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How much can you get for an MS1 going to a public medical school?

Discussion in 'Financial Aid' started by BlackPuma, Aug 16, 2002.

  1. I've been told that for off campus student, the loan budget that I can get is around $27K, is it possible to exceed this value?

    Thanks,
     
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  3. mpp

    mpp SDN Moderator Moderator Emeritus 10+ Year Member

    3,398
    15
    Jan 17, 2001
    Portland, OR
    I'm not to sure what your question means. The school will provide you with an amount in their award letter that includes federal loans and school grants/scholarships/loans. That is all that the school is willing to get for you according to their budget guidelines and your FAFSA form.

    If your credit rating is good you can get private loans from many lenders. The private loans have nothing to do with FAFSA or the school. Generally, the interest rate on private loans are higher and the repayment terms are not as flexible. If you need more money than the school has provided in their award letter, check with any of the common lenders (T.H.E., NowLoans, MedLoans, MedCAP, many private banks like CitiCorp, Bank of America, etc.) and see about private loans.
     
  4. ok lemme rephrase...

    the cap on subsidized loans is 8.5K

    what is the cap on unsubsizidized loans? is that better now :D
     
  5. mpp

    mpp SDN Moderator Moderator Emeritus 10+ Year Member

    3,398
    15
    Jan 17, 2001
    Portland, OR
    The cumulative loan limits for combined subsidized and unsubsudized Stafford loans for an allopathic/osteopathic program is $189,125.

    This comes from an annual loan limit of $8,500 subsidized, and $30,000 unsubsidized for a total of 5 years. However, most programs are only 4 years so you may not be able to reach that maximum just in Stafford loans.
     

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