Financial Aid

[DrNo2000]

I am a prospective dental student and the reason I am bringing this up here is because someone actually might have experienced the same thing.

During my undergrad years I have borrowed a considerable amount of money (~$23,000). I have heared many rumors that the amount of debt a student has can have a significant affect on his/her eligibility to recieve loans and financial aid for dental school. Is that true? Most of my debt is from student loans. I don't have that much credit card debt and my credit is ookay. (it's not great and it's not horrible either). Is there anyone out there who is experiencing a similar situation, or has experienced it already? I would really appreciate your opinions.

Thanks.

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[discolphie]

dr no,

i owe about 23K like yourself from undergraduate loans... my credit debt is substantially higher though so im sure credit score is in the pits.. am working on that now until school starts though...

for government loans (stafford sub and unsub... max 38,500 a yr) you are eligible regardless of your credit rating...those funds are abailable for anyone in a program to promote education. perkins loans depend on your parent's income and you will qualify for them if you demonstrate that extreme need.. i'd look into health professional loans too if you don't get that.

if you still require more funds, you might have to take out private loans which depend on your personal credit worthiness. lower credit scores such as yours truly will result in unfavorable higher interest rates but you may still qualify for them.

 

[DrNo2000]

Thank you for the information.

 

[Kalel]

There is some number out there that is the maximum amount that you can borrow from the stafford or perkins program, but you will probably be nowhere near it by the time that you graduate from med school (it's pretty high). I had 27K in undergrad debt and didn't see it effect my FA in med school.

 

[mpp]

The maximum in Stafford loans for dental/medical students is $138,500 of which $65,500 may be subsidized.

 

[Amy B]

MPP,
I am now a bit confused. I just spoke to my school and they said the max Stafford loans in $189,000 which includes any subs and unsubd loans over a life time. You have written it is $138K total. So who is correct. Perhapes you are talking about $138 K + $65 to give a total of ~$189K?

Since I already owe $53,000, that means I only have $136,000 left for med school. At least that is what the school told me.

 

[RasputinDO]

Amy,

That's right you are only allowed 189,000 for all of your schooling(if your a med student). You are only allowed about 35,000 something for undergrad. So, if you go to Med School right out of undergrad than the max you can get from federal stafford would be 154,000 (38,500 x 4 years), but if you went to grad or whatever than your total staffords may be higher than the 35,000ish max they allow you in undergrad and thus you would have less available in med school. Just remember this ONLY applies to the federal STAFFORD loans. So, don't be including any Perkins or anything else you may have included in there from undergrad or other grad.

Josh