What's the maximum amount of loan you can take when in law schoo?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
yeah
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What's the maximum amount of loan you can take when in law schoo?

Postby yeah » Sun Mar 05, 2017 9:28 pm

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cavalier1138
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Re: What's the maximum amount of loan you can take when in law schoo?

Postby cavalier1138 » Sun Mar 05, 2017 9:38 pm

The government will loan you as much money as it takes to pay tuition plus the school's additional budgeted expenses. Each school has its own student budget, so it varies by school.

As far as private loans go, I don't think there's any cap.

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WamBamThankYouMaam
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Re: What's the maximum amount of loan you can take when in law schoo?

Postby WamBamThankYouMaam » Sun Mar 05, 2017 9:42 pm

Government loans are capped at your cost of attendance (Total COA minus any merit aid). You can usually find the COA on the law schools website.

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Sarastro
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Re: What's the maximum amount of loan you can take when in law schoo?

Postby Sarastro » Fri Mar 31, 2017 4:56 pm

Hijacking to ask more specifically:

The cap on Stafford loans is a flat $20500/yr, correct? Is this independent of the CoA cap (school's CoA - financial aid) for GradPLUS? Or does the government cap alluded to above refer to ALL government loans, including both stafford and GradPLUS? What I've read is ambiguous.

That is to say, is the GradPLUS limit [School's CoA - merit aid - need aid] or is it [School's CoA - merid aid - need aid - other loans, like stafford]?

cavalier1138
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Re: What's the maximum amount of loan you can take when in law schoo?

Postby cavalier1138 » Fri Mar 31, 2017 5:00 pm

Sarastro wrote:Hijacking to ask more specifically:

The cap on Stafford loans is a flat $20500/yr, correct? Is this independent of the CoA cap (school's CoA - financial aid) for GradPLUS? Or does the government cap alluded to above refer to ALL government loans, including both stafford and GradPLUS? What I've read is ambiguous.

That is to say, is the GradPLUS limit [School's CoA - merit aid - need aid] or is it [School's CoA - merid aid - need aid - other loans, like stafford]?


The latter calculation is your GradPLUS limit. They always take Stafford to the max first, because of the lower interest rates.

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Sarastro
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Re: What's the maximum amount of loan you can take when in law schoo?

Postby Sarastro » Fri Mar 31, 2017 5:03 pm

cavalier1138 wrote:
Sarastro wrote:Hijacking to ask more specifically:

The cap on Stafford loans is a flat $20500/yr, correct? Is this independent of the CoA cap (school's CoA - financial aid) for GradPLUS? Or does the government cap alluded to above refer to ALL government loans, including both stafford and GradPLUS? What I've read is ambiguous.

That is to say, is the GradPLUS limit [School's CoA - merit aid - need aid] or is it [School's CoA - merid aid - need aid - other loans, like stafford]?


The latter calculation is your GradPLUS limit. They always take Stafford to the max first, because of the lower interest rates.

Thank you kindly!




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