Another Loan Question

[lainey234]

My husband has a good job, over 100k/year. We are hoping that he will be able to keep that same kind of job even if we have to move for me to go to med school. If he is making that type of income, will we still qualify for loans or will we be expected to pay for some out of pocket? We have two kids, house payments, car payments, the typical American Dream - ie, very little excess cash.

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[DrMidlife]

There are cheap loans and expensive loans, based on interest rates and other terms. If you don't have demonstrated need you can still qualify for the expensive loans. There are details in the front of the MSAR. Charts and stuff.

Money that's in your house or in a retirement fund isn't counted. Each year you want to qualify for a loan, they'll look at the previous 2 years. There might be things you can do (file separately, max your deductions, etc.) to qualify for the cheap loans, but at 100k I doubt it unless your mortgage eats up 60k of that.

See what your CPA can come up with. Good luck.

 

[lilnoelle]

The way I understand it, you can still get up to 38,500 of stafford loan, no matter your income. If you have a large income, you don't get subsidized loans, so your interest will be accruing throughout med school.

 

[DrMidlife]

I believe 38,500 is for undergrad work. So great, the OP can borrow for a postbac. As I understand it, the average med school debt is between 100k and 200k.

Here's a really good site somebody on SDN listed lately, which in the course of describing private loans also describes public loans: http://www.finaid.org/loans/privatestudentloans.phtml

 

[lilnoelle]

I believe 38,500 is for undergrad work. So great, the OP can borrow for a postbac. As I understand it, the average med school debt is between 100k and 200k.

Here's a really good site somebody on SDN listed lately, which in the course of describing private loans also describes public loans: http://www.finaid.org/loans/privatestudentloans.phtml

I mean each year. I'm pretty sure that undergrad is 18,500 each year.

 

[rgerwin]

No, regular grad school is $18500. Only health people get $38500, which includes sub and unsub loans. Undergrad depends on if you are dependent or independent. Dependent undergradds will qualify for more each year, but will never get $18500.