They take it as Tuition + fees + (books, rent, food, transportation, beer, etc) to equal your total need.

The navy scholarship is taken away from that leaving you eligible for a big loan, $10-$20K/year depending on what year of school you are in.

Incidentally, I'm taking out said loans and will regret it someday. But for now, I love going on vacation to ski resorts and sunny California!

 

[iwakuni_doc]

Read your HPSP handbook - you are not eligible for other federal financial support, with the exception of the GI Bill.

You can take other non-subsidized loans, but that's about it.

 

[Homunculus]

Originally posted by iwakuni_doc
Read your HPSP handbook - you are not eligible for other federal financial support, with the exception of the GI Bill.

You can take other non-subsidized loans, but that's about it.

hmm.. so what am i supposed to do with the subsidized stafford loans i received ?

maybe it's different for the navy, but all the hpspers at my school (army/navy/air force) all took out subsidized staffords. maybe our financial aid department didn't know any better . . .

 

[bobbyseal]

iwakuni....

I'm pretty sure hpsp'ers are allowed to take Federal Stafford subsidized and unsubsidized loans.

In the Navy handbook, it only says that you're not allowed to take funding from outside sources that will conflict with any military obligations.

If I'm wrong, then I hope uncle sam doesn't mind the fact that I've been nursing him for $7k in subsidized loans!

 

[iwakuni_doc]

Hey if they let you...I'm happy for you. When I was in med school - the answer that I got was an emphatic NO! It certainly would have been nice to borrow on a subsidized loan & pay-off my un-subsidized loans from my non-scholarship first year.

As it is though, I can't really complain - I've been able to pay off almost all of my undergrad & first year loans while I've been overseas as a FS.

Sorry if I was passing bad info - but that was my personal experience & knowledge.