rules on getting loans

[denty]

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I thought it would be easier to ask on seperate post. The deal is I was looking over the dental tuition and just one year hurts not to mention all the others. So my dad is a physician and my mom a prof. and as a result never got any loans, cause I never qualified. I am going to be 23 soon (but now live with the family), but I'm wondering if I can even get any loans- will I qualify. I'm really worried about paying things off. Help?

 

[crazy_sherm]

I thought it would be easier to ask on seperate post. The deal is I was looking over the dental tuition and just one year hurts not to mention all the others. So my dad is a physician and my mom a prof. and as a result never got any loans, cause I never qualified. I am going to be 23 soon (but now live with the family), but I'm wondering if I can even get any loans- will I qualify. I'm really worried about paying things off. Help?

You should be applying for federal loans as an independent so it it won't matter what your parents make. They look at how much of a contribution you can make. I believe stafford sub and unsub maxes out at ~38k/year. Anything after that will be coming from a bank, so that's up to your credit score.

 

[Biogirl361]

he's right... the 38,000 from the government has nothing to do with what your parents make. the only loans that take parents into account from my understanding are the health professions and parent plus loans. loans over and above the 38,000 will depend on what the bank thinks of you, in fact, you might actually be able to get MORE loans if you can convince your parents to cosign on your behalf, since your parents are well off and probably have good credit, the banks will see giving you a loan cosigned by them as low risk.

 

[edkNARF]

You should be applying for federal loans as an independent so it it won't matter what your parents make. They look at how much of a contribution you can make. I believe stafford sub and unsub maxes out at ~38k/year. Anything after that will be coming from a bank, so that's up to your credit score.

Some schools want your parents information if you are applying for institutional loans.

 

[denty]

thanks!

 

[DrTacoElf]

Hey guys I am in a similar sitiuation. Currently I make around 24K a year, will this hinder me from getting 38.5K a year?? (Will i be offered lots less b/c its based on previous years taxes even though i won't have this job in school )?

 

[edkNARF]

Hey guys I am in a similar sitiuation. Currently I make around 24K a year, will this hinder me from getting 38.5K a year?? (Will i be offered lots less b/c its based on previous years taxes even though i won't have this job in school )?

I am in the same boat. Don't worry, $24K/year is not a lot of money.

 

[DrTacoElf]

I am in the same boat. Don't worry, $24K/year is not a lot of money.

Yeah no kidding 😀, I just hope it doesn't severly limit how much I can get through subsidized loans. 🙁

 

[edkNARF]

Yeah no kidding 😀, I just hope it doesn't severly limit how much I can get through subsidized loans. 🙁

To my understanding, all students will get $38,500 in federal student loans. The max subsidized is $8,500, so if you make too much (which I understand is A LOT more than any of us are going to make) you will get less subsidized and more unsubsidized.

 

[rocknightmare]

you guys are scaring me by worrying this in november can we wait till the 1st of the year to worry? 😛