Hi everybody, I have loans from law school. I’ve heard different things regarding limits on student loans. Is there a cap for all student loans, including private and federal? What is it? Is there a cap only for federal student loans?
There is no cap on private loans. For federal Stafford and Perkins loans, the cap depends on the program you are in. These totals are cumulative total for all loans from undergrad or whereever:
Professional or graduate school: $138,500
Allopathic/osteopathic school: $189,125
Thanks MPP. It does seem that some private lenders do have caps…and you might not be able to answer this question considering that you do not seem to be familiar with these caps, but do you or anyone else think that these limits apply to the educational debt with that lender specifically or all private lenders put together? I would imagine it’s the latter, but just thought someone might know for sure.
Whether or not a lender has an aggregate cap varies among lending institutions. The following lenders currently DO NOT have an aggregate limit on their private loans.
Access Group “Medical Access Loan"
Key Bank “Med Achiever Loan”
There may be more, these are simply the two I’m familiar with. You might want to contact the financial aid office
at the schools you are interested in attending to obtain more specific information.
It’s never too late to be what you might have been - George Eliot
WHAT A GREAT QUOTE!!! It should be the valuemd (or oldpremed) motto.
Thanks, Rdecastro! I love it too. BTW, what is ValueMd? Is it a site only for applicants or hopefuls to foreign medical schools?