Another loan question

Discussion in 'Financial Aid' started by carcrazyguy, Mar 31, 2004.

  1. carcrazyguy

    carcrazyguy Senior Member
    7+ Year Member

    Joined:
    Aug 6, 2003
    Messages:
    112
    Likes Received:
    0
    This might be a "repost". I seen several different figures on how much a medical student can borrow. Which is the correct number? I have seen $8500, $18500, $25000, and $38500? I think the school is books/tuition/fees are about $8500 year?

    Sorry for being "dumb":oops:
     
  2. hakksar

    hakksar Senior Member
    7+ Year Member

    Joined:
    Feb 12, 2004
    Messages:
    362
    Likes Received:
    0
    Status:
    Resident [Any Field]
    This is how I understand it:

    Medical Students can borrow $8,500 in subsidized stafford loans a year. They can borrow $38,500 of total stafford loans per year (ie if you were to get the full $8500 subsidized then you could borrow $30,000 of unsubsidized but if you received less subsidized you could receive more unsubsidized). However, you can receive more loans through private loans or other federal loans (ie Perkins) as long as you do not exceed your cost of attendance (this may not be true of private loans but is true for federal loans). There is a lifetime cap on federal debt you can incur (not sure on the amount but I believe it is ~ $160,000) and after that point you would have to seek private loans. Most schools cost more for books, tuition, and fees then you stated. As an instate resident at CU my tuition is ~$16000/year, fees ~ $1000/year, and books ~$1000/year. My cost of attendance (including room and board) is over $30,000 for the first year and $38,500 for every year thereafter (the first year you have the summer off that is why it is less). I hope this clears things up.
     
  3. carcrazyguy

    carcrazyguy Senior Member
    7+ Year Member

    Joined:
    Aug 6, 2003
    Messages:
    112
    Likes Received:
    0
    So that being said, you will have to live off ~$16,000 a year?
     
  4. hakksar

    hakksar Senior Member
    7+ Year Member

    Joined:
    Feb 12, 2004
    Messages:
    362
    Likes Received:
    0
    Status:
    Resident [Any Field]
    yeah, unless I want to take out private loans in excess of my cost of attendance. $16,000 a year really is not bad. I probably will not be going out much or on any vacations but with the current cost of living in Denver I can probably pay as little as $300 a month on rent (with a roomate), spend aproximately $600 a month on food and other consumables (I live in Denver and currently spend about $800/month on these goods but I am not trying to be thrifty), and the rest for other expense (car, insurance, entertainment etc).
     
  5. hakksar

    hakksar Senior Member
    7+ Year Member

    Joined:
    Feb 12, 2004
    Messages:
    362
    Likes Received:
    0
    Status:
    Resident [Any Field]
    FYI: The cost of attendance is set by the school.
     
  6. Around there, yup.
     

Share This Page