Maxing out student loans

[becool5]

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Hello,
I have a BA and about $20,000 debt from Federal Loans. I am planning on taking a few undergrad classes and then a Master's program. Assuming I complete 15-20 credits of post-bac courses (~$6,000) and a Master's program (~$15,000), would I be maxed out on the amount of money I could borrow. Would this affect money available for medical school? I have heard that are certain limits one can borrow, but I have no idea how this works. Any advice would be much appreciated. If there is a certain limit for federal loans, is my only option private loans? If so, how much is available and is it completely based on credit scores? Thanks!

 

[DreamLover]

Hello,
I have a BA and about $20,000 debt from Federal Loans. I am planning on taking a few undergrad classes and then a Master's program. Assuming I complete 15-20 credits of post-bac courses (~$6,000) and a Master's program (~$15,000), would I be maxed out on the amount of money I could borrow. Would this affect money available for medical school? I have heard that are certain limits one can borrow, but I have no idea how this works. Any advice would be much appreciated. If there is a certain limit for federal loans, is my only option private loans? If so, how much is available and is it completely based on credit scores? Thanks!

This all depends on if you are talking about government backed Stafford loans or private loans or both. Stafford loans do max out around 185K but I am pretty sure that is based on original principle loan amt and not accrued interest on top of that...so if you max out on Stafford loans, you will owe more than 185K, because you'll have all the interest on top of that

Now Private loans work on your credit score and don't have any limits per se...I guess the limitation would be your credit score...that may go down with lots of private loans and may make you unable to eventually receive private loans....but with co-signors...who knows what's possible....

I'm an MS4 at a US allopathic public university....I have Stafforrd loans for undergrad, for my Master's program and all 4 yrs of med school...and I am just now maxing out on my Stafford loans....with no private loans....but I did work full time throughout undergrad and grad school and even the first summer of med school...so I did supply a decent amt of my own funds up until med school...but trust me...I'm still freaking about the $$$ that I owe

 

[Doctor Bagel]

The lifetime cap for Staffords is $189k, so it is possible that you'll hit it -- I know I will. The good news is that there's a new federal program -- the GradPlus program -- that supplements your loans and doesn't require you go the private route. The interest is higher than staffords, but you can borrow all you need to meet your school's cost of attendance. You also get the same deferral/forbearance options as you would get with staffords.

As opposed to private loans, your credit doesn't have to be quite as good, but you won't qualify for the loans if you have a bankruptcy, a default on a student loan or a write off in the past few years unless you can get a cosigner. So, keep your credit clean.

 

[njbmd]

Hi there,
I am sending this to Financial Aid for better replies.

njbmd🙂