OSUdoc08

Membership Revoked
Removed
15+ Year Member
Sep 30, 2003
7,698
6
Status
Medical Student
AStudent said:
$8,500 is the federal maximum for subsidized stafford

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

luvmykitties

Junior Member
10+ Year Member
Feb 14, 2005
7
0
Status
OSUdoc08 said:
$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

Membership Revoked
Removed
15+ Year Member
Sep 30, 2003
7,698
6
Status
Medical Student
luvmykitties said:
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 Down 3 To Go
10+ Year Member
Aug 15, 2004
1,161
0
www.mdapplicants.com
Status
Resident [Any Field]
OSUdoc08 said:
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

Senior Member
7+ Year Member
15+ Year Member
Dec 16, 2003
239
0
Seattle
Visit site
Status
Uegis said:
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

happiest of amino acids
7+ Year Member
15+ Year Member
Nov 6, 2002
167
0
Seattle
Visit site
Status
Resident [Any Field]
Uegis said:
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

Just Kidding
10+ Year Member
Jul 28, 2004
1,562
4
Oregon
Status
Dentist
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

SDN Moderator
Moderator Emeritus
10+ Year Member
15+ Year Member
Jan 17, 2001
3,398
18
Portland, OR
Visit site
Status
Resident [Any Field]
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.