Loan question for SMP programs

[chiddler]

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Hello!

Simple question:

How much loan money does one receive? Enough to pay for living expenses in addition to tuition cost?

Thanks much.

 

[deleted248403]

how long is a piece of string?

Depends on how much you qualify for from federal sources; but you can always loan out whatever you want privately (with massive interest rates)

 

[chiddler]

how long is a piece of string?

Depends on how much you qualify for from federal sources; but you can always loan out whatever you want privately (with massive interest rates)

I applied for private loans for undergrad and was denied. Is it the same story here?

Is there any way to find out how much I qualify for?

 

[DrMidlife]

An SMP that includes a grad degree (that would be the M part) is going to offer full federal loans up to cost of attendance (which includes living expenses). That's well over $50k in most cases. If you're not a US citizen or permanent resident, then you can't get federal loans, but in that case you shouldn't be doing an SMP anyway.

Be glad you didn't get private loans. They are not subject to the same repayment terms as federal loans, which matters a great deal for money management after med school, during residency, when you don't make enough to make full payments.

Best of luck to you.

 

[DancinSarah]

Dr. Midlife summed it up perfectly. I'm currently in an SMP that includes a grad degree, and basically all of us were offered federal loans up to 100% of the estimated cost (as presented by the school) of attendance. This includes what the school estimates to be living expenses (housing, food, travel etc). It was like $8,000 subsidized loan (no interest until you graduate), $12,000 unsubsidized (collects interest, but you don't have to worry about payments until graduating), and the remaining up to $40,000 or so as unsubsidized GradPLUS (higher interest rate).

 

[chiddler]

thanks very the very helpful responses!