Do you guys know if there is an overall limit for federal loans for graduate students?
And if so, is that limit in total, regardless of whether the prior loans have been paid off?
Or just include loans that have not been fully paid?
Thanks for any insight.
Last time I checked it was ~ $180,000 and that was in 2009.
Annual and Aggregate Loan Limits
As a graduate/professional degree student you can borrow $20,500 per year-but no more than $8500 in subsidized loans-for aggregate total of $138,500 (no more than $65500 subsidized). This total includes Stafford Loans received during undergrad.
However, “students enrolled in certain health profession programs may receive additional unsubsidized Stafford Loan amounts each academic year beyond those shown above. For these students, there is also an increased aggregate loan limit of $224,000 (maximum $65,500 subsidized).”
As a note, recently proposed legislation will make it so that professional students are no longer eligible for subsidized loans. Not sure if they are changing the limits.
- Emergency! Said:
As a note, recently proposed legislation will make it so that professional students are no longer eligible for subsidized loans. Not sure if they are changing the limits.
I was trying to forget about that, as it causes a deep spiral of woe.
Thanks, guys.
And yep: major, major kick in the pants about the new legislation and no subsidized loans during med school.
As if it’s already not hard enough to pay for it.
I’ve just been hoping it’s a bad dream and won’t happen.
- db2103 Said:
Thanks, guys.
And yep: major, major kick in the pants about the new legislation and no subsidized loans during med school.
As if it's already not hard enough to pay for it.
I've just been hoping it's a bad dream and won't happen.
And yep: major, major kick in the pants about the new legislation and no subsidized loans during med school.
As if it's already not hard enough to pay for it.
I've just been hoping it's a bad dream and won't happen.
Ive never heard a Doc complain about how hard it is to pay back student loans. IMHO, it's all about living wihtin your means, which as a 45 yar old will be MUCH easier since I've already done all the crazy things people do with money!
- pathdr2b Said:
Ive never heard a Doc complain about how hard it is to pay back student loans. IMHO, it's all about living wihtin your means, which as a 45 yar old will be MUCH easier since I've already done all the crazy things people do with money!
In the past, no, it was not a problem. But we are all facing an uncertain future in which the changes in healthcare could bring about a drastic change in the ways in which doctors are paid. Ignoring that, consider what that legislation means to us.
The financial difference between subsidized and un-subsidized loans is large - think of what happens on a credit card when you pay only the minimum balance. Your balance remains about the same, never going down because you only pay interest. Yet we will all be in school, not working, and the only way we'll be paying off our interest is with the loans that interest is accruing on.
After school you're in residency, which pays well but not enough to make a significant dent in those loans. So the interest builds.
Yes, afterwards you get setup in practice and can make an average of six figures. But that doesn't negate the fact that our total debt will be significantly higher than any prior medical students because of the loss of the subsidized loans.
And that six figures isn't certain. Is there a reason, beyond those student loans, that doctors should be paid so much? If there isn't then the future may include changes in expected income.
Sorry for the long post, feeling a wee bit wordy today.
PS: And then there are scary charts like this
I am very new to the forum and very new to considering medical school, but in an attempt raise spirits, will there not still be loan forgiveness programs for MD’s and DO’s who serve in under-served areas? I hope so, or I might have just made up my mind about medical school before I even start volunteering.
- LuHar Said:
I am very new to the forum and very new to considering medical school, but in an attempt raise spirits, will there not still be loan forgiveness programs for MD's and DO's who serve in under-served areas? I hope so, or I might have just made up my mind about medical school before I even start volunteering.
Hey Lu - my spirits aren't low, I'm just playing devil's advocate. Yes, there are loan repayment programs for doctors who commit to serve in a rural town for a certain amount of time, and for many of us this is a great option. But if you've always lived in a huge city and have no concept of what a small town is like do the research first. You may end up discovering it's definitely not for you.
And if you don't want to go into primary care then a) you'll make more money and won't have to worry about the loan interest B) not care that you have little or no loan repayment programs tailored to you.
This is a forum for older students; I am on the "young" end of the spectrum and have enough business experience to not be overly concerned about the financial aspect of my future. But I think it's important to lay all the info out, so we can all make the most informed decisions.
It may cause an older OPM to decide to go into a different specialty, or choose a different career change, because they have less time to work off that pile of debt. Or it may encourage more to consider rural medicine, research it and discover they LOVE it and combat the physician shortage in the US. Either way, having the info is a good thing.I work for a large hospital company, and when we have a shortage of a given specialty in any of our communities, we will often recruit doctors to that community (not usually rural ones) in order to fulfill the community need. (Say 3 cardiologists retire in the Denver area, and that creates a deficit in the community, for example.) There are lots of federal regulations around this, but it can be a great opportunity! You agree to stay in that community for a given time (usually 2 or 3 years), and in return, the hospital gives certain incentives… like sign on bonus, and student loan reimbursement, for example. (That can range from 25K up to over 100K)
Bottom line: There are lots of opportunities to get help with the loans…so be encouraged! Once you become a physician, more doors open–and as long as you are smart and plan well for your financial situation, student loans shouldn’t hinder you from making the choice of becoming a doctor.
- carrieliz Said:
Bottom line: There are lots of opportunities to get help with the loans...so be encouraged! Once you become a physician, more doors open--and as long as you are smart and plan well for your financial situation, student loans shouldn't hinder you from making the choice of becoming a doctor.
Well said! And awesome info about those incentive programs.
- Emergency! Said:
As a note, recently proposed legislation will make it so that professional students are no longer eligible for subsidized loans.
The legislation went through- my university's financial aid office sent out a notice two weeks ago confirming that after this academic year, there would be no more unsubsidized staffords (though I thought they were being gotten rid of entirely- not just eliminated for non-undergrads). The annual and aggregate limits are unchanged.
08-29-11 03:38 PM - Online Payday Loans Payday Loans in the United Kingdom Post#77242
In response to PixieSanders
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This is so unfortunate! How can they NOT susidize loans during Medical School?
UNBELIEVABLE!