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  1. #1
    SoniK is offline Newbie 510 points
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    Federal Loans for U.S. Students

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    I have been accepted to SGU for the January 2013 semester and I've been researching all of my loan options. From what I have read on this forum and other government websites I am eligible to take out a direct loan which has a limit of $20,500 a year and an aggregate limit of $138,500. Since I have not borrowed any money for my undergraduate studies, will I receive a total of $138,500 over 4 years of medical school?

    Also is the limit actually greater for medical students? And does this aggregate limit include both the unsubsidized and subsidized direct loans? From what I understand most U.S. students take out the direct subsidized and unsubsidized loans and make up any remaining difference with the GradPlus loans. I do have adverse credit history but I do think I can get a strong cosigner. However, if I don't want to get the GradPlus loan how much would I have to pay out of pocket?

    Any help will be appreciated.

  2. #2
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    swimchick is offline Super Moderator 12764 points
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    As of July 1, graduate/professional students no longer have subsidized Stafford loans. Unsubsidized Stafford and Grad PLUS loans are the main sources of federal loans.
    ValueMD Moderator

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  3. #3
    SoniK is offline Newbie 510 points
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    Quote Originally Posted by swimchick View Post
    As of July 1, graduate/professional students no longer have subsidized Stafford loans. Unsubsidized Stafford and Grad PLUS loans are the main sources of federal loans.

    I guess what I am confused about is the difference between the direct loans and the in unsubsidized stafford loans. Are they different or are they the same thing?

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    swimchick is offline Super Moderator 12764 points
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    Quote Originally Posted by SoniK View Post
    I guess what I am confused about is the difference between the direct loans and the in unsubsidized stafford loans. Are they different or are they the same thing?
    It's the same thing. There used to be a difference back in the days when some colleges did not have the ability for their students to directly obtain federal loans and they had to use banks like Sallie Mae.
    ValueMD Moderator

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  5. #5
    SoniK is offline Newbie 510 points
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    Thanks swimchick!
    I guess I got confused with the names of the loans. I did call the SGU financial office and figured everything out. For anybody else who needs clarification:

    SGU students are eligible for the unsubsidized Stafford loan which gives you $20,500 a year for four years. However, if you used the Stafford loan for undergraduate then you have an aggregate limit of $138,500.

    To meet the rest of the expenses you need to take out a GradPlus loan. The GradPlus loan will cover the rest of your expenses.
    For the GradPlus they do a light credit check to see if you have any "adverse" credit history. This means you cannot have any accounts in default. And if you do you can get a cosigner who has better credit.

    So the Unsubsidized Stafford loan and the GradPlus should cover everything. The Stafford loan has an interest rate of 6.8% and the GradPlus loan has a 7.9% rate.

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