Student Loans

[michele_107]

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Does anybody know the maximum amount per year you can get in student loans for pharmacy school? I'm getting conflicting answers... Thanks! 🙂

 

[DrugDealer]

Does anybody know the maximum amount per year you can get in student loans for pharmacy school? I'm getting conflicting answers... Thanks! 🙂

I thought it was determined by each school, based on their tuition, fees, and local cost of living, but I could be wrong.

 

[ndearwater]

Does anybody know the maximum amount per year you can get in student loans for pharmacy school? I'm getting conflicting answers... Thanks! 🙂

Hey Michele,

After hearing a lot of different answers myself, I got some good info from Shenandoah's website and from Heather. The max is 31K per year, 8.5K of which can be subsidized and 22.5K unsubsidized. Even if you did not qualify for ANY subsidized, you would be eligible for the maximum 31K in loans (unsubsidized in that case). On my interview at Nova I was assured that almost no one is denied subsidized loans for professional school.
The schools, however, do set individual limits. The 31K figure is max no matter what and my understanding is that Shenandoah allows students the full 31K. I don't know about other schools.
BTW... how is the UF app coming along? Good luck!!!!!

 

[Pharmcdc]

Hey Michele,

After hearing a lot of different answers myself, I got some good info from Shenandoah's website and from Heather. The max is 31K per year, 8.5K of which can be subsidized and 22.5K unsubsidized. Even if you did not qualify for ANY subsidized, you would be eligible for the maximum 31K in loans (unsubsidized in that case).


Where are getting your stafford numbers from? This link is to the 05-06 student handbook. The chart shows the maximum being 18.5K a year with 8.5 max on subs. Am I missing something?
http://studentaid.ed.gov/students/p...006/english/types-perkinsandstaffordloans.htm
(Under stafford loans amount chart click here)

 

[ndearwater]

Hey Michele,

After hearing a lot of different answers myself, I got some good info from Shenandoah's website and from Heather. The max is 31K per year, 8.5K of which can be subsidized and 22.5K unsubsidized. Even if you did not qualify for ANY subsidized, you would be eligible for the maximum 31K in loans (unsubsidized in that case).


Where are getting your stafford numbers from? This link is to the 05-06 student handbook. The chart shows the maximum being 18.5K a year with 8.5 max on subs. Am I missing something?
http://studentaid.ed.gov/students/p...006/english/types-perkinsandstaffordloans.htm
(Under stafford loans amount chart click here)

Interesting.... there do seem to be some contradictions then. This came off of Shenandoah's website:

"• Free Application for Federal Student Aid (FAFSA) - This is the application to apply for federal
financial aid. This is for U.S. citizens and permanent U.S. residents with green cards. An amount up to
$31,000 can be awarded ($8,500 is subsidized, $22500 is unsubsidized). The FAFSA form can be
submitted as early as January 2, but financial aid award decisions will not be made until the student has
been accepted into the pharmacy program. This application can be completed on-line at
www.fafsa.ed.gov. The form can be expedited by obtaining a pin to use as a signature before
completing this form. This can be obtained at www.pin.ed.gov. SU’s school code is 003737. "

 

[BiOGoly]

Hey Michele,

After hearing a lot of different answers myself, I got some good info from Shenandoah's website and from Heather. The max is 31K per year, 8.5K of which can be subsidized and 22.5K unsubsidized. Even if you did not qualify for ANY subsidized, you would be eligible for the maximum 31K in loans (unsubsidized in that case). On my interview at Nova I was assured that almost no one is denied subsidized loans for professional school.
The schools, however, do set individual limits. The 31K figure is max no matter what and my understanding is that Shenandoah allows students the full 31K. I don't know about other schools.
BTW... how is the UF app coming along? Good luck!!!!!

The numbers you are using apply to one specific school, and are a little misleading. Federal student aid (stafford loans) is available to anyone pursuing a gratuate/professional degree in the amount of $18500 per year, 8.5 k is subsidized Stafford (interest is paid by Uncle Sam until graduation) 10k is unsubsidized (interest accumulates from the day you receive the loan). The maximum amount of stafford loans you can borrow is $189k (for health professions). If the yearly cost of attendence (tuition + living expenses) is greater than $18.5k per year the remainder must be covered by private loans...offered by a variety of lenders with terms based on your credit rating and cosigner, if any.

If you are fortunate enough to qualify for HPSL (Health Profession Student Loans), you can get a supplemental loan backed by the government to cover the cost of attendence not met by Stafford loans...these loans are fixed at 5% interest and have generous terms.

In other words, no matter what the cost of your institution, rest assured there are people "bending over backwards" to lend you money...the only question you have to remember is "what are the terms?".

 

[Requiem]

I'd like to add that many banks have professional student lines of credit, which are completely privatized and the interest rate/ amount taken out is completely dependent upon your situation.

If you don't receive enough from the gov. i'd suggest looking into a few banks.

 

[Glycerin]

Where are getting your stafford numbers from?

Partially from me, since she and I are referring to the same school. I was eligible for 31K in federal loans (both subsidized and unsubsidized, as divided above). It varies from school to school what their individual school limits are. In addition to the 31K, Shenandoah allows a maximum of 35K that can be borrowed yearly, with the remaining 4K coming from private loans.

 

[BiOGoly]

Partially from me, since she and I are referring to the same school. I was eligible for 31K in federal loans (both subsidized and unsubsidized, as divided above). It varies from school to school what their individual school limits are. In addition to the 31K, Shenandoah allows a maximum of 35K that can be borrowed yearly, with the remaining 4K coming from private loans.

These were Stafford loans?? Or was the unsubsidized portion supplemented by HPSL funds?

 

[Glycerin]

These were Stafford loans?? Or was the unsubsidized portion supplemented by HPSL funds?

On my award letter, it doesn't breakdown the unsubsidized portion. It just lists "Ford Federal Direct Loan - Subsidized ($8,500) and Ford Federal Direct Loan - Unsubsidized ($22,500)."

 

[dgroulx]

The max loan I've gotten each year has varied. It's gone up a little each year with every tuition increase. This year I received something over 19K, all of it unsubsidized. If you have a working spouse, you won't qualify for a subsidized loan.

 

[Pharmcdc]

If you have a working spouse, you won't qualify for a subsidized loan.

That is not a completely true statement. The percentage that FAFSA determines that you can afford to pay(i.e. financial need). So, yes a working spouse will affect this greatly, but how expensive is your school, and how much does your spouse earn. I attend a private school, tuition is fairly expensive. My wife is an RN, yet I still received usubs. and subs. loans.(my 4 year old helped this im sure 😀 ) ...... My point is, you shouldn't make blanket statements like that about things that have many factors. This could discourage someone, or make someone believe something to be true that may be false in their personal situation. 😉(especially from such an experienced poster such as dgtoulx 👍 )

 

[kkelloww]

The numbers you are using apply to one specific school, and are a little misleading. Federal student aid (stafford loans) is available to anyone pursuing a gratuate/professional degree in the amount of $18500 per year, 8.5 k is subsidized Stafford (interest is paid by Uncle Sam until graduation) 10k is unsubsidized (interest accumulates from the day you receive the loan). The maximum amount of stafford loans you can borrow is $189k (for health professions). If the yearly cost of attendence (tuition + living expenses) is greater than $18.5k per year the remainder must be covered by private loans...offered by a variety of lenders with terms based on your credit rating and cosigner, if any.

If you are fortunate enough to qualify for HPSL (Health Profession Student Loans), you can get a supplemental loan backed by the government to cover the cost of attendence not met by Stafford loans...these loans are fixed at 5% interest and have generous terms.

In other words, no matter what the cost of your institution, rest assured there are people "bending over backwards" to lend you money...the only question you have to remember is "what are the terms?".

For pharmacy, the Federal loan limits are as follows:

Subsidized Loan $8,500
Unsubsidized Loan $10,000
Add’l Unsubsidized Loan
$20,000 – 9 months
22,000 – 10 months
24,445 – 11 months
26,667 – 12 months

These are the Federal maximums for health professions. An individual school might be less (sometimes much, much less) depending on their COA. And then, you might get less than that because of your FAFSA. The 18.5 K limit is for Grad students, NOT health professions.

 

[Pharmcdc]

Ok, I did some more research:

"The Department of Education issued a "Dear Colleague" letter (GEN-99-21) expanding the institutional eligibility to award increased unsubsidized loan amounts to all health professions schools in disciplines that were eligible for the HEAL program, regardless of the school's previous participation in HEAL. Health professions students may now borrow up to $38,500 per year in federal Stafford Loans ($8,500 subsidized, $30,000 unsubsidized). The new guidance is effective for any loan period that begins after May 1, 1999."

http://www.aamc.org/advocacy/library/educ/ed0001.htm

 

[kkelloww]

Ok, I did some more research:

"The Department of Education issued a "Dear Colleague" letter (GEN-99-21) expanding the institutional eligibility to award increased unsubsidized loan amounts to all health professions schools in disciplines that were eligible for the HEAL program, regardless of the school's previous participation in HEAL. Health professions students may now borrow up to $38,500 per year in federal Stafford Loans ($8,500 subsidized, $30,000 unsubsidized). The new guidance is effective for any loan period that begins after May 1, 1999."

http://www.aamc.org/advocacy/library/educ/ed0001.htm

Understand that that amount refers to a normal 9-month academic year. The amount is prorated in accordance with my post above.

 

[starsweet]

So does anyone know when we start submitting FAFSA? I haven't even gotten any acceptances yet, but I was curious...

 

[Moxxie]

So does anyone know when we start submitting FAFSA? I haven't even gotten any acceptances yet, but I was curious...

You can go to the FAFSA website (http://www.fafsa.ed.gov/) and start filling yours out now, but the deadline depends on your school. The school I'm applying to has two deadlines: a priority deadline so that you can be considered for scholarships (2/20/06), and a normal deadline (which I think is in April). I like that

 

[starsweet]

You can go to the FAFSA website (http://www.fafsa.ed.gov/) and start filling yours out now, but the deadline depends on your school. The school I'm applying to has two deadlines: a priority deadline so that you can be considered for scholarships (2/20/06), and a normal deadline (which I think is in April). I like that

Thanks Moxxie! What if I don't know which school I am going to (assuming I get in)?

 

[Moxxie]

Thanks Moxxie! What if I don't know which school I am going to (assuming I get in)?

I am pretty certain that you can list multiple schools on your FAFSA - I know that that is what I did when I applied to undergrad and then later when I applied to grad school. Listing a school on your FAFSA just ensures that that particular school gets your financial aid info. If say, you're applying to three schools, I would list all three on the FAFSA - the school you choose to attend will send you an aid letter based on this info. You can tell the other schools that you list on the FAFSA that you aren't planning on attending, but that probably isn't necessary - the registrar's office probably tells the financial aid office which students are actually enrolled.

Hope this helps!

 

[DHG]

Here's a related question...


For example, lets say that I borrow a total of 70,000 over 4 years for pharmacy school. What will the monthly payment be on that money (approximately) when I get out? Will it be more than $500/month? More??

Just trying to get an idea... I owe 15,000 now from previous degrees, and my monthly payment is $108/month. I was starting to get freaked out that I'd be paying $1000/month for student loans 😱

 

[cosmicstarr]

Here's a related question...


For example, lets say that I borrow a total of 70,000 over 4 years for pharmacy school. What will the monthly payment be on that money (approximately) when I get out? Will it be more than $500/month? More??

Just trying to get an idea... I owe 15,000 now from previous degrees, and my monthly payment is $108/month. I was starting to get freaked out that I'd be paying $1000/month for student loans 😱

Go here http://www.finaid.org/calculators/scripts/loanpayments.cgi

$70,000 in principal at 6.5% paid over 10 years is $794 /month.

You can extend this out to 30 years for the lower payment, but you will pay a lot more interest over the life of the loan.

 

[DHG]

Go here http://www.finaid.org/calculators/scripts/loanpayments.cgi

$70,000 in principal at 6.5% paid over 10 years is $794 /month.

You can extend this out to 30 years for the lower payment, but you will pay a lot more interest over the life of the loan.

Thanks for the calculator! 👍