Could you share your experience on getting federal loan (i.e. Stafford, others nonsubsidised loans) Is it entirely based on your family income and can you get rejection if it will be considered "high"? Also how true is the "ceiling" of 8K per year on Stafford loans? What other factors play the role in amount of gov. loans? Thank you
Chances to get government loan ?
- Thread starter Zobarste
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I think the ceiling you're thinking of is 8,500 per year on subsidized Stafford loans; however, you can get another 32,000 per year of unsubsidized Stafford loans.
As far as the other questions, I'm not sure. I had no problems getting any loans I wanted (Stafford and Grad PLUS).
As far as the other questions, I'm not sure. I had no problems getting any loans I wanted (Stafford and Grad PLUS).
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Okay i am a little confused...
Dental schools (lets look at the high side) is 50k per year, + 25k living expensis + 5k books/whatever.... thats 80k per year
times 4 = $320,000 for the 4 years.
Your saying the subsidized Stafford loans + the unsubsidized Stafford loans = 40,000.... how am I supposed to pay the rest? I won't even be able to pay 100 dollars, yet alone thousands
Dental schools (lets look at the high side) is 50k per year, + 25k living expensis + 5k books/whatever.... thats 80k per year
times 4 = $320,000 for the 4 years.
Your saying the subsidized Stafford loans + the unsubsidized Stafford loans = 40,000.... how am I supposed to pay the rest? I won't even be able to pay 100 dollars, yet alone thousands
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grad plus is 7.9% actually - was 8.5% my first year 
Also,
Penn = 90k+ this year...
Also,
Penn = 90k+ this year...
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whoops, you're right. i was confusing stafford rates with gradplus rates.
op, check it out straight from the the studentaid.gov website:
http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp
op, check it out straight from the the studentaid.gov website:
http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp
Thank you for the responses! Maybe a little twist on my original question, but...
I am a foreign-trained dentist, and this year I got admitted to an advanced standing program (two years program). Even though I have two masters degrees from US universities I am not really familiar with loan options since I never had educational loans. I believe that my advanced standing program will cost about $200K, and I was thinking of the following options (in the order of my preference):
1. Max out on Stafford subsidized loan ($8.5K) + take a cash-out refinance on my home mortgage to cover roughly half of the expenses (1st year) and next year max out on Stafford subsidized and take a private loan for the rest
2. Both years get as much as possible on Stafford subsidized loan and for the rest get private educational loans
3. Both years get as much as possible on Stafford subsidized one and then get the federal Plus loans for the rest.
Please let me know if the above order makes sense in your opinion. It's based on the following logic (or absence of it ): (a) if I can finance part of my education through my home equity I should since the rates are fixed and low and (b) even though private loans have variable rates, in the current economy it's unlikely that these rates will reach the Plus ones in the net few (2-5) years and if they do later I may be able to consolidate the loans with a lower rate.
Any advice is greatly appreciated.
I am a foreign-trained dentist, and this year I got admitted to an advanced standing program (two years program). Even though I have two masters degrees from US universities I am not really familiar with loan options since I never had educational loans. I believe that my advanced standing program will cost about $200K, and I was thinking of the following options (in the order of my preference):
1. Max out on Stafford subsidized loan ($8.5K) + take a cash-out refinance on my home mortgage to cover roughly half of the expenses (1st year) and next year max out on Stafford subsidized and take a private loan for the rest
2. Both years get as much as possible on Stafford subsidized loan and for the rest get private educational loans
3. Both years get as much as possible on Stafford subsidized one and then get the federal Plus loans for the rest.
Please let me know if the above order makes sense in your opinion. It's based on the following logic (or absence of it
): (a) if I can finance part of my education through my home equity I should since the rates are fixed and low and (b) even though private loans have variable rates, in the current economy it's unlikely that these rates will reach the Plus ones in the net few (2-5) years and if they do later I may be able to consolidate the loans with a lower rate.Any advice is greatly appreciated.
