Stafford Loan max?

[DarkWingDuck]

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What is the maximum amount of money that can be taken out per year in stafford loans? I know only $8500 can be subsidized per year. How much more can be taken out in unsubsidized loans?


This is for an osteopathic program. Don't know if it matters.


Is it just $189000 aggregate max / 4 years = $47000 annual limit

 

[box29]

I believe it is 30K unsub for the first 2 years and then 36K unsub for 3rd and 4th, depending on the school.


You might get a better reply in the Financial Aid forum.

 

[OSUdoc08]

What is the maximum amount of money that can be taken out per year in stafford loans? I know only $8500 can be subsidized per year. How much more can be taken out in unsubsidized loans?


This is for an osteopathic program. Don't know if it matters.


Is it just $189000 aggregate max / 4 years = $47000 annual limit

Per year:

Sub = $8,500
Unsub = $30,000

this is the max for any school (1st & 2nd years)

 

[DarkWingDuck]

Thanks.


38k is pretty good.

 

[Krazykritter]

You can get more than 30k in unsub Staffords. I don't know how I did, but I did (although I didn't end up needed that much due to the low cost of living in DSM). When you fill out the loan forms for whichever school you get into, DO NOT indicate a specific amount. Instead, indicate that you would like the maximum you are eligible for. This is what I did and when my award letter came out I had a grand total of $42,200.

Making generalizations about EVERY/ANY school is a poor idea...

 

[scpod]

You can get more than 30k in unsub Staffords. I don't know how I did, but I did (although I didn't end up needed that much due to the low cost of living in DSM). When you fill out the loan forms for whichever school you get into, DO NOT indicate a specific amount. Instead, indicate that you would like the maximum you are eligible for. This is what I did and when my award letter came out I had a grand total of $42,200.

Making generalizations about EVERY/ANY school is a poor idea...

They weren't generalizations; every schools has the same limits for Stafford loans. The difference is in the number of months of school. The limits OSUdoc gave are for 9 month programs. Most schools are only for 9 months in the first two years, but some are 10 or more months. Months 10, 11 and 12 are pro-rated amounts of $32,222, $34,444, and $36,667. Most people have those as maximums, which are then added to the $8,500 subsidized amount. If you one of those very few people who don't qualify for a subsidized loan, however, you may make up that amount in unsubsidized funds. The grand total for Stafford loans is still $38,500 for a nine-month school year.

 

[UserNameNeeded]

What's the benefit of getting an unsubsidized loan over just a "regular" loan?

 

[OSUdoc08]

What's the benefit of getting an unsubsidized loan over just a "regular" loan?

The "benefit" is that YOU will pay the interested instead of the goverment.

(Sub loans --> government pays the interest for you.)

 

[BMW19]

Thanks.


38k is pretty good.

Unless your school costs 37.5 K!

 

[UserNameNeeded]

The "benefit" is that YOU will pay the interested instead of the goverment.

(Sub loans --> government pays the interest for you.)

I asked what the benefit of an UNsubsidized loan was over a regular loan. I know for a subsidized loan, the government pays the interest, but I thought for UNsubsidized you had to pay the interest, anyway.

 

[DarkWingDuck]

Unless your school costs 37.5 K!

True.


I guess in that case it's not good. Or pretty.

 

[scpod]

I asked what the benefit of an UNsubsidized loan was over a regular loan. I know for a subsidized loan, the government pays the interest, but I thought for UNsubsidized you had to pay the interest, anyway.

That was sarcasm on OSUdoc's part. He meant to say there is NO benefitwhen compared to a sub loan.

 

[Doctor Bagel]

I asked what the benefit of an UNsubsidized loan was over a regular loan. I know for a subsidized loan, the government pays the interest, but I thought for UNsubsidized you had to pay the interest, anyway.

I got what you were saying the first time. Generally, you'll get a lower interest rate on an unsubsidized stafford versus a private loan. Also, staffords are guaranteed, so you don't need a co-signer or have to meet any credit minimum, and they're discharged on death meaning you don't have to worry about life insurance. Staffords, both unsub. and sub., have favorable repayment, deferment and forbearance terms, too. Basically, subsidized ones are the best, but unsubsidized are still better than private loans.

 

[Doctor Bagel]

That was sarcasm on OSUdoc's part. He meant to say there is NO benefitwhen compared to a sub loan.

It was misplaced sarcasm on his part because he didn't read unn's post clearly enough to see what was being asked.

 

[UserNameNeeded]

Thanks exlawgrrl!

So I guess I should take the maximum Stafford loan amount out then.

 

[OSUdoc08]

It was misplaced sarcasm on his part because he didn't read unn's post clearly enough to see what was being asked.

Oh, I read it clearly, alright.