Aid Question

[ouch]

Just a quick question concerning financial aid. I am looking at the tuition costs to future schools, and have done some research regarding loans. If im not mistaken...the annual cap for a stafford loan is aroudn $20,000. So what does one do when their tuition far exceeds that...lets say around $10,000. Add on living expenses...say another $12,000...how does one survive...and how does one go about finding that money. Especially if there are flaws in your credit? Im starting to get nervous...I cant imagine finally getting in and then not being able to get the money to pay...anyone have any insights? I have checked the financial aid forum...but there wasnt much hope there@!

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[DrMom]

I thought the cap was more like $38,800.

In addition, there are private lenders. I know people borrowing way more than $50,000/yr.

Anyone??

 

[ouch]

Drmom...you are awesome...you have already started to put my mind at ease!!!!!! still worried...but $38,800 is much better than the $20,000 I thought!

 

[John DO]

Ouch, quit stressing!


If I recall, the sub Stafford is $8500 and the unsub is about $38,500. In addition, there are many government-guaranteed loans that are not based on credit. In the majority of cases, your eligibility will be limited by your school's student budget, not your loan eligibility.

You may also consider looking into service obligation scholarships. Many times, you can get your tuition and all expenses paid, in addition to a monthly stipend for living expenses (n excess of $1000/month) in exchange for an agreement to work for Public Health Service or another sponsoring institution after residency. Oftentimes, this entails nothing more than working wherever you want in an area of need, which is just about everywhere anymore.

Talk to your financial aid advisor at your institution--they are great resources!

 

[DrMom]

Originally posted by John DO
Ouch, quit stressing!

Since when do pre-meds not stress??

 

[Boomer]

Originally posted by John DO
Ouch, quit stressing!


If I recall, the sub Stafford is $8500 and the unsub is about $38,500. In addition, there are many government-guaranteed loans that are not based on credit. In the majority of cases, your eligibility will be limited by your school's student budget, not your loan eligibility.

You may also consider looking into service obligation scholarships. Many times, you can get your tuition and all expenses paid, in addition to a monthly stipend for living expenses (n excess of $1000/month) in exchange for an agreement to work for Public Health Service or another sponsoring institution after residency. Oftentimes, this entails nothing more than working wherever you want in an area of need, which is just about everywhere anymore.

Talk to your financial aid advisor at your institution--they are great resources!

Close. 8500 sub., 30000 unsub. 38500 total per year.

If you have good credit, you can usually get private loans to help cover any costs above and beyond what 38500 covers. Message: Pay off your damn credit cards!!!!! (I wish the hell I had)

 

[ouch]

i cant thank everyone enough for helping me out!!! Financial aid is not at all familiar to me, and its so nice to get some great answers and advice from the ones that know...and the ones that are going through it!!!! You guys have been great, and have really put my mind at ease...thanks again