Student loans

[penicillinman]

Hello,

I was recently accepted to a medical school and have some questions about loans. I was a international student when I was an undergrad and during pharmacy school so don’t really know anything at all about government loans so hoping I can get some insight. I worked as a pharmacist for the last 9 years so I do have some savings and a 401 k as well as a house which we will be most likely renting out since I have to move for med school. My question is:
1) will I even qualify for loans given that I have some savings? I will most likely have to dip into the savings since I have a family (two kids) and my wife will not be working during this time, but I would like to reduce how much savings I use and try to get as much loans as possible, with the intention to start paying of quickly once I get to residency.
2) if I do qualify for loans, will my savings reduce the amount of loans granted to me?

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[Cornfed101]

1. Yes, savings are irrelevant.
2. No

 

[penicillinman]

1. Yes, savings are irrelevant.
2. No

Thanks. Also, if I work a few shifts during medical school, will that income have any effect on how much loans I can get in the subsequent years?

 

[Cornfed101]

Thanks. Also, if I work a few shifts during medical school, will that income have any effect on how much loans I can get in the subsequent years?

your income would only affect need based aid, you could make $1mil a year and still take out full COA for loans.

 

[penicillinman]

your income would only affect need based aid, you could make $1mil a year and still take out full COA for loans.

got it!

 

[deleted1010363]

Hello,

I was recently accepted to a medical school and have some questions about loans. I was a international student when I was an undergrad and during pharmacy school so don’t really know anything at all about government loans so hoping I can get some insight. I worked as a pharmacist for the last 9 years so I do have some savings and a 401 k as well as a house which we will be most likely renting out since I have to move for med school. My question is:
1) will I even qualify for loans given that I have some savings? I will most likely have to dip into the savings since I have a family (two kids) and my wife will not be working during this time, but I would like to reduce how much savings I use and try to get as much loans as possible, with the intention to start paying of quickly once I get to residency.
2) if I do qualify for loans, will my savings reduce the amount of loans granted to me?

Also, keep in mind that federal student aid has loan limits for each type of degree you are seeking so it is possible to be maxed out on the amount of loan the federal government will award you. Here is the link for that information: https://studentaid.ed.gov/sa/types/loans/subsidized-unsubsidized