I am starting Harvard's diploma program this summer and here's the skinny on how finaid works there (straight from Harvard's office). The max you can get is $5250 in federal aid (stafford) per term for 12 consecutive months...there are three terms per year. Unfortunately, the HCP program suggests that most students do the program over 24 months which leaves you in kind of a bind.
I am planning on chem 1&2 this coming summer, then taking bio, orgo and physics in both the fall and spring with the MCATs in april. In that way, I should be able to get all tuition and books paid with stafford loans within the 12 month limit (summer course is $4k, fall and spring classes are $800 each, or $2400 for the semester). I'll end up taking out other loans for living as I'm leaving my job in order to do the program.
MSH, there is a limit on federal education loans. It depends on whether you are considered "independent" and your year in school (from frosh through grad/professional school). However, once you begin a post-bacc program you are considered a "5th year" undergrad as you are not a traditional u-grad or a grad student yet...hence the $5250/term for 12 months only.
The limit on total federal loans is fairly high though if you're independent (no one can claim you as a dep)...I want to say it's like $70k or something...if you're not independent it's lower...like $40k (I think I learned this at fafsa.gov or the Umass finaid office). When I learned about the limits, I was really happy I had gone to UMass where tuition was a couple grand a year as opposed to one of a million small exhorbitant (say, rip-off) private schools.
Check out fafsa or your local college finaid office about federal limits.
Ockham...hope everyone had a good holiday!
Dr. MBA
