Possible on Federal Loans/Grants only?

[tweedz]

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I didn't see anything else on this after a quick search so here's my question.

I am currently working min wage while doing my pre-prof reqs. I get enough grants to cover all of my tuition at CC. I am taking out the loans anyway to help cover costs of living so I can work less during the school years.

My question is. With the high costs of medical school (should i be admitted), is it possible to make it on my own through federal loans only? I am in fear I might come close to capping it and wouldn't be able to get a co-signer.

I am entering my second year of CC and at the end of the year will have 14k in Debt already from the loans. My plan is to take out the loans and save them in the bank for when I am done at CC so I can use them to get by once I get into med school since I'm pretty sure since the cap for prof I believe is like 20k/yr? It just seems impossible to pay for when it's capped so low without me maxing out loans now even though I dont need it just so I have money to live off of later. Can anyone give me some input on my situation or if I should not be doing this and just going to school for free now and worry about loans at a later date? I just know it's impossible to work while going to med school and I don't want to set myself up for failure by not having any money in the bank to get by when I get there.

 

[UserNameNeeded]

The federal Stafford cap is much more than "20k/yr" for medicine, unlike other graduate degree programs.

If you go to a state school who's cost of attendance is within the federal limits (I think they're like ~40K per year), then you should have no problems with your current game plan.

 

[TMP-SMX]

Annual Stafford Limit is $40,500. Aggregate total is $224,000. In order to max out on the Staffords you would have to take out more than $62,000 prior to medical school. Even if you max out your staffords prior to the end of medical school you can still get Grad Plus loans up to your annual cost of attendance as Grad Plus loans do not have an aggregate limit.

 

[235009]

My plan is to take out the loans and save them in the bank for when I am done at CC so I can use them to get by once I get into med school

if we are talking about subsidized stafford loans then this is an excellent idea! if we're talking about unsubsidized loans then then is a pretty terrible idea.