EFC of zero. How much in sub. loans can I take out?

[AStudent]

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[OSUdoc08]

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$8,500 is the federal maximum for subsidized stafford

the total maximum for both sub and unsub stafford is $38,500

 

[luvmykitties]

$8,500 is the federal maximum for subsidized stafford

the total maximum for both sub and unsub stafford is $38,500

Is that amount per year? Can anyone take out a Stafford loan or do you have to make below a certain amount? Is the amount you can take out based on your EFC, for example if the gvn't says your EFC is 35k can you only take out a loan if the tuition/expenses exceed that amount?

 

[OSUdoc08]

Is that amount per year? Can anyone take out a Stafford loan or do you have to make below a certain amount? Is the amount you can take out based on your EFC, for example if the gvn't says your EFC is 35k can you only take out a loan if the tuition/expenses exceed that amount?

1. Yes it is per year.
2. Anyone can take out an Unub. Stafford. (up to $30,000)
3. You have to make below a certain amount to qualify for a Sub. Stafford (up to $8,500)
4. Yes, it is based on your EFC and the cost for your school.
5. Your school's financial aid office will work with you if you need more.

 

[Uegis]

1. Yes it is per year.
2. Anyone can take out an Unub. Stafford. (up to $30,000)
3. You have to make below a certain amount to qualify for a Sub. Stafford (up to $8,500)
4. Yes, it is based on your EFC and the cost for your school.
5. Your school's financial aid office will work with you if you need more.

I worked for all of last year so my EFC was 9K. Does that mean that it is unlikely that I will be able to get the Subsidized Stafford? i mean, its not like I will be making money next year. My tuition alone is looking to cost over 35K, so that extra 8500 will be mighty useful.

 

[ZappBrannigan]

I worked for all of last year so my EFC was 9K. Does that mean that it is unlikely that I will be able to get the Subsidized Stafford? i mean, its not like I will be making money next year. My tuition alone is looking to cost over 35K, so that extra 8500 will be mighty useful.

You can take out to 38,500 total in Stafford loans. Up to 8500 of it might be subsidized, but if you don't qualify you are still able to have that extra 8500 it just will be through unsubsidized loans. So hopefully it will only be 30000 unsubsidized, but that's not max.

 

[Arginine]

I worked for all of last year so my EFC was 9K. Does that mean that it is unlikely that I will be able to get the Subsidized Stafford? i mean, its not like I will be making money next year. My tuition alone is looking to cost over 35K, so that extra 8500 will be mighty useful.

When I applied to med school, I was working, so my EFC was about 8500. But I did qualify for the full subsidized Stafford amount of 8500. You'll probably be eligible too.

 

[jk5177]

So the unsubsidized Stafford loan is about 30,000 per year. It is my understanding that the interest starts the moment I receive the money. However, how is the interest compounded? And, I assume I need to select a bank that will fund me?

 

[mpp]

The Stafford loan for medical students is $38,500, of which $8,500 can be subsidized. The interest is compounded once, when you begin repayment. Unless your school is a Direct Lending institution, you will need to select a lender when you complete the Master Promissory Note. Select a lender that has no origination or guarantee fees.