Do you notify students about scholarships, changes in interest rates, new laws affecting student loans, and other important financial-aid information?
The Financial Aid Office sends emails to students whenever a scholarship becomes available for which medical students might be eligible. We also send out emails reporting the interest rates for Stafford Loans, which are set on July 1 each year. As for new laws affecting student loans, the most pertinent recent development has been the Reauthorization of the Higher Education Act (http://www.tgslc.org/pdf/CRS_Report_2004.pdf). Stafford Loans are no longer allowed to be consolidated if the holder of the loan is a student. The Stafford interest rates are now fixed at 6.8 percent, and total Stafford Loans has changed from $38,500 to $40,500. The subsidized portion of the loan remains $8,500, and the unsubsidized portion increased to $22,000 for medical students and $12,000 for physician associate students. The GradPlus Loan has been added. The loan is available up to the cost of the education less any other financial assistance. The interest rate is 8.5 percent, and this loan can be include
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