Master Promissory Note - Sub/Unsub and Grad Plus

[loveoforganic]

Filling out the MPN, it seems like you only have the option to choose one (sub/unsub or grad plus). I assume sub/unsub is one to complete, but this caps at $130k'ish. Can/should you fill out a second MPN for grad plus loans?

Edit: Pretty sure you can and do complete an MPN for both after reading more, but any confirmation would be great. TYIA

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[TooMuchResearch]

Filling out the MPN, it seems like you only have the option to choose one (sub/unsub or grad plus). I assume sub/unsub is one to complete, but this caps at $130k'ish. Can/should you fill out a second MPN for grad plus loans?

Edit: Pretty sure you can and do complete an MPN for both after reading more, but any confirmation would be great. TYIA

Your direct loan (i.e. sub/unsub Stafford) aggregate limit is higher than $130k. From studentaid.ed.gov:

"Graduate and professional students enrolled in certain health profession programs may receive additional unsubsidized Stafford Loan amounts each academic year beyond those shown above. For these students, there is also an increased aggregate loan limit of $224,000 (maximum $65,500 subsidized)."

Edit: It seems that you would need to fill out separate MPNs since the Stafford and Grad Plus loans are separate programs. I don't remember if you fill out separate ones for subsidized versus unsubsidized Stafford.

 

[NewEngland21]

Filling out the MPN, it seems like you only have the option to choose one (sub/unsub or grad plus). I assume sub/unsub is one to complete, but this caps at $130k'ish. Can/should you fill out a second MPN for grad plus loans?

Edit: Pretty sure you can and do complete an MPN for both after reading more, but any confirmation would be great. TYIA

You have to fill out a second MPN for the Grad Plus loan. The Grad Plus loan is just the Parent Plus loan, but for independent grad students. Since you can have both sub/unsub and Parent Plus loans during undergrad, I assume the same would be for grad/med school.

 

[slatermd]

I've never taken out a Grad Plus loan but I believe there is an entirely separate promissory note for it (and different loan terms). Same thing for Perkins loans.

For the Grad Plus loan, I recommend looking at how much they're giving you in sub/unsub and crunching numbers to see if you can do without the Plus. The rates are higher and it is typically used to "fill gaps" in funding similar to a private loan. People always say federal loans are the best, but in the case of the Grad Plus you might be able to find private loans that have better terms (I did).

EDIT: other posters confirmed the separate PN

 

[loveoforganic]

"Graduate and professional students enrolled in certain health profession programs may receive additional unsubsidized Stafford Loan amounts each academic year beyond those shown above. For these students, there is also an increased aggregate loan limit of $224,000 (maximum $65,500 subsidized)."

Forgot about exceptions for "certain health professional schools." Thank you.

Given the way disbursements of loan money are done (sub/unsub done to cap, then grad plus to no higher than total CoA), even if I'm pretty sure sub/unsub will cover my total CoA with the $224k, there's no harm in filling the grad plus to be safe in case it doesn't, correct?

Thank you guys 🙂

 

[aSagacious]

Given the way disbursements of loan money are done (sub/unsub done to cap, then grad plus to no higher than total CoA), even if I'm pretty sure sub/unsub will cover my total CoA with the $224k, there's no harm in filling the grad plus to be safe in case it doesn't, correct?

I am probably less informed than you on these sorts of issues, but to my understanding you fill out fresh loan forms each year (and keep adding to the pile of cumulative debt). Couldn't you simply use sub/unsub loans for the first three years and then fill out both coming into your fourth?

 

[loveoforganic]

The sub/unsub loans have both a per annum and total cap, so assuming you don't go over the per annum cap, I think that's the norm. The way the total cap is set up though, I don't think it's actually possible for that to happen, unless you have wildly varying CoA's by year in school. I'm not particularly knowledgeable about this crap though, so anyone feel free to correct me.

 

[loveoforganic]

Forgot about exceptions for "certain health professional schools." Thank you.

Given the way disbursements of loan money are done (sub/unsub done to cap, then grad plus to no higher than total CoA), even if I'm pretty sure sub/unsub will cover my total CoA with the $224k, there's no harm in filling the grad plus to be safe in case it doesn't, correct?

Thank you guys 🙂

Just to answer this for anyone else - called FA today an the above is correct. You can fill out the grad plus MPN after April 15, and you won't receive any grad plus loans unless they're needed to reach COA

 

[iniquus]

Just thought I'd piggyback on this thread instead of making a new one. Figured it was more convenient to ask here than the school financial aid.

If a school notes that I must complete a "federally required entrance interview" for financial aid, are they talking about the completion of the "entrance counseling" on the FAFSA site?

 

[Disinence2]

It will likely just be a lecture during your orientation week. Unless they specifically ask you to complete the counseling on the website.

There is also a required exit counseling that you can look forward too.