Consolidation loan = private?

[Quentin Quinn]

Have a question about my financial situation, and wasn't able to find any answers via searching. I have prior Stafford loans from previous grad/professional studies (about $50k left) and consolidated these in 2002 to lock in low rates and take advantage of extended/flex repayment options (up to 30 years). I am wondering whether these loans are now considered "private" since they have been consolidated, thus freeing me up to take out new Stafford loans up to the max amount (i.e. an additional $135k in Stafford loans). Or are these loans still a part of the Stafford program, and deducted from the max amount I may take out (e.g. $135k minus $50k). I am guessing probably the latter. Any help appreciated!

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[blackbeard505]

Have a question about my financial situation, and wasn't able to find any answers via searching. I have prior Stafford loans from previous grad/professional studies (about $50k left) ... I am wondering whether these loans are now considered "private" since they have been consolidated, thus freeing me up to take out new Stafford loans up to the max amount (i.e. an additional $135k in Stafford loans). Or are these loans still a part of the Stafford program, and deducted from the max amount I may take out (e.g. $135k minus $50k). I am guessing probably the latter. Any help appreciated!

My understanding is that the loans are still a part of the Stafford Program. So it would be 135 minus 50. Another thing to keep in mind is that the 135 is further broken down by how much you can take out as subsidized or unsusbididzed. I'm not sure what the amounts are, so you'll have to look that up.

So lets say hypothetically that you took out 20k subsidized and 30k unsubsidized. And of the 135k aggregate, lets say you can take out 55k subsidized and 80 unsubsidized. This leaves you with 35k subsidized and 50k unsubsidized. Of course, the numbers are all hypothetical, but you get the idea.

 

[mpp]

If you are in medical school the aggregate maximum for Stafford loans is $189,125 of which $65,500 can be subisidzed loans.