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Loans!

Discussion in 'Pre-Medical - MD' started by ieatjellyfish, Apr 5, 2004.

  1. ieatjellyfish

    ieatjellyfish Junior Member
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    hey correct if i'm wrong...

    so when it comes to financing med school, do students turn to private loans if the federal and institutional loans aren't enough to cover all the expenses? if so, what private loans are you all looking into? and how do we know if we need private loans if we don't know how much federal loans we're getting? all these med schools are asking for master promissory notes now for first-time loaners, but don't we get those AFTER we the govt. figures out our aid? help! i'm confused!
     
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  3. Heal&Teach

    Heal&Teach cogito ergo sum
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    Hi ieatjellyfish!

    There a million other threads on this, so make sure that you do a search. Also, check out this website: http://www.staffordloan.com. It has great general information which is especially helpful for first-time borrowers.

    You can only borrow up to a total of $138,500 in federal loans for your graduate training. So, if your educational expenses don't exceed this amount, then you probably will not have to borrow privately. Also, keep in consideration that private loans are not like federal loans and may not be deferable (i.e., you may be paying back while in school).

    If you haven't filled out your FAFSA forms, do that as soon as possible [only if you're applying for the freshman class of 2004]. You can do it online and it's it easy, all you need are your 2003 returns (and your parents information if you're not independent). You should also check each institution that you're applying to in order to determine whether or not they offer aid (e.g., need-based or merit scholarships, grants, etc.), as well as their individual student budget allocations. Also, utilize the financial aid advisors as the schools you're considering - they are your best resource and a great asset in this process.

    Hope this information is helpful.

    Best,
    H&T

    EDIT: You sign your promissory note when your loans are disbursed (to you or your school) before school begins.
     
  4. KarateGirl

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    Don't they want your parents' info even if you are independent?
     
  5. Heal&Teach

    Heal&Teach cogito ergo sum
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    KarateGirl,

    Good question, and the answer is that I'm not quite sure what generally happens. I filled out my FAFSA without including my parents' information. I would assume that for institutional aid, parental information would be required.

    H&T
     
  6. hakksar

    hakksar Senior Member
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    Depends on the school, FAFSA does not require you to put parental info, some schools do require you to put it on your FAFSA others (including CU) do not.
     
  7. I had to resort to a private loan (through Discover Financial Services) in addition to my Stafford and Perkins loans.
     
  8. Heal&Teach

    Heal&Teach cogito ergo sum
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    Blade,

    Is there any grace or deferment period on it (the private loan)? Or do you have to pay it back right away?

    H&T
     
  9. JohnHolmes

    JohnHolmes Large Member
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    I thought it was 38.5k a year, without a limit. You are probably right. When was the last time this 138.5k number was adjusted for cost of attendance? 1970? The federal government needs to get with the program.

    CCW
     
  10. Heal&Teach

    Heal&Teach cogito ergo sum
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    :laugh:

    Dude, this is certainly one thing that I didn't get. They do give you a cap of $38,500 per year, which amounts to about +$15,000 more than the $138,500 cap indicates. However, I hope that there is a major glitch, b/c I've already got $40K worth of graduate debt!
     
  11. russian chick

    russian chick Member
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    them max limit for both Subsidized and Unsubsidized Stafford loans is $189,125 not $138,000 for medical students (including undergraduate borrowing)

    hope that number is better :) cheers everybody
     

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