enough loan money to get by?

[Stephie3]

if you are single and can live frugally, can you get enough in loans to pay tuition and get by in dental school WITHOUT taking out private loans and grad plus loans with skyrocketing interest rates?

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[ou_jay]

nevermind

 

[Hysteria24]

if you are single and can live frugally, can you get enough in loans to pay tuition and get by in dental school WITHOUT taking out private loans and grad plus loans with skyrocketing interest rates?

The Stafford subsidized loans max out at $8,500/year. These are the only interest free loans while in school (interest is actually paid by the government on your behalf). Beyond this you will be paying interest at varying rates.

You can take out an additional 32,000/year through the Stafford unsubsidized loan program with an interest rate of 6.8%

This combo of $40,500 may get you bay at certain schools, but definitely not anywhere here in CA (even the public ones).

My tuition alone each year is more than that . That's where GradPLUS fills that void, with an unsubsidized loan at a rate of 8.5%, and uncapped max.

 

[HupHolland]

if you are single and can live frugally, can you get enough in loans to pay tuition and get by in dental school WITHOUT taking out private loans and grad plus loans with skyrocketing interest rates?

Depends on what school you go to.

If you go to a private school or state school where you're considered a resident, then the answer is most likely YES- you can get by without grad plus or private loans.

If you go to your state school, then the answer is most likely NO- you will probably have to take out a grad plus or private loan.

Grad Plus rate is fixed, so your the rate will never "skyrocket."

-Hup

 

[Hysteria24]

Depends on what school you go to.

If you go to a private school or state school where you're considered a resident, then the answer is most likely YES- you can get by without grad plus or private loans.

If you go to your state school, then the answer is most likely NO- you will probably have to take out a grad plus or private loan.

Grad Plus rate is fixed, so your the rate will never "skyrocket."

-Hup

Wouldn't "your state school" be the "state school where you're considered a resident"?

I would say it would be easier to do at any state school where one gets in-state tuition (although still not always possible). Out of state tuition or private tuition pretty much make this impossible.

 

[Stephie3]

what about grants? do you guys get any pell grants?

 

[Hysteria24]

what about grants? do you guys get any pell grants?

No to pell grants: http://studentaid.ed.gov/PORTALSWebApp/students/english/PellGrants.jsp

"A Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor's or a professional degree. (In some cases, however, a student enrolled in a post-baccalaureate teacher certification program might receive a Pell Grant.)"


I know the CA public schools offer some state grants, but when those are maybe ~$2,000 a year, it is really insignificant when compared to the $250,000 total bill one incurs after 4 years.

 

[HupHolland]

Wouldn't "your state school" be the "state school where you're considered a resident"?

I would say it would be easier to do at any state school where one gets in-state tuition (although still not always possible). Out of state tuition or private tuition pretty much make this impossible.

woops. that came out all kinds of wrong

the short answer: it just depends on the cost of attendance of your school. if one is relying solely on loans, you will be forced to take out grad plus if cost of attendance is higher than the amount you get from stafford, health professions, perkins, and any scholarships/grants.

your state school is obviously the most affordable option, and private schools and state schools where you're not a resident are less affordable and will more often than not require that you dip into grad plus.

to the OP: just go to the cheapest school and don't think twice.

-Hup

 

[scottyhoop]

Is there a cap on the amount you can borrow? Obviously, you want to keep it as low as possible due to the huge expense of school already, but since I'm an old fart I will have to borrow more for living expenses (car, mortgage, etc...), kids and such. I know it will cost me more after I'm out of school, but you gotta do what you gotta do to get thru school.

Scott

 

[KOM]

I was under the impression that the feds were going to steadily decrease interest rates on stafford loans to 4-5% over the next few years. Will these figures hold given the current state of the economy?

 

[apaul]

i think thats for undergrad loans, not graduate..... though i could be wrong, its happened before

 

[Hysteria24]

Is there a cap on the amount you can borrow?

There is no cap for the GradPLUS loan program (the loan the feds give once you max out your Stafford loans). However they will only let you borrow up to the estimated cost of attendance as determined for a particular school. This number estimates the cost of tuition, supplies, rent, food, transportation, etc. for the area of a particular school.

I was under the impression that the feds were going to steadily decrease interest rates on stafford loans to 4-5% over the next few years. Will these figures hold given the current state of the economy?

As mentioned above, this is only for undergraduate loans. Their Stafford rate is already at 6.0%, while we remain at 6.8%.

 

[scottyhoop]

There is no cap for the GradPLUS loan program (the loan the feds give once you max out your Stafford loans). However they will only let you borrow up to the estimated cost of attendance as determined for a particular school. This number estimates the cost of tuition, supplies, rent, food, transportation, etc. for the area of a particular school.

So after you maxed out GradPLUS, you have to go with private lenders? That's the impression I got from the financial aid talk I was at. Is that the case? And if so, I guess you could borrow a lot more, but have huge payments when you get out of dschool. Thanks for your help!

Scott

 

[Hysteria24]

So after you maxed out GradPLUS, you have to go with private lenders? That's the impression I got from the financial aid talk I was at. Is that the case? And if so, I guess you could borrow a lot more, but have huge payments when you get out of dschool. Thanks for your help!

If you are single and borrow up to the limit set by the school's estimated cost of attendance, I highly doubt you will need more. There is plenty of wiggle room in that estimation to over pay a couple hundred a month for an apartment, or spend way too much for food or various activities. Also, the finaid person at my school said if we can show that our actual costs are higher than the estimation they can look into it (with the student bringing in proof of rent, or supply costs) and may raise this limit on a case by case basis.

If you are trying to support a family with loans also then this is a a different story. Federal loans are only designed to support the student and they will not grant more for your dependents. This is where you would have to look into getting private loans as well.

 

[scottyhoop]

Yeah, I have a family, but my wife works so we aren't quite sure yet how much extra we will need. I guess my question is if we need say $2000 a month on top of school expenses(on the high side I hope) could we get it thru loans of some sort?? Thanks again for your help!
Scott

 

[Turnerjo13]

Do you think that we will be able to borrow as much as we need in the near future. Given the state of the financial system and how nobody is lending to anybody else, will we be affected by this situation in the amount and types of loans we qualify for?

 

[KOM]

Do you think that we will be able to borrow as much as we need in the near future. Given the state of the financial system and how nobody is lending to anybody else, will we be affected by this situation in the amount and types of loans we qualify for?

I would guess that there's always going to be some sort of option for a private loan out there. Banks tend to see dental and medical students as pretty sound investments (words from a financial consultant at our school). However, rates will most likely go up and they will be more stringent in terms of loan amount.

 

[Turnerjo13]

I would guess that there's always going to be some sort of option for a private loan out there. Banks tend to see dental and medical students as pretty sound investments (words from a financial consultant at our school). However, rates will most likely go up and they will be more stringent in terms of loan amount.

Do you think there will be any tightening of federal loans? I would expect changes in privates loans but federal I am not sure and am most concerned about.