What is the maximum amount of federal loans you can take out for dental school?

[Chlorophyll Oracle]

I read that the max amount is equal to the cost of school per year, can anyone confirm?

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[Faux]

yep. obviously each particular loan has a limit but the overall limit is the school.

 

[fogorvostan]

You get a cost of attendance for each year and that is the maximum you can take out. Obviously a state school is going to have a much lower limit than a school like NYU.

 

[schmoob]

You can take as much as you need. The school's financial aid officer just needs to sign off on it.

 

[DENTALSCHNEEZ811]

I am actually still confused on this topic. What if you are OOS and need money for living expenses. Is there a very small amount of money you can live on with just your loans?


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[fogorvostan]

I am actually still confused on this topic. What if you are OOS and need money for living expenses. Is there a very small amount of money you can live on with just your loans?


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It should be enough to live relatively comfortable as a student. You will not be able to afford a luxury apartment, eating out every meal, buying new clothes every weekend, etc. You will however be able to pay a reasonable rent, buy groceries, pay your basic bills, etc.

When I was in grad school, I had enough money to afford a one bedroom apartment by myself + pay for my basic living expenses. However, I did not pay for my cell phone bill, car payment, or car insurance, so I had a bit of extra money.

 

[whaleofatale]

I read that the max amount is equal to the cost of school per year, can anyone confirm?

Aggregate mas for Direct Unsubsidized is $224,000. Annual is $40,500 (9 month academic year, prorated to reflect longer years). No aggregate max for Grad PLUS. Annual max is annual cost of attendance less all other aid received.

 

[Advance]

Aggregate mas for Direct Unsubsidized is $224,000. Annual is $40,500 (9 month academic year, prorated to reflect longer years). No aggregate max for Grad PLUS. Annual max is annual cost of attendance less all other aid received.

So If tuition and fees exceed 224,000 for a 4 year program do you have to pay the remaining balance with grad plus?

 

[kuef1pet]

So If tuition and fees exceed 224,000 for a 4 year program do you have to pay the remaining balance with grad plus?

Your first ~$40,000 (will be more due to dental school being longer then 9 months) is paid by the direct Unsubsidized loan each year for the duration of the 4 years of dental school. Over the course of those 4 years that will add up to ~$160,000+ So will not exceed the $224,000 max unless if used for previous education as well. If you will need more then the ~$40,000 in assistance the direct Unsubsidized covers, the remaining of tuition/living expenses/fees your school budgets for can be covered with the grad plus.

So the grad plus isn't used just if you reach over $224,000 of direct Unsubsidized loans (as most of us won't be able to reach that overall limit due to the yearly limit). From what I've seen this is how most fund there dental education but obviously everyone has different situations.

 

[Advance]

Your first ~$40,000 (will be more due to dental school being longer then 9 months) is paid by the direct Unsubsidized loan each year for the duration of the 4 years of dental school. Over the course of those 4 years that will add up to ~$160,000+ So will not exceed the $224,000 max unless if used for previous education as well. If you will need more then the ~$40,000 in assistance the direct Unsubsidized covers, the remaining of tuition/living expenses/fees your school budgets for can be covered with the grad plus.

So the grad plus isn't used just if you reach over $224,000 of direct Unsubsidized loans (as most of us won't be able to reach that overall limit due to the yearly limit). From what I've seen this is how most fund there dental education but obviously everyone has different situations.

Ah I see. Thanks 🙂

 

[whaleofatale]

So If tuition and fees exceed 224,000 for a 4 year program do you have to pay the remaining balance with grad plus?

You won't hit the $224k if you haven't borrowed previously as there is an annual maximum in the Direct Unsubsidized Loan.

 

[MahiMahi]

You can take out up to the advertised "Cost of Attendance" for each school.

You can get more than that by speaking to the financial aid office. There is usually a procedure where you need to explain that you need additional money.

 

[Mad Jack]

Infinite dollars, care of Grad Plus loans, up to the total cost of attendance.

 

[BYU4you]

It is very hard to take money out for more than cost of attendance. Don't be led astray by stuff on SDN. And asking for a higher calculated living cost is a pain. For instance if you have a kid, they only raise cost of attendance in terms of what day care costs are, assuming your wife will work instead of staying at home. Just a heads up.


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[whaleofatale]

You can take out up to the advertised "Cost of Attendance" for each school.

You can get more than that by speaking to the financial aid office. There is usually a procedure where you need to explain that you need additional money.

This isn't true. Federal regulations are very, very specific about what a school can include in a student's COA. The only real increases above an established COA are for the purchase of a laptop and dependent care. You can't just request additional money for living expenses and things like that.

 

[MahiMahi]

This isn't true. Federal regulations are very, very specific about what a school can include in a student's COA. The only real increases above an established COA are for the purchase of a laptop and dependent care. You can't just request additional money for living expenses and things like that.

Apologies. I should have included that it was up to the financial aid folks to decide whether the reason for the increase will be allowed.