financial aid questions

[Nocsag56]

hi everybody,

i was just wondering if anyone else is yet to receive their financial aid reward letter from their college of choice? i know it's only june, but 3 mos of financial planning is sometimes just not enough time.

also, does anyone know the max amt that can be borrowed in unsubsidized loans for graduate/professional students per year? i've seen $18,500 - but that can seem somewhat unreasonable for students in >$30k/yr programs.

lastly, can we borrow the max amount thru the school, or would we have to seek out additional outside lenders (ie: banks)??

thanks in advance for any and all input!!

-nocsag56

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[Brill]

The max amount for federal loans is $38.5k (8.5k subsidized, 30k unsubsidized).

The amount you can borrow in federal loans is set by the budget that each school determines a student will need (adding up tuition, fees, books, living expenses, transportation, etc.) If that amount exceeds $38.5k then any further money would have to be in the form of private loans.

 

[Nocsag56]

ok - so i was being lazy when i posted the original thread. i hadn't bothered to search for already existing threads relating to this topic.

but i still have one more burning question....

suppose i borrow the max $18.5k/yr in unsubsidized loans and still fall short of my expenses.........where can i go to borrow more?

i was hoping i could apply for an educational loan at my bank, but they also offer gov't unsubsidized loans - putting a cap on my borrowing, right?

thanks again everybody.
-nocsag56

 

[Triangulation]

Call U-Dub and ask them about your options. I'm sure they'd be more than willing to help. U can also PM Glengarry. He's a current pharm student there now.

 

[Heyyyyy]

The unsubsidized loans incurs interest while you are in school. What is the in-school interest rate?

 

[jdpharmd?]

Originally posted by Heyyyyy
The unsubsidized loans incurs interest while you are in school. What is the in-school interest rate?

Depends on the lender and the credit scores of the borrower(s). I would guess that it's the same rate as after you graduate.

 

[dgroulx]

My current unsubsidized loan rate is 3.5%. I make interest only payments.