Ok, so I hear two conflicting stories regarding the budget for dental school. I called up the Financial Aid office for Boston University and the person helping me informed me that Boston (and most other schools) determine a budget for dental students to live off of. They said that you may be rated for more loans than their budget (From private institutions), but it is impossible to take out more loans that what they decide your budget is, even if the lender would give it too you.

Now on other posts from students say that this is not necessarily true. They are saying that with some loan institutions (Bank of America is one?) it is possible to take out more without the school finding out. (1) Can someone give me a definitive and thorough answer? (2) Do these “extra loans” on the side have an option to not make payments till graduation? (3) In your opinion, is there a significant chance of the school finding out about the loan if I were to take it out before school starts (moving costs)?

Ok, so I hear two conflicting stories regarding the budget for dental school. I called up the Financial Aid office for Boston University and the person helping me informed me that Boston (and most other schools) determine a budget for dental students to live off of. They said that you may be rated for more loans than their budget (From private institutions), but it is impossible to take out more loans that what they decide your budget is, even if the lender would give it too you.

Now on other posts from students say that this is not necessarily true. They are saying that with some loan institutions (Bank of America is one?) it is possible to take out more without the school finding out. (1) Can someone give me a definitive and thorough answer? (2) Do these “extra loans” on the side have an option to not make payments till graduation? (3) In your opinion, is there a significant chance of the school finding out about the loan if I were to take it out before school starts (moving costs)?
Private loans that don't require certification only require income/cosigner and proof of enrollment (probably official acceptance for d-school - since you don't actually register like undergrad). Deferrment until 6 mos after graduation is available as well as other prepayment options (interest only, etc). These loans are for anything education related including living, moving, car payments, whatever. As far as my experience and knowledge go (have used them several times), schools don't care and banks don't care what you do with it. Because it is essentially a personal, credit based loan. Anyone had any different experience?

Ok, so I hear two conflicting stories regarding the budget for dental school. I called up the Financial Aid office for Boston University and the person helping me informed me that Boston (and most other schools) determine a budget for dental students to live off of. They said that you may be rated for more loans than their budget (From private institutions), but it is impossible to take out more loans that what they decide your budget is, even if the lender would give it too you.

Now on other posts from students say that this is not necessarily true. They are saying that with some loan institutions (Bank of America is one?) it is possible to take out more without the school finding out. (1) Can someone give me a definitive and thorough answer? (2) Do these “extra loans” on the side have an option to not make payments till graduation? (3) In your opinion, is there a significant chance of the school finding out about the loan if I were to take it out before school starts (moving costs)?
Here is what I know;

1. Inorder for you to take out a private or federal STUDENT loan, you have to be enrolled atleast part time at that particular schools inorder for them to certify your loans to be dispersed from the lender.
Your COA (Cost Of Attendance) -- tuition, fees, books, living expenses, transportation, etc. -- which is pre-determined by the school, is the maximum amount they will certify.

2. If they don't certify it, then it's just a private loan. ie; no defferment of payments while in school, no grace period and so forth.
Let's say your COA amounts upto $70k/yr.
You should be getting roughly $38.5k in federal loans per 9 month period, and the rest of the $70K(and only the rest) can/will be certified by the school. Inother words, even if you have a good credit score, and get approved for say $50k from the private lender, the school will only certify your COA - any financial aid received ($70k-$38.5k).

3. You can take out as many loans before school as you wish, but the school will still not certify them, even if you are already accepted there. Financial aid (COA) does not cover moving/relocation expenses. You should also know that taking out a big loan right before applying for financial aid is not the best idea. You might end up screwing your credit history, which may get in the way of you being approved for private loans for your dental school. I personally plan on putting my moving expenses on a credit card, and paying them off somehow later on (even if I have to take out a loan) after I get all my financial aid in line.

Hope it helps.

Thats the point, the dental school will tell you that you can't get any more. So go ahead and ask them as many times as you want to. They don't know about theses loans, and even if they do they have nothing to do with them.


Ok, so I hear two conflicting stories regarding the budget for dental school. I called up the Financial Aid office for Boston University and the person helping me informed me that Boston (and most other schools) determine a budget for dental students to live off of. They said that you may be rated for more loans than their budget (From private institutions), but it is impossible to take out more loans that what they decide your budget is, even if the lender would give it too you.

Now on other posts from students say that this is not necessarily true. They are saying that with some loan institutions (Bank of America is one?) it is possible to take out more without the school finding out. (1) Can someone give me a definitive and thorough answer? (2) Do these “extra loans” on the side have an option to not make payments till graduation? (3) In your opinion, is there a significant chance of the school finding out about the loan if I were to take it out before school starts (moving costs)?

Does anyone have experience with the B of A Teri program or the Education Maximizer loans? It looks like the Teri might not need school certification and the Maximizer definately doesn't.

If that's the case, can you really use your acceptance letter or deposit receipt for proof of enrollment? I could use a loan just for moving expenses, apt. deposit, etc., but if I have to wait until registration then it won't help much.

and another thing...is it just me or does the fixed 8.5% interest rate with 1% to 3% origination fee deduction on the Grad PLUS loans seem like a worse rate than you could get from a private loan? I haven't thought about it that much, but that was my initial reaction. I know some of you are great business people, am I missing something?

and another thing...is it just me or does the fixed 8.5% interest rate with 1% to 3% origination fee deduction on the Grad PLUS loans seem like a worse rate than you could get from a private loan? I haven't thought about it that much, but that was my initial reaction. I know some of you are great business people, am I missing something?
Wow ... %8.5 PLUS origination fee ? Almost sounds illegal to me ...
Good thing you brought that up now, I have to start looking for something else.

Actually the 8.5% fixed PLUS loans are a good deal. Right now my Dental Access Group private loans are sitting just shy of 10% variable. This is especially true considering starting July 1, 2006 all new Stafford loans will be 6.8% fixed. If the best loan you can get will be 6.8% fixed then an 8.5% fixed to cover the rest is about as good as it gets...unless you have a rich uncle who wants to help you through school.

Also, PLUS loan availability for grad students is brand spankin' new so a lot of providers (FFELP) are still trying to figure out how to offer this new product.

Although it may not seem like it, your financial aid department usually has a good handle on the ins and outs of these new programs before the junk mail does.

Actually the 8.5% fixed PLUS loans are a good deal. Right now my Dental Access Group private loans are sitting just shy of 10% variable. This is especially true considering starting July 1, 2006 all new Stafford loans will be 6.8% fixed. If the best loan you can get will be 6.8% fixed then an 8.5% fixed to cover the rest is about as good as it gets...unless you have a rich uncle who wants to help you through school.

Thanks for addressing that. I realize that the staffords are going to be 6.8% fixed. I was thinking that one of the private loans which have lower interest when your in school and higher interest when you start payments could be a better deal if you were able to pay them immediately.