Total Finacial Aid Eligibility Question

[codeguy]

My question is whether or not your previous stafford loans are considered to be part of the total stafford loans you can take out as a medical student.

Exp:
Student owe $35k Undergrad
Student Med Stafford Eligibility is $38500.yr
Total Student Eligibility ~$150k ($38.5 x 4 yrs)

Does the $35k come out of the ~$150k leaving only $115 available for the students medical school expenses?
--OR--
Is the student eligible for $150k above and beyond his/her undergrad loans?

Thanks!

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[LisaP]

Above and beyond. Just keep borrowing and some day you will repay.

 

[apple638]

I called the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243)and this is what a representative told me," The total amount of Stafford loans that a student can borrow is $138,500 and only $65,500 of that can be from subsidized loans. This includes debt from undergraduate loans as well."

So if one owes $30k from undergraduate school, he/she will only be able to borrow $108,500 while in graduate/professional school.

It is also my understanding that the max Stafford loan amount that can be borrowed by graduate/professional students each year is $18,500 while only $8,500 can be subsidized. I don't know if there are exceptions for med students or if we just have to take advantage of alternative loans and scholarships to come up with all the money we need we need.

I hope I helped out some. I myself am still trying to get my financial aid straightened out before the fall begins.

 

[MSafur]

Yep, unlike the typical grad/law schools, med students have the luxury (if you want to call it that) of taking out $38,500/yr on Stafford loans.

 

[codeguy]

Hmm ok well there seems to be some conflicting information here in the response. I guess I will make same calls myself to help clarify the whole situation.

Thanks

 

[apple638]

Codeguy, there isn't any conflicting information. MSafur is correct. I looked at some information and in addition to what I posted, medical students are allowed to take out an additional $30something(k)(Stafford unsub) a year so the total possible Stafford loan debt for medical students is $180 something(k).

 

[Florida_style]

are these stafford and other backed loans paid to the student or to the student's school? Can they be used for living expenses or only for school related expenses?
john

 

[Hskermdic]

The money (checks) are sent to the school. You tuition is paid forst out of the checks and then you are given the rest as a separate check from your school. You can use this money for anything you want. It is yours.