I know that there have been many posts regarding financial aid but I am still confused on the following issues:

#1. Is there any chance that I could qualify for a subsidized Stafford loan if I made over $100K in 2003?

#2. As I understand you must rotate between Stafford and Salllie Mae:
Semester 1: Stafford $18,500
Semester 2: Sallie Mae $20,000
Semester 3: Stafford $18,500
Semester 4: Sallie Mae $20,000
Semester 5: Sallie Mae $18,500

#3. What happens between semester 5 and semester 6 when you are home studying for USMLE Part I?

#4. Will you still get $18,500 from Stafford in Semester 5 or only half of that and the other half as soon as you start Semester 6?

#5. Can you still take $20,000 from Sallie Mae during those 4 months when you are out of school studying on your own?

#6. Over how many years do most med students elect to repay their loans? 10 or 20 yrs? is 30 yrs even possible? Starting at begining or end of residency program?

#7. Do you have the same repayment options for both Stafford and Sallie?

The Sallie Mae amount is now something like $27,855, so once you take out your Stafford w/Sallie Mae advance, then the remainder of your Sallie Mae for the next semester, it comes out to about $22-23k per semester.

When you're off for studying for Step I, you won't get loans till you start clinicals, and you must have 8 weeks of clinicals per semester to be half-time (16-wk semester), so if you only have 6 weeks of clinicals, you don't qualify for financial aid. This is why most people advocate trying to save some cash each semester, to have a little cushion to live on while you're waiting for financial aid to come in during 6th, or relocating, etc...

Repayment I'll leave for those dealing with it, I don't know much about it...

answer to #3 & #5:
When you are home studying for the USMLE, you're on your own. That means you better save some money during your five semesters on the island. I think the loans are more than adequate for you to live on the island and most people save a few grand a semester of their loan checks(while others spend it on beer.... )

#6 I told the Sallie Mae(the company, not the person) that I was going for the 10 year repayment plan. The 30 year option is available but I'd rather pay it off asap.

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