Dental School Loans - Stafford Help

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billermo

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Can anyone share their Stafford loan amounts for Dental school? Has it gone up for 2007/2008?

My 1st year I received $45,166 ($8500 sub, $36,666 unsub). I think this was the limit at the time for 2006/07 at 6.8%

Just received my letter for 2nd year. It was lowered to $40,500 ($8500 sub, 32,000 unsub). After contacting our financial aid officer, she said they are saving our Stafford for our senior year since students are running out of money. She wants us to make up the difference using GradPlus at 8.5%. Why would I want to take out a 8.5% loan over a 6.8% loan. The GradPLus also charges an origination fee (3%). No thank you. If we indeed reach our Stafford limit my senior year, then I will take out GradPlus and Private loans since I will be closer to repayment. Why would I want to let a 8.5% loan accumulate for the next 3 years with no repayment when I should be able to use the full amount of Stafford at 6.8% with no origination fee.

Am I not entitled to the full Stafford amount every year? If I reach my total limit my senior year, then so be it. I do not have any undergrad loans so this may not be a problem.

Thanks.

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Eligibility for federal student loans are, from what I can gather, determined by the financial aid department of your school. I am not sure if you can borrow from these sources beyond what they have decided. My advice is to go back and explain your position again regarding preferring to borrow more heavily from GradPLUS and private loans during your final year of dental school and not before. Maybe based on your discussion, they could raise the unsubsidized portion of your Stafford. Lifetime max borrowing from unsubsidized and subsidized, undergrad and grad Stafford Loan is $189,125 according to the information I have. Good Luck.
 
This is a crazy question but does having "bad credit" affect your loan status?
 
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This is a crazy question but does having "bad credit" affect your loan status?

I think it does for the GradPLUS and private loans, but I'm not sure if it effects Perkins, Health Professions Loan or Stafford Loans. You could ask this question on the the Money/financial aid section of SDN to get a more definite answer, or you could check with your financial aid office. Good Luck.
 
Anyone care to share their Stafford amounts? I want to compare my amount with other schools. My annual amount will be $45,167 until my Senior year. Then it gets reduced to $24,499 for a total of $160,000. I thought this was low compared to the $189,125 aggregate maximum. I was told the reduction was due to a maximum limit of $80,000 for the "additional unsubsidized Stafford". Annual limit on this portion is $26,667, but the max is $80,000. Does this sound right?

Year 1, 2, 3
Subsidized Stafford: $8,500
Unsubsidized Stafford: $10,000
Additional Unsubsidized Stafford: $26,667

Year 4
Subsidized Stafford: $8,500
Unsubsidized Stafford: $12,000
Additional Unsubsidized Stafford: $3,999
 
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