Federal Loans for SMPs?

[Algophiliac]

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Do federal loan limits for Master's programs apply for SMP programs, or would an SMP permit me to take out the COA in federal loans only?

I simply don't know how I can stand to pay for all of this, and would hate to have to take out private loans, due to the risk of not being accepted to medical schools afterward. :/ Ahhhhh.

To clarify, I mean annual federal loan limits, which cap at $20.5k for graduate schools, but may be higher for medical schools. But, since this would be a graduate program, technically, would the loan limits still be the graduate schools' annual loan limits values?

 

[DrMidlife]

SMPs that grant a masters degree are eligible for federal funding of full cost of attendance.

The Stafford limit is usually below cost of attendance.

But at the graduate level, you are eligible for Grad Plus, which are federal student loans. That's what pays for the difference between COA and the Stafford limit. True for med school as well.

Best of luck to you.

 

[Algophiliac]

I see--for some reason, I assumed the GradPlus loans were the same as the Stafford loans for graduate schools. This is giving me a better idea of what to do, thank you.

It seems obtaining a GradPlus loan is still possible with no credit history, which is good to know.

 

[alexrgross]

I see--for some reason, I assumed the GradPlus loans were the same as the Stafford loans for graduate schools. This is giving me a better idea of what to do, thank you.

It seems obtaining a GradPlus loan is still possible with no credit history, which is good to know.

Maybe, though adverse credit history is a factor in Grad plus loans - it is not in Stafford loans. Also, Gradplus loans may be higher in interest compared with private loans.