Lifetime Loan Limit

[Yalc1]

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I graduated dental school last year and have been in an orthodontic residency for the past year. I am trying to understand how the Lifetime Loan Limit works with the stafford loans. I understand that during dental school the maximum was 224,000. Furthermore, as a graduate/professional student it drops down to 138,500 (which is what I am now). Also the yearly limit is 20,500 dollars as a graduate/professional student (varies as a medical/dental student). Now, during dental school I received well over the 20,500 limit (around $35,000) which of course put me over the 138,500 maximum once I entered my residency. As a result, the financial aid at that school will only offer me Grad Plus loans (8.5%). However, the advisor at my dental school said that any loans over 20,500 that I received during dental school each year will not go towards the total loan about of 138,500 (something to do with HEAL money). As a result, if I subtract that extra loan money from the total I should still have about $35,000 of the direct loans I can receive. Sorry for the long post but I am trying to explain it as best as I can. If you have additional information about this it would be greatly appreciated.

Thanks,

Clay

 

[mx_599]

I graduated dental school last year and have been in an orthodontic residency for the past year. I am trying to understand how the Lifetime Loan Limit works with the stafford loans. I understand that during dental school the maximum was 224,000. Furthermore, as a graduate/professional student it drops down to 138,500 (which is what I am now). Also the yearly limit is 20,500 dollars as a graduate/professional student (varies as a medical/dental student). Now, during dental school I received well over the 20,500 limit (around $35,000) which of course put me over the 138,500 maximum once I entered my residency. As a result, the financial aid at that school will only offer me Grad Plus loans (8.5%). However, the advisor at my dental school said that any loans over 20,500 that I received during dental school each year will not go towards the total loan about of 138,500 (something to do with HEAL money). As a result, if I subtract that extra loan money from the total I should still have about $35,000 of the direct loans I can receive. Sorry for the long post but I am trying to explain it as best as I can. If you have additional information about this it would be greatly appreciated.

Thanks,

Clay

why do you need loans now? do you get paid for dental residencies?

 

[TMP-SMX]

The above question, and can't your FA office help you with this? That or you can contact direct loans directly. I don't know the specifics of dental FA as I thought the max was $40,500 for staffords a year. Also, where are you getting the $138,500 as that is for non-medical fields like law?