Unique question about loans

[mjg713]

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Hey I had a unique question about student loans. I have never took out any kind of loan before so excuse my ignorance. I am down to taking Orgo, Physics, Biochem, and studying for the DAT, I have worked for 5.5 years during undergrad and would like to focus on school for these last couple semesters. So basically my question is: is there any kind of loan that will cover JUST living expenses for about a year and NOT tuition (my tuition is paid for)? if so what is the best and most cost efficient way to do this?

 

[blonderdhmph]

Hey I had a unique question about student loans. I have never took out any kind of loan before so excuse my ignorance. I am down to taking Orgo, Physics, Biochem, and studying for the DAT, I have worked for 5.5 years during undergrad and would like to focus on school for these last couple semesters. So basically my question is: is there any kind of loan that will cover JUST living expenses for about a year and NOT tuition (my tuition is paid for)? if so what is the best and most cost efficient way to do this?

If you have ruled out your eligibility for state grants and county grants, the best loan to get (starting out) is a Perkins loan. Maximum is $6,800. I think you have to be eligible for this also. Your school should have a specific person that does this loan. Also, when you repay the loan, the school is your lender. Meaning you make payments to the school. Then the federal government reimburses the school. There are many reasons why Perkins loans are the best.

I assuming you are applying to dental school, but this is just food for thought. All health professionals (excluding dentists and physicians) can get their Perkins loan cancelled by simply working full-time, as long as they have not consolidated it. In my circumstance, my loan would be cancelled if I were to work full time as a hygienist.... I do not have to work in a health professional shortage area (HPSA). Most other student loan repayment programs are based on HPSA criteria. Not the Perkins loan. Its also at a fixed rate. I went through dental hygiene school, graduate public health school, and worked at a state health department and managed to not know $6,800 of my loan could be cancelled until recently. So if anyone reading this knows anyone working as a health professional and they have a Perkins loan.... they can get it cancelled.

You have to fill out a FAFSA for any type of government student loan.

Call your financial aid office and ask to speak with the person that processes Perkins loans.

 

[mjg713]

Thank you so much, that is very valuable information. I will be calling my schools office tommorow to start this process. Is the cap 6800 a year?

 

[blonderdhmph]

Thank you so much, that is very valuable information. I will be calling my schools office tommorow to start this process. Is the cap 6800 a year?

No, Perkins loans is capped $6,800 total.

Then you would move towards subsidized Stafford loans first. Subsidized means there is no interest accruing while you are enrolled as a student.

I believe 40 k is the cap you can borrow as an undergraduate student.

When you are in graduate school... i.e. dental school, I'm not sure what the cap is at that point. I think its pretty high and based on your tuition of your program.. I think??

Are you sure you do not qualify for grants? Who claims you on taxes? Also, if you already have a bachelor's degree you don't qualify for grants even if your income is low.

You should well verse yourself in loan terminology. This will be a big stressor in your life... dental education is the most expensive type of education in the world (versus... medical school, law school, etc). Get used to the loan process... lol

 

[mjg713]

This information has been extremely helpful, thank you. I only need around 10-15 grand from now until dental school. I am definately going to get the Perkins loan then apply for stafford loans for the rest. I can rule out grants because I already have a bachelors.

 

[mjg713]

Hey, I did some research and want to make sure im still eligible for the Perkins loan even though I will not be in a degree program? (taking a few post bacc classes)

 

[bing12]

the government ended subsidized loans as of next year

 

[mjg713]

I did some research and it seems as though the Perkins loan is only available to full-time students. Since I am doing an informal post-bacc I am technically not a full-time student. So what are my options?