Living Expense Allowance in PT

[myr11]

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For those who are in a PT program and receive stafford loans, if you wouldn't mind, can you share how much you are awarded for living expenses a year? I see that medical students are given anywhere between $15,000-$25,000 depending on the school and location. Is this the same way it works for PT programs or is the living expense allowance less? I am hoping to begin a program this summer or fall and will be using loans. Trying to figure out if I will be able to live on my own or if I will need to live at home. Thanks in advanced.

 

[_FNG_]

My state (WI) has free tuition for veterans so I think that is calculated into what I'm allowed but I can get 1,500 subsidized and 4,800 unsubsidized each semester. I strongly believe this amount reflects my tuition being paid by the state.

 

[ADUB]

Your living expense financial aid amounts should not be determined by they type of program you are in, it is determined by the area you live in. for example, A school in NYC is going to allow much more financial aid than a school in Missouri, due to the higher cost of living.
Sometimes if you are married you can recieve a little more.

 

[myr11]

Thats what I assumed, but I am just confused by one of the schools financial aid website that I am applying to. Stony Brook University's financial aid web site states that the maximum amount in Stafford loans allowed a year is around $20,000 which is the whole cost of attendance (i am guessing this covers tuition and living expenses). I figured that the stafford would cover everything.

 

[ADUB]

I looked up what Stony Brook's cost of living allowance is and it is $14,228.
http://www.stonybrook.edu/finaid/cost/graduate.shtml

Concerning the $20,500 in stafford loans, this amount is the total amount that the government will lend you at 6.8% interest. $8,500 is subsidized, which means the government pays the interest while your in school; and $12,000 is unsubsidized, which means either you pay the interest while in school or let it accumulate and pay it when you graduate.

The tuition looks like it is about $13,000 a year (which, by the way, is very reasonable) if your a NY resident. so your total financial aid package should come out to ~$27,000 / yr if you are a resident, more if you are not.

Since the $20,000 in stafford loans are not enough to cover that, you can take out an additional loan, like a grad plus loan or others, at a slightly higher interest rate to cover the rest. These loans, of course, are not subsidized but you can let the interest acculmulate while in school and defer the loans until you have graduated if needed.
Hope that helps, But follow up with a financial aid advisor as some things could be different at all schools, and I only briefly looked at the website.

 

[myr11]

ADUB, really appreciate your time to help me get this into perspective. I have a much better idea of what I am getting into. I guess a total debt of $82,000 isn't too bad compared to other schools.