Can you get institutional loans if your parents don't fill out fafsa for med school?

[Rememberstuff]

Stafford loans only give up to 56k per year total i think. Tuition is about 50k per year, and 6k per year isn't enough to live on. Is it possible to get institutional loans from medical schools for the rest of living expenses if parents do not fill out financial aid form?

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[happypremed1]

Stafford loans only give up to 56k per year total i think. Tuition is about 50k per year, and 6k per year isn't enough to live on. Is it possible to get institutional loans from medical schools for the rest of living expenses if parents do not fill out financial aid form?

Isn't there Grad Plus Loan that covers up to the COA? I remember this vaguely from the med school interview day presentation.

 

[AlbinoHawk DO]

Isn't there Grad Plus Loan that covers up to the COA? I remember this vaguely from the med school interview day presentation.

Yes, and for med you are considered independent. You can fill out fafsa without patents.

 

[Rememberstuff]

But grad plus loan starts incurring interest while you are IN med school! That's horrible.

 

[happypremed1]

But grad plus loan starts incurring interest while you are IN med school! That's horrible.

Yes and it's compounding interest. People max out on the Stafford Loan and borrow more money to cover the expenses from the Grad Plus Loan. If you can find better interest rate from other sources, then by all means go for it. For the majority of the people the combination of Stafford and Grad Plus is the way to go.

 

[sazerac]

Yes and it's compounding interest. People max out on the Stafford Loan and borrow more money to cover the expenses from the Grad Plus Loan. If you can find better interest rate from other sources, then by all means go for it. For the majority of the people the combination of Stafford and Grad Plus is the way to go.

It's quite easy to find private loans with better interest rates. But it's impossible to find ones with better repayment & forgiveness plans.

It's hard to beat federal loans when they have a -100% interest rate after 20 years of working.

(Yes that is a minus sign)

 

[happypremed1]

It's quite easy to find private loans with better interest rates. But it's impossible to find ones with better repayment & forgiveness plans.

It's hard to beat federal loans when they have a -100% interest rate after 20 years of working.

(Yes that is a minus sign)

Oh yeah, thanks for bringing it up. This is the reason for going for federal loans!

 

[Elevencents]

But grad plus loan starts incurring interest while you are IN med school! That's horrible.

Welcome to the real world.