Stafford Loans 4 Dummies

[JohnnyOU]

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Hi everyone,

I've become confused about the total amount I am eligible for in med school Stafford loans.

I've been told I could get 18.5k unsub + 8.5k sub for a total of 27k/yr.

I spoke with a school yesterday that told me I could only get a total of 18.5k/yr.

Yet there are posts on SDN of students saying we can get additional amounts of Staffords totaling 35k-45k/yr.

AAMC says we can get 38.5k/yr at http://www.aamc.org/advocacy/library/educ/ed0001.htm

Princeton Review says we can get up to $189,125 aggregate for school.
http://www.princetonreview.com/medical/finance/articles/loans/healthloan.asp


The schools I apply to this year depend on how much I can get in loans, so can anyone clear this up for me. Talk to me like a 7 year-old 🙂

Is the additional funding for specific schools only? If so, is there a list of schools that take part in this. (old HEAL eligible schools, ???)

ie...
school A = $18.5k/yr Total Stafford
school B = $30k/yr Total Stafford
school C = $44.5k/yr Total Stafford
etc...

Thank you to anyone who can clear this up.

Johnny

 

[Csv321]

I believe for graduate school, the max amount is 18.5k+8.5k but for professional schools, you can get a max amount of 38k+8.5K.

That is just what I've read but I'm pretty sure that's right because I got that much this year.

 

[DoctorWannaBe]

As far as I know, you can get up to $38,500 in Stafford loans but you only get as much as your school allows based on tuition, housing, and other costs. For example, my school only allowed me to get $18,500 last year because that is what the estimated budget is at my school. If you go to a school that has a budget higher than $38,500, you can get the full $38.5K in stafford loans and you will have to get private loans for the additional amount. Does that make sense?

 

[NMH2001]

Along the lines of the Stafford loans...

The budget for my school is around $57,000 which includes tuition, living expenses, etc. However on my award letter my max on unsub is 32,000. If we're allowed 38,000 whay am I forced to take out the more expensive private loans instead of getting the full 38?

Anyone know? looks like I will be contacting finaid tomorrow!

 

[akpete]

Along the lines of the Stafford loans...

The budget for my school is around $57,000 which includes tuition, living expenses, etc. However on my award letter my max on unsub is 32,000. If we're allowed 38,000 whay am I forced to take out the more expensive private loans instead of getting the full 38?

Anyone know? looks like I will be contacting finaid tomorrow!

At most (med) schools the max for unsub is 30,000 and 8,500 sub. You're getting off good with 32,000 unsub.

 

[neuronerd]

Hi, I'm COMPLETELY confused about the fin aid process. First of all, I filed as an independent and my award letter says 5000 expected contribution from me and my family each.
Then, the estimated total cost of attendence is 61,637 and they are only giving me 27,000 in loans. The rest have to be private?? Tuition is 47,000 dollars. That is 20,000 more than they are giving me.

Do I apply for private loans to cover up to 62,000? can I get more than that if I need it. My apartment won't let me sign the lease unless I have a 25,000 refund check.

help . . . . gulp.

neuroneurotic

 

[jk5177]

For the unsubsidized loan, the interes accrues when the money is disbursed. How often is it compounded? Weekly, monthly or what? Sorry. This may be a noob question.

 

[mpp]

Until you enter repayment, the money is not compounded. It is compounded all at once when you enter repayment. Once in repayment, the rates you see are APR, or annual percentage rates, that take into account the compounding.