Money

[First Incision]

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So, the Stafford annual loan limit is $20,500. How's everyone getting the rest of their money?

 

[Postictal Raiden]

So, the Stafford annual loan limit is $20,500. How's everyone getting the rest of their money?

For med school, the limit is $40500.

http://www.finaid.org/loans/studentloan.phtml

 

[aSagacious]

Subsidized Stafford > unsubsidized Stafford > grad/parent plus >> private

 

[First Incision]

Well then. They should really clear this http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp up. There's no Medical School Loan section here.

 

[aSagacious]

Try this instead: http://finaid.msu.edu/limits.asp

 

[DrBowtie]

Subsidized Stafford > unsubsidized Stafford > grad/parent plus >> private

Yeah, but they eliminated the subsidized staffords for graduate students.

 

[absolutdokta]

my other white coat

 

[FutureDrB]

Yeah, but they eliminated the subsidized staffords for graduate students.

Yeah, but you still get the same loan amounts, it's just all unsubsidized now I believe.

 

[willen101383]

Yeah, but you still get the same loan amounts, it's just all unsubsidized now I believe.

Yes.

You can still get 40,500 from stafford...and more or less as much as you need from grad plus. Cant speak on private loans since I wouldnt really touch those.

 

[CopToEM]

Yeah, but you still get the same loan amounts, it's just all unsubsidized now I believe.

Which is far more craptastic than it seems. They're basically compounding interest on us twice. Sucks.

 

[jinobi]

Which is far more craptastic than it seems. They're basically compounding interest on us twice. Sucks.

Our FinAid office calculated it. If you had $34k in Stafford unsubsidized principle, and increase that to $38k due to loss of subsidized loans, 10 yr repayment with grace would be $6385 more expensive. 25 yr repayment would be $9629 more expensive.

 

[FutureDrB]

Which is far more craptastic than it seems. They're basically compounding interest on us twice. Sucks.

Tell me about it. When I first started taking out loans, interest rates were something like 2.9%, now we're at 6.8%. The future is looking bleak. Ha.

 

[willen101383]

Tell me about it. When I first started taking out loans, interest rates were something like 2.9%, now we're at 6.8%. The future is looking bleak. Ha.

Its a great feeling knowing that there are people out there milking the system, while we are getting killed with insane interest rates in the name of advancing ourselves.

 

[First Incision]

Are we considered for the Stafford loans upon completion of our FAFSA and indicating that we will be attending Medical school? Or is there a secondary process?

 

[aSagacious]

Are we considered for the Stafford loans upon completion of our FAFSA and indicating that we will be attending Medical school? Or is there a secondary process?

Nope, that's pretty much it. From there the school will issue you a financial aid package (loans, scholarships, etc). You accept as much as you want (via the school's website) and then sign the 'master promissory note' and you should be all set.