stafford loan amounts for health professionals w/other student loans

[nontrdgsbuiucmd]

Just learned something that may be of interest regarding stafford loans, per the direct loan servicing office --

for anyone who pulled out loans and has deferred them such that the principal has grown, such as through a hardship deferral, in school deferral, or whatever - I was told that the max lifetime stafford loan amount of 224,0500 I believe -- is based on total DISTRIBUTED loan amount, NOT total current outstanding + new amounts to distribute. This makes a difference if you have much in the way of loans out there from years ago!

Still wondering if & when stafford loan max amounts may increase, as 40,500 per year would not cover many schools' tuition, much less room & board.

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[TMP-SMX]

Right, you can take out the $224,000. Interest has nothing to do with anything.

As for the yearly limits, $40,500 should be enough for most except for the individuals in private schools. If your cost of attendance is above that then you can get grad plus to no limit besides the CoA maximum.

 

[Bleurberry]

Just learned something that may be of interest regarding stafford loans, per the direct loan servicing office --

for anyone who pulled out loans and has deferred them such that the principal has grown, such as through a hardship deferral, in school deferral, or whatever - I was told that the max lifetime stafford loan amount of 224,0500 I believe -- is based on total DISTRIBUTED loan amount, NOT total current outstanding + new amounts to distribute. This makes a difference if you have much in the way of loans out there from years ago!

Still wondering if & when stafford loan max amounts may increase, as 40,500 per year would not cover many schools' tuition, much less room & board.

I don't have anything to back up my suspicion except reason, but I think that 224.5k is going to increase before my 4th year. Thankfully so.