Max Amount you can loan?

[ZAZA67401]

So I have loans from a Master's Program I did before med school. Do those loans count against the max amount of laons we can take out for med school which I think is like (~233,000)?

Also, is there any way to consolidate private loans, so I get a fixed interest rate?

Lastly, what is the big deal about July 1st, 2006? Can we still consildate after we get out of school?

---

Members don't see this ad.

 

[ZAZA67401]

Anyone know anything...? Please...

 

[Dr Trek 1]

The maximum loan amount you can get for subsidized plus unsubsidized loans is $189,125, that includes whatever government loans you currently have.

 

[angel80]

The big deal about July 1st is that is when interest rates change every year. The current interest rate is 4.7%. If you consolidate before July 1st you will lock in that interest rate on your consolidation loan. (4.7% is one of the lowest interest rates in the history of the federal loan program.) After July 1st, the interest rate on all previous loans will jump to 6.5%. All new loans will have a fixed interest rate of 6.8% from now on.

 

[Doctor Bagel]

The good thing about the new Grad Plus loan is that there's no maximum limit. You can borrow all you need up to the budget that your school will certify. Most private loans have maximum lifetime loan amounts of $250k to $300k.

 

[naru]

Also, is there any way to consolidate private loans, so I get a fixed interest rate?

for private loans, you have to speak to the lender how you can consolidate. i'm pretty sure you can't consolidate just your private loans with the federal govt. i'm not sure if you can consolidate your private loans with stafford loans-- it may be possible but it depends on who your private lender was.