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Medical Students and Law Students
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Due to their extended periods of study, medical students and law students receive special borrowing benefits.
Medical Students
If you are a medical student, you will probably face at least 6 more years of school after getting your undergraduate degree. Those years entitle you to higher borrowing limits and, if you attend school in the United States, specialized deferment and forbearance options.
- Medical students may receive the Stafford graduate student annual loan limit of $20,500 for the 2008–2009 academic year—with a maximum of $8,500 of the total in subsidized loans.
- In addition to the $20,500 annual loan limit, medical students may also receive additional unsubsidized Stafford loans.
- The amount of these loans depends on your program of study and the length of the program’s academic year (see chart below).
| Type of Medical Program | For a 9-Month Academic Year, You May Receive… | For a 12-Month Academic Year, You May Receive… |
|---|---|---|
Public health, administration, chiropractic, and other degrees:
| Up to $12,500 in unsubsidized Stafford loans. | Up to $16,667 in additional unsubsidized Stafford loans. |
Allopathic, osteopathic, veterinary, dentistry, naturopathic, and other degrees:
| Up to $20,000 in unsubsidized Stafford loans. | Up to $26,667 in additional unsubsidized Stafford loans. |
Remember, the aggregate loan maximum you may borrow is $224,000. However, $65,500 of that amount may be in subsidized loans.
Contact your school’s financial aid office to talk about the options you have for financing your medical education.
Law Students
Law students’ borrowing limits are the same as all other graduate students.
However, if you are a law student, you do have private loan options—such as bar study loans—available specifically for you. These loans:
- Allows students to borrow from $500 to $15,000 to pay expenses.
- May be used for bar review course fees, exam fees, and living costs.
Contact your institution’s financial aid office for eligibility requirements for this type of loan, but remember that private loans do not have the same options available as federal loans.
