Private student loans that are actually for pharmacy school??

[FarscapeGirl]

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So I'm about to start my second year of pharmacy school, and between my husband's and my salaries and the federal student loans last year, we didn't quite make it money-wise. I'd rather not have credit card debt, so I started looking for student loans.

But it seems as if a lot of loans don't apply for pharmacy students. There's med school, dental school, law school, and plain graduate school, but there's no options for pharmacy school loans. I even tried applying to a bank that uses Sallie Mae, and there was literally no option to choose pharmacy school (however, ironically enough, there was a pharm tech option).

Finally, I ended up applying for a loan at PNC, but there's fees. I'd like to try and apply for a few others to compare rates, or at least look into them.

Where have you applied for a private student loan for pharm school?

 

[Sparda29]

Private loans are pretty much done from what I've heard. I only use Federal Subsidized, Federal Unsubsidized, and Grad Plus loans. Your schools Financial Aid Office should be doing this for you.

 

[FarscapeGirl]

Private loans are pretty much done from what I've heard. I only use Federal Subsidized, Federal Unsubsidized, and Grad Plus loans. Your schools Financial Aid Office should be doing this for you.

Private loans are one of the fastest growing loan markets, fyi.

And, I've already exhausted my federal loan options, as I said above. It's not enough for my husband and me, even with reducing our expenses as much as we can. We live in an expensive city, and my husband is in academic research, which does not pay a lot.

I will re-phrase my question: if you have looked into and/or applied for private student loans for pharmacy school, where have you looked/applied?

 

[SHC1984]

I have only borrowed subsdized loans, so I can be wrong...but I thought people can borrow as much grad plus loans as they need to. I know students that borrow like 15K or even 20K in grad plus loans a year! That isn't something I would recommend b/c the interest rate on that is insanely high, but I have known plenty of people that borrow insane amounts of grad plus loans to cover their expenses. You should just contact your admissions office and ask to borrow more grad plus loans.

 

[FarscapeGirl]

I have only borrowed subsdized loans, so I can be wrong...but I thought people can borrow as much grad plus loans as they need to. I know students that borrow like 15K or even 20K in grad plus loans a year! That isn't something I would recommend b/c the interest rate on that is insanely high, but I have known plenty of people that borrow insane amounts of grad plus loans to cover their expenses. You should just contact your admissions office and ask to borrow more grad plus loans.

Thanks, SHC1984. I thought PLUS loans were only for parents, but that's apparently not the case for graduate PLUS loans.

However, quoting from www.gradloans.com, "The yearly limit on a Graduate PLUS Loan is equal to your cost of attendance* minus any other financial aid you receive. For example, if your cost of attendance* is $60,000 and you receive $40,000 in other financial aid, you could borrow up to but no more than $20,000." There is some limit, not that it matters for you, but I figured I'd post what I found out.

 

[SHC1984]

Thanks, SHC1984. I thought PLUS loans were only for parents, but that's apparently not the case for graduate PLUS loans.

However, quoting from www.gradloans.com, "The yearly limit on a Graduate PLUS Loan is equal to your cost of attendance* minus any other financial aid you receive. For example, if your cost of attendance* is $60,000 and you receive $40,000 in other financial aid, you could borrow up to but no more than $20,000." There is some limit, not that it matters for you, but I figured I'd post what I found out.

You r welcome. I hope I did help! LOL...

Most schools always OVER estimate on your cost of living/food and expenses. etc. So if you borrow all that you can from your Graduate Plus Loans you should have more than enough money. Most schools estimate that a student needs around 20K a year to live (food and rent) which is very reasonable.

When I was at Columbia, my cost of living was almost 80K a year and my tuition was only 44K a year. So yeah...they allow students to borrow tons of money from grad plus.

 

[diastole]

The school determines your cost of attendance, not you. Once you reach the limit, you can't borrow any more money from the GradPLUS program. I borrowed the max and I get $9500 to support my family of three for the next six months. It isn't enough but the program was only meant to support an individual student and not a family.

 

[All4MyDaughter]

The school determines your cost of attendance, not you. Once you reach the limit, you can't borrow any more money from the GradPLUS program. I borrowed the max and I get $9500 to support my family of three for the next six months. It isn't enough but the program was only meant to support an individual student and not a family.

This. Most of my classmates have trouble making ends meet on the budget set by the school. I have attended two different schools, and neither one set a very generous student budget.

I think when I went to UK I got about 10 grand in PLUS loans for the entire YEAR. The cost of living in Kentucky is low, but it's not THAT low. I was able to get my student budget increased a little bit for child care, but not much. Certainly not enough to actually cover the cost of child care.

Now that I'm going to school in my home city and my daughter isn't living, my husband and I can manage on his salary alone. So I don't borrow any money for living expenses and just have my Stafford Loans for tuition. I'm not sure how much stipend my current classmates get from their student budgets, but I know it's not very much.

 

[FarscapeGirl]

Thanks for all the posts, everyone. I think I'm going to go with a grad plus loan, if we can get one. With my husband's salary, my internship salary, and the federal loans, it should be enough, at least for this year's expenses. While private student loans may be cheaper now, variable interest rates scare me, especially if/when the economy improves, and 7.9% fixed with no fees isn't too bad.

Seriously, though, someone needs to tell banks that pharmacy students occasionally need to take out private student loans, too, and not just medical and dental students!

 

[FarscapeGirl]

The school determines your cost of attendance, not you. Once you reach the limit, you can't borrow any more money from the GradPLUS program. I borrowed the max and I get $9500 to support my family of three for the next six months. It isn't enough but the program was only meant to support an individual student and not a family.

Diastole, is your cost of attendance any higher because of your family? In other words, does it take into account that you have dependents?

I think there's a few loans you can take to take over the COA, but then apparently it reduces your chance of getting low cost federal loans. How's that for bureaucratic nonsense?

My husband and I are older, me in my late 20s and he in his mid 30s. We do really want kids, but we've basically decided to wait both because of the lack of money and high stress level of school. I do have a high level of respect for those that do have kids, either before or during school...

 

[owlegrad]

Most schools always OVER estimate on your cost of living/food and expenses. etc. So if you borrow all that you can from your Graduate Plus Loans you should have more than enough money. Most schools estimate that a student needs around 20K a year to live (food and rent) which is very reasonable.

I don't know if "most" schools do this or not, but my school does. I ended up with a generous overage my first year. I have heard several classmates complain the loan amounts are not enough, but respectfully say WTF? The budget is way over inflated actual COA. I am single w/o significant outside financial obligations, which is what student loans/budgets are based on.

 

[SHC1984]

I don't know if "most" schools do this or not, but my school does. I ended up with a generous overage my first year. I have heard several classmates complain the loan amounts are not enough, but respectfully say WTF? The budget is way over inflated actual COA. I am single w/o significant outside financial obligations, which is what student loans/budgets are based on.

Most schools do over estimate on living expenses for the traditional student. A traditional student usually don't have children, a large amount of credit card debt, a car payment, cellphone payment, insurance, etc. I don't have any of those things, so my cost of attendence is way over inflated. If you have children and a large amount of credit card debt and didn't pay your car off then I can see where these people would have problems.

I love children and will have some, but not until the timing is perfect. During or before school would be very bad timing!

 

[FarscapeGirl]

I don't know if "most" schools do this or not, but my school does. I ended up with a generous overage my first year. I have heard several classmates complain the loan amounts are not enough, but respectfully say WTF? The budget is way over inflated actual COA. I am single w/o significant outside financial obligations, which is what student loans/budgets are based on.

But you're a traditional student. And did you receive the full COA? If I had, we'd have been perfectly fine. I presume I didn't because my husband is not a student and our income the year before I started pharmacy school, although I don't know if federal loans cover the full COA for very many students.

If your classmates are married and/or had full-time good-paying jobs before school, I can see why they'd be complaining. It's a hard time dealing with an income deduction, even for us, both former grad students who didn't make a ton. Plus, a high income the year before distorts your FAFSA, so you don't get as much loans.

I have a feeling the pharmacy students in my class that got married this summer are going to really feel the student loan cuts in our third year...

 

[FarscapeGirl]

Most schools do over estimate on living expenses for the traditional student. A traditional student usually don't have children, a large amount of credit card debt, a car payment, cellphone payment, insurance, etc. I don't have any of those things, so my cost of attendence is way over inflated. If you have children and a large amount of credit card debt and didn't pay your car off then I can see where these people would have problems.

I love children and will have some, but not until the timing is perfect. During or before school would be very bad timing!

How many students don't have insurance payments or cell phone payments? By the time I got to grad school, I started paying for that stuff myself. You're lucky if your parents are still covering that, but consider yourself very lucky and certainly not like all students!

 

[All4MyDaughter]

But you're a traditional student. And did you receive the full COA? If I had, we'd have been perfectly fine. I presume I didn't because my husband is not a student and our income the year before I started pharmacy school, although I don't know if federal loans cover the full COA for very many students.

In my understanding, COA is the same for everyone, regardless of marital or parental status. It's a number set by the school based on what the THINK it should cost you to go there. It includes tuition, books, housing, meals, health insurance, etc. Some schools allow you to increase it for child care expenses, as I said upthread.

An important distinction - the COA is a GENERIC estimate based on the school's formula. It may or may not cover your ACTUAL living expenses, depending on your circumstances. I'm married with no children and my [school determined] COA is the same as my single classsmates, and my classmates with 2 or 3 kids, etc.

At both pharmacy schools I've attended, you could get your entire [school determined] COA covered by a combination of Stafford and Grad Plus Loans. If you wanted more than that, you had to look for a private loan.

If your classmates are married and/or had full-time good-paying jobs before school, I can see why they'd be complaining. It's a hard time dealing with an income deduction, even for us, both former grad students who didn't make a ton. Plus, a high income the year before distorts your FAFSA, so you don't get as much loans.

I have a feeling the pharmacy students in my class that got married this summer are going to really feel the student loan cuts in our third year...

I just don't think this is accurate. The amount of money you earned the year before is irrelevant to the amount of loan money you qualify for. Everyone can borrow the same amount of Stafford Loan money every year. It's independent of income or credit score. What DOES change is the % that is subsidized vs. unsubsidized. The total loan amount remains the same but students with higher income will have more unsubsidized Stafford Loans.

Grad Plus Loans are also not income based, but you do have to qualify for them based on credit history.

 

[All4MyDaughter]

Farscape Girl - when you say you didn't receive the full COA, do you mean you didn't get enough loans to cover your tuition, or you didn't get enough to cover your tuition plus living expenses?

If you didn't know about Grad Plus Loans (which seems to be the case), then I could see how you wouldn't get your COA covered. I've never seen a student be able to cover EVERYTHING with Stafford Loans. I think to get the full COA, you'd have to combine Stafford and Grad Plus.

My other question is what is your Financial Aid office doing? They should be helping you with this. How did they NOT tell you about Grad Plus Loans?

 

[diastole]

Diastole, is your cost of attendance any higher because of your family? In other words, does it take into account that you have dependents?

I think there's a few loans you can take to take over the COA, but then apparently it reduces your chance of getting low cost federal loans. How's that for bureaucratic nonsense?

My husband and I are older, me in my late 20s and he in his mid 30s. We do really want kids, but we've basically decided to wait both because of the lack of money and high stress level of school. I do have a high level of respect for those that do have kids, either before or during school...

I get the same amount that my single classmates get. I think you can get a bit more if you have children in daycare but my daughter is in school now so she doesn't need that.

 

[owlegrad]

But you're a traditional student. And did you receive the full COA? If I had, we'd have been perfectly fine. I presume I didn't because my husband is not a student and our income the year before I started pharmacy school, although I don't know if federal loans cover the full COA for very many students.

If your classmates are married and/or had full-time good-paying jobs before school, I can see why they'd be complaining. It's a hard time dealing with an income deduction, even for us, both former grad students who didn't make a ton. Plus, a high income the year before distorts your FAFSA, so you don't get as much loans.

I have a feeling the pharmacy students in my class that got married this summer are going to really feel the student loan cuts in our third year...

I really mean this in the most helpful way possible, but your understanding of student loans is...flawed. I suggest talking to your Financial Aid Dept. All4MyDaughter explained better than I can, but to reiterate your school has an estimated COA, which every student qualifies for regardless of previous income, marriage, children, etc. If you need more, and you very well may because of your family, the financial aid dept should be able to help you decide what extra loans you need to cover your actual COA. I don't believe that there will be a better option than GRAD Plus loans but I guess you never know.

As for your classmates that got married, they should be better off than they were before, assuming no children. Estimated COA doesn't change with marital statues so they will qualify for the same amount plus they will have a partner who - I assume - is bring home the bacon as they say.

 

[All4MyDaughter]

I really mean this in the most helpful way possible, but your understanding of student loans is...flawed. I suggest talking to your Financial Aid Dept. All4MyDaughter explained better than I can, but to reiterate your school has an estimated COA, which every student qualifies for regardless of previous income, marriage, children, etc. If you need more, and you very well may because of your family, the financial aid dept should be able to help you decide what extra loans you need to cover your actual COA. I don't believe that there will be a better option than GRAD Plus loans but I guess you never know.

As for your classmates that got married, they should be better off than they were before, assuming no children. Estimated COA doesn't change with marital statues so they will qualify for the same amount plus they will have a partner who - I assume - is bring home the bacon as they say.

I agree with all of this. The only situation I can think of where a student might not qualify to get their entire COA covered by federal loans is if there is a former bankruptcy or other credit issue that would make them ineligible for Grad Plus Loans. They might be able to get around that by having a co-signer.

 

[owlegrad]

I agree with all of this. The only situation I can think of where a student might not qualify to get their entire COA covered by federal loans is if there is a former bankruptcy or other credit issue that would make them ineligible for Grad Plus Loans. They might be able to get around that by having a co-signer.

You agree that you said it better than I ever could? That's hurtful A4MD....🙁

😉

 

[All4MyDaughter]

You agree that you said it better than I ever could? That's hurtful A4MD....🙁

😉

😀

 

[FarscapeGirl]

I really mean this in the most helpful way possible, but your understanding of student loans is...flawed. I suggest talking to your Financial Aid Dept. All4MyDaughter explained better than I can, but to reiterate your school has an estimated COA, which every student qualifies for regardless of previous income, marriage, children, etc. If you need more, and you very well may because of your family, the financial aid dept should be able to help you decide what extra loans you need to cover your actual COA. I don't believe that there will be a better option than GRAD Plus loans but I guess you never know.

As for your classmates that got married, they should be better off than they were before, assuming no children. Estimated COA doesn't change with marital statues so they will qualify for the same amount plus they will have a partner who - I assume - is bring home the bacon as they say.

So, the COA is the same for everyone (although I do hope it varies by what school and what program you're in). I checked on finaid.org, and the unsubsidized Stafford loans are available regardless of need, but the lower the income, the greater percentage of that Stafford loan can be taken as subsidized loans, which means interest will not accrue on the loan until a set time after you graduate.

When you get married, you most likely will have a higher income and so less available subsidized Stafford loans but the same amount of total Stafford loans. If you want these loans, you need to fill out the FAFSA.

You can get the remainder of the COA as private loans or GradPLUS loans (which are federal loans usually for parents but also for professional/grad students with a fixed interest rate for the life of the loan). But anymore than that, you apparently risk losing the opportunity to get federal loans, and I've yet to see a loan that will allow you to take out more than the COA minus any Stafford loans you've gotten anyway.

Okay, I think I've got it now. Thanks for the clarification, everyone.

 

[All4MyDaughter]

You can get the remainder of the COA as private loans or GradPLUS loans (which are federal loans usually for parents but also for professional/grad students with a fixed interest rate for the life of the loan). But anymore than that, you apparently risk losing the opportunity to get federal loans, and I've yet to see a loan that will allow you to take out more than the COA minus any Stafford loans you've gotten anyway.

I agree with everything in your post but the bolded part. What is your source?

You can't get GradPlus loans for above/beyond the COA, but if you get a private loan for costs above/beyond the COA, it shouldn't affect your ability to get federal loans. That's the POINT of private loans, isn't it? To allow you to borrow more than you can borrow from the federal government?

 

[type b pharmD]

I agree with everything in your post but the bolded part. What is your source?

You can't get GradPlus loans for above/beyond the COA, but if you get a private loan for costs above/beyond the COA, it shouldn't affect your ability to get federal loans. That's the POINT of private loans, isn't it? To allow you to borrow more than you can borrow from the federal government?

I think the answer may lie in between both these ideas. Perhaps if you borrow private loans to finance your cost of attendence then the govt wont give you as much money ? But if you take out private loans to cover other things such as personal miscellaneous expenses, then that would not apply towards your COA ?? Because if the first idea is true then taking out a car loan or a house loan would count toward your COA , and they dont ... Im gonna bet it probably depends on the language of the lender and terms of the loan. May just be best to lock in your fafsa financial aid stuff before taking out a private loan

 

[FarscapeGirl]

I agree with everything in your post but the bolded part. What is your source?

You can't get GradPlus loans for above/beyond the COA, but if you get a private loan for costs above/beyond the COA, it shouldn't affect your ability to get federal loans. That's the POINT of private loans, isn't it? To allow you to borrow more than you can borrow from the federal government?

Every single student loan I've seen won't let you borrow more than the COA minus any federal student loan you've already gotten. After doing some research on finaid.org, here's what I found, with the important part bolded:

[FONT=ARIAL, HELVETICA]"Private student loans may be used to pay for the EFC, the family's portion of college costs. While some lenders may offer private student loans in excess of the cost of attendance, any amount exceeding the difference between cost of attendance and financial aid is considered a resource. Like an outside scholarship, this will reduce need-based aid. (Some lenders offer non-school-certified private student loans to bypass this limitation by not informing the college about the loan. If the college becomes aware of the loan, federal regulations require the college to reduce need-based aid. Pending federal legislation would require lenders to tell colleges about all private student loans, eliminating this loophole.) This cost-of-attendance limitation only applies to education loans, which are loans that make enrollment in college a condition of the loan. It does not matter where the loan proceeds are sent (e.g., direct to the borrower vs to the school) or how the loans are marketed. On the other hand, mixed-use loans, such as home equity loans and credit cards, are not considered education loans and as such are not limited by cost-of-attendance."

From: http://www.finaid.org/loans/privateloan.phtml

It also explains how you can do a home loan or car loan and not have that affect your student aid.
.

 

[All4MyDaughter]

Every single student loan I've seen won't let you borrow more than the COA minus any federal student loan you've already gotten. After doing some research on finaid.org, here's what I found, with the important part bolded:

[FONT=ARIAL, HELVETICA]"Private student loans may be used to pay for the EFC, the family's portion of college costs. While some lenders may offer private student loans in excess of the cost of attendance, any amount exceeding the difference between cost of attendance and financial aid is considered a resource. Like an outside scholarship, this will reduce need-based aid. (Some lenders offer non-school-certified private student loans to bypass this limitation by not informing the college about the loan. If the college becomes aware of the loan, federal regulations require the college to reduce need-based aid. Pending federal legislation would require lenders to tell colleges about all private student loans, eliminating this loophole.) This cost-of-attendance limitation only applies to education loans, which are loans that make enrollment in college a condition of the loan. It does not matter where the loan proceeds are sent (e.g., direct to the borrower vs to the school) or how the loans are marketed. On the other hand, mixed-use loans, such as home equity loans and credit cards, are not considered education loans and as such are not limited by cost-of-attendance."

From: http://www.finaid.org/loans/privateloan.phtml

It also explains how you can do a home loan or car loan and not have that affect your student aid.
.

OK, but you're not GETTING any need based aid, are you? Need based aid usually means Pell Grants, etc. Loans are not need based. Everyone can take out loans. You might get less subsidized Stafford Loan money, but you should still be able to take out the same amount.

If what you are saying is true, why would anyone ever take out a private loan for pharmacy school, when pretty much everyone (as long as their credit is OK for Grad Plus Loans) can get their COA covered by Stafford + GradPlus)?

I'll look into this more.

EDIT: I see what you're saying about many private loan programs only allowing you to borrow up to COA. I guess that's for people who aren't eligible for Federal Loans, for whatever reason.

I'm hoping that someone who knows more about private loans can reply. I've never used them so I'm not an expert.

 

[FarscapeGirl]

OK, but you're not GETTING any need based aid, are you? Need based aid usually means Pell Grants, etc. Loans are not need based. Everyone can take out loans. You might get less subsidized Stafford Loan money, but you should still be able to take out the same amount.

If what you are saying is true, why would anyone ever take out a private loan for pharmacy school, when pretty much everyone (as long as their credit is OK for Grad Plus Loans) can get their COA covered by Stafford + GradPlus)?

I'll look into this more.

EDIT: I see what you're saying about many private loan programs only allowing you to borrow up to COA. I guess that's for people who aren't eligible for Federal Loans, for whatever reason.

I'm hoping that someone who knows more about private loans can reply. I've never used them so I'm not an expert.

I think as most private school loans are certified by the school, maybe the COA limit has to do with your "value" as a student. You can only get a mortgage or home equity based on the value of the house, correct? So the student loans you get are based on what you should be spending to support your education.

That's my guess, anyway. As to why someone would choose a private loan, if you have really good credit (or your co-signer does) and the rates are good, you might be able to get a better rate that what the federal government can give you. If you plan to pay it off before the rates go up, you'd end up paying less. Granted, it's a gamble, but some may take it. I guess there's also student loans for undergrads, too, as they're not eligible for PLUS loans, and if their parents aren't willing to take the loans out for them, they could use a private loan to take out the max to their COA.

 

[diastole]

Aren't there some schools that don't qualify for Federal loans? I believe there is that new one in California whose students have to get all private loans.

 

[IwantPharmD]

Aren't there some schools that don't qualify for Federal loans? I believe there is that new one in California whose students have to get all private loans.

How does a school not qualify for Federal loans? Not accredited? God, doesn't that scam school itt tech at least qualify for federal loans?

 

[All4MyDaughter]

Aren't there some schools that don't qualify for Federal loans? I believe there is that new one in California whose students have to get all private loans.

For students to qualify for for Federal loans, the college or university has to have regional accreditation. So students at a BRAND NEW college or university might not be able to get Federal loans.

I think that ACPE requires that new pharmacy schools now have regional accreditation before they can apply for pre-candidate status. This was supposed to cut down on new, fly-by-night colleges of pharmacy (not affiliated with established colleges or universities) popping up (think HICP).

I don't know if there are any colleges of pharmacy that are affiliated with unaccredited universities anymore. There used to be a few, but I think those institutions have now gained regional accreditation.

 

[SHC1984]

OK, but you're not GETTING any need based aid, are you? Need based aid usually means Pell Grants, etc. Loans are not need based. Everyone can take out loans. You might get less subsidized Stafford Loan money, but you should still be able to take out the same amount.

If what you are saying is true, why would anyone ever take out a private loan for pharmacy school, when pretty much everyone (as long as their credit is OK for Grad Plus Loans) can get their COA covered by Stafford + GradPlus)?

I'll look into this more.

EDIT: I see what you're saying about many private loan programs only allowing you to borrow up to COA. I guess that's for people who aren't eligible for Federal Loans, for whatever reason.

I'm hoping that someone who knows more about private loans can reply. I've never used them so I'm not an expert.

I am pretty sure every graduate student can only take out a max of $8500 of sub loans and $24,500 of unsub loans.


To the OP, take out $8500 in sub loans and $24,500 in unsub loans and then take out the rest from grad plus loans, that should be more than enough to cover you.

 

[All4MyDaughter]

I am pretty sure every graduate student can only take out a max of $8500 of sub loans and $24,500 of unsub loans.

This is not universally true.

At the first COP that I attended (public school) we were not permitted to borrow that much in Stafford Loans. It was something like 8500 subsidized and 8500 unsubsidized. Assuming one was income qualified for 8500 subsized. My second year, I had to take a greater percentage unsubsidized than subsidized. Stafford Loans covered my tuition only at that school. I had to use Grad Plus for living expenses.

At my current school, I am receiving more Stafford Loan money. It covers my entire tuition, which is about 34K.

I'm really not sure why its different for the two schools.

 

[SHC1984]

This is not universally true.

At the first COP that I attended (public school) we were not permitted to borrow that much in Stafford Loans. It was something like 8500 subsidized and 8500 unsubsidized. Assuming one was income qualified for 8500 subsized. My second year, I had to take a greater percentage unsubsidized than subsidized. Stafford Loans covered my tuition only at that school. I had to use Grad Plus for living expenses.

At my current school, I am receiving more Stafford Loan money. It covers my entire tuition, which is about 34K.

I'm really not sure why its different for the two schools.

hmm...I am not sure either. But have you ever heard of any graduate able to take out more than $8500 sub loans? If that's possible let me know! lol...I would love to takeout more sub loans.

 

[pezdispenser]

hmm...I am not sure either. But have you ever heard of any graduate able to take out more than $8500 sub loans? If that's possible let me know! lol...I would love to takeout more sub loans.

Yes, if you enroll in a third Summer semester like at a 3 year program, then you may take out an additional $4,250 subsidized Stafford.

Anyway, the loans you get differ greatly depending on which school you go to, state programs, and whether you are classified as an undergrad, grad, or health professional student. So you really have to check with your own school's financial aid office.

Also remember after you enter you income and assets for FAFSA, they will calculate your Expected Family Contribution (EFC). Then, financial need = COA minus EFC. So your income and assets can reduce how much financial aid you will get.

 

[UNMorBUST]

Anyway, the loans you get differ greatly depending on which school you go to, state programs, and whether you are classified as an undergrad, grad, or health professional student. So you really have to check with your own school's financial aid office.

This.
Some schools such as a 2+4 program consider your first 2 years sort of like your junior& senior years of undergrad. In that, you can only take out the amount a regular Junior or senior can take. If you are classified as a Health profesional student you can collect on the full amount.

 

[UNMorBUST]

hmm...I am not sure either. But have you ever heard of any graduate able to take out more than $8500 sub loans? If that's possible let me know! lol...I would love to takeout more sub loans.

A4MD was replying to the whole statment of 8500 sub and 24500 unsub.