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Student Loan Cap
- Thread starter pre-dentalguy
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Ouch, 80K... I hope you're looking at state schools
. In any case, if/when you run out of Stafford you can use Grad Plus. If you run out of Grad Plus too you can go to private loans.
well, what is the national cap on the loans?
This is from the govt. website. You can read more at http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp
here is an excerpt that may be applicable. you decide:
"If you're a graduate or professional degree student, each year you can borrow up to:
When you graduate with a graduate or professional degree, the maximum total debt allowed from Stafford Loans is $138,500. No more than $65,500 of this amount may be in subsidized loans. This maximum total graduate debt limit includes Stafford Loans received for undergraduate study. However, the aggregate loan limit for graduate and professional students enrolled in certain approved health profession programs is $224,000. These amounts are the maximum yearly amounts you can borrow in both subsidized and unsubsidized FFELs or Direct Loans, individually or in combination. Because you can't borrow more than your cost of attendance minus the amount of any Federal Pell Grant you're eligible for and minus any other financial aid you'll get, you may receive less than the annual maximum amounts."
It all seems confusing, and kind of depressing (that's a lot of moolah), but I hope it helps.
here is an excerpt that may be applicable. you decide:
"If you're a graduate or professional degree student, each year you can borrow up to:
- $20,500. No more than $8,500 of this amount may be in subsidized loans.
When you graduate with a graduate or professional degree, the maximum total debt allowed from Stafford Loans is $138,500. No more than $65,500 of this amount may be in subsidized loans. This maximum total graduate debt limit includes Stafford Loans received for undergraduate study. However, the aggregate loan limit for graduate and professional students enrolled in certain approved health profession programs is $224,000. These amounts are the maximum yearly amounts you can borrow in both subsidized and unsubsidized FFELs or Direct Loans, individually or in combination. Because you can't borrow more than your cost of attendance minus the amount of any Federal Pell Grant you're eligible for and minus any other financial aid you'll get, you may receive less than the annual maximum amounts."
It all seems confusing, and kind of depressing (that's a lot of moolah), but I hope it helps.
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The $224,000 limit only applies to Stafford loans. There is also the federal Grad PLUS loan program which has no cap. It has a fixed interest rate of 8.5% unlike the Stafford loans which are 6.8%.
If you get into school, the money will be available. 👍
If you get into school, the money will be available. 👍
I thought that you were alloted 20,500 per year. Grad Plus loan will make me ineligible, correct?
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you can get both at the same time
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Does this information also apply to medical students? I've been a bit spastic for the past few days because I've read conflicting information about loan limits -on these boards, I've found limits ranging from 220 to 250K and both inclusive of private loans (which would be a disaster for me, since I need a healthy portion of private loans just to get by or even cover tuition depending on where I go) and limits only pertaining to Stafford loans. So from the above I gather:
-224K total Stafford
-aggregate limits do not apply to private loans received or to be received
-cap includes Stafford loans accumulated as an undergraduate
Correct?
Okay, a final question: will the accumulating interest on subsidized loan be applied to the cap or is it just the original loan amount?
Thanks!
-224K total Stafford
-aggregate limits do not apply to private loans received or to be received
-cap includes Stafford loans accumulated as an undergraduate
Correct?
Okay, a final question: will the accumulating interest on subsidized loan be applied to the cap or is it just the original loan amount?
Thanks!
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- Pre-Dental
I am also trying to research this. I sortof need a lesson in loans.
What is the best way to get loans? You have to fill out FAFSA, correct? Beyond that, what isthe second best way. Or is it up to the person taking the loan out o research their own companies and get the one they feel is best?
What is the best way to get loans? You have to fill out FAFSA, correct? Beyond that, what isthe second best way. Or is it up to the person taking the loan out o research their own companies and get the one they feel is best?
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I tried to research finances as well but decided that is not worth the lost neurons before I actually get admitted. Now, instead of worrying about money, I am concentrating on the application. Time will come to worry about money when you will be choosing between schools.
I suggest that to every pre-dent.....
Sorry for the off-topic.
On the topic: I have heard from several people that if you get accepted there will be money available for your education. However, to get hands on all the small things connected to loans (and money in general) will be hard. Again, I would suggest to wait until the school that you have decided to attend sends you the fin aid package.
I suggest that to every pre-dent.....
Sorry for the off-topic.
On the topic: I have heard from several people that if you get accepted there will be money available for your education. However, to get hands on all the small things connected to loans (and money in general) will be hard. Again, I would suggest to wait until the school that you have decided to attend sends you the fin aid package.
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206127
Fill out and submit your FAFSA... the school you get into has a financial aid office that will get all of this information. At this point they may ask you for additional things you need to submit to qualify for aid. Once you do all that the school will show you what you are eligible for. The school needs your money, they are going to make sure you get what you need one way or another.
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DON'T DO THIS! at all of my interviews they told me to submit my FAFSA asap even if I wasn't accepted and just put the names of the schools you interviewed at. I'm 100% sure of this.
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In the ADEA Official Guide to Dental Schools for the schools that I am interested the priority deadline for FAFSA is either March/April or not listed at all (I assumed it is due at similar times). Isn't it well after theoretical acceptance times of December/January and first deposit due date (Jan ~15th/~30th)? Why such a rush from school's side then?
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206127
They said it would slow down the process and if you apply early you are eligible for more aid. I mean just think if the school has your FAFSA before you are accepted, once they do they can work on your financial aid right away. Who knows it might even show how interested you are in the school and they might move you up on that waitlist.
Hmm, I never even thought about caps😛
