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FAFSA won't pay for college tuition

Discussion in 'Pre-Medical Allopathic [ MD ]' started by AestheticGod, May 7, 2012.

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  1. AestheticGod

    AestheticGod

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    Not sure if i'm posting this in the wrong section or not, but apprentlly FAFSA (PELL GRANT) won't pay for summer tuition anymore. Before, they allowed you to use maximum of 5550 for two semesters, and then allowed you to get a 2nd pell grant for summer. But apprently they took that out. :mad::mad::mad::mad::mad:GOD DAMN IT! Sooo damn furious right now, this will set me back a WHOLE semester. If i knew this was gonna happen, i would've just taken two damn classes every semester, wtf!

    Do anyone know of easy scholarships i can get? :/ Vague, but I really need this summer courses for 13 credits and can't afford it..:(:(


    EDIT: just noticed that they changed the requirements for receiving aid for 2012-2013. Went from 32k a year to 24k a year. My parents are right in between..wow, i guess i'm fuked for next year too?
    Last edited: May 7, 2012
  2. theseeker4

    theseeker4 MS 3

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    Why not go with a federal loan instead of a grant?
  3. AestheticGod

    AestheticGod

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    Because my family is literally living by the dollar. We have a house bill as well, so money is extremely tight atm. Getting a loan would be...a big problem since we would eventually need to pay it all back anyways :/

    Does loans have a certain amount of time where you don't have to pay it, or doesn't start building interest rates until a certain point? Because there's no way in hell my parents will be able to afford paying back loans (hell i already have to get a loan for med school anyways..This will set me back even further).
  4. theWUbear

    theWUbear MS0

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    You pay it back when you have a jorb. Like, being a doctor.
  5. theseeker4

    theseeker4 MS 3

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    It is a student loan, so as long as you are enrolled at least half time, you won't have to pay anything. If you are going to go to med school, your loans from that will dwarf anything you take out for summer classes during undergrad.

    For these federal loans, there really shouldn't be any need for your parents to even co-sign on the loan, so they won't be responsible for it, and you won't have to make any payments until you are no longer in school.
  6. Woland

    Woland Perpetual n00b

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    Undergraduate loans have 9 months before you must begin paying it back, hwoever I believe the interest begins from the day you graduate. However, you do have an option to pay interest only, udring any time of deference/forebearance.
    Standard repayment period on federal loans is 10 years, and you'd be paying approx $11 for each $1000 you borrowed a month (it says something like that at the end of your FAFSA). There are options of refinancing (at much lower payment for 25 years, but usually makes loans ineligible for forgiveness programmes), income-based repayment (IBR) and various profession-based forgivenessprogrammes.
  7. AestheticGod

    AestheticGod

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    Hmmm, so let's say i got a loan.

    I can go through 2 more years of undergrad (summer included) and med school? And i'll only have to pay back AFTER i graduate med school and start working as a doctor? What about the interest rate? Does it start building up while i'm still in school, or after i become a doctor and start paying it back?

    EDIT: i'm not sure if it matters, but i already work currently (part time pharmacy tech. I use the money to help pay for phone& electricity bill in the house, so please don't think that i actually have spending money for college. Hell i have a hard time paying for gas..)
  8. theseeker4

    theseeker4 MS 3

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    Yes, you don't have to pay anything toward it until you are no longer enrolled in courses at least half time. It doesn't matter if you have a job currently or not, you don't have to pay as long as you are in school at least half time. You will start paying it when you start paying the med school loans back as well, and during residency you will probably be paying under Income Based Repayments, so the added undergrad loan won't increase that payment. You can start making major progress toward paying down the principle when you are making attending wages.

    The 9 months before you start paying back is after being out of school, not 9 months after taking out the loan regardless of your student status. Once you are out of school, that 9 month clock starts, not before.

    ETA: Interest starts as soon as you take the loan out for unsubsidized loans, but you don't have to pay it right away, it rolls into the total you owe. Interest is paid by the government for subsidized loans while you are in school.
  9. Ismet

    Ismet MS-3! Moderator

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    Yes.

    Depends on the type of loan and whether it's undergrad or grad/professional. Either 3.4% or 6.8%

    I believe subsidized loans are still available for undergrad, which means the government pays the interest while you are still in school.
    The federal loans available now for medical school are unsubsidized, which means that the interest (at a rate of 6.8%) starts accruing while you are in school.

    Most people's parents cannot afford paying back med school loans, and most people have to take out loans for the majority of med school tuition and living expenses. We're all pretty much in the same boat. You WILL be paying your loans back for a long time, that's something you need to know going in. Maybe talk to a financial aid advisor to go over all of your options. There are things like the National Health Service Corps which can pay for med school if you plan on going into a primary care field in an underserved area.
  10. AestheticGod

    AestheticGod

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    Didn't understand the bold part, i'm really furious currently and not thinking properly. So the interests starts soon as i start the loan, and keeps building up until i pay it all back?

    And the 2nd bold sentence doesn't support the first bold sentence. The government will pay for the interest rates while i'm in still in school? So technically the interest rates that i have to pay will start after i graduate and stop going to school?


    Really appreciate the help btw!
  11. AestheticGod

    AestheticGod

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    Ohh ok thanks! That answered most of my questions which i just typed up. I guess it's time for me to get a student loan. And here i thought i could go through college with no dept by going to a community college for my AA first :(
    Wish they would at least gimme some credit for keeping a 3.5+ GPA :/ I know a lot of people who take bullshiit classes in CC just for the money from fafsa
  12. theWUbear

    theWUbear MS0

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    Don't be too bummed out about it, average student loan debt after college is 25k
  13. AestheticGod

    AestheticGod

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    o_O is that something not to be bummed out by???

    It just feels terrible that my school was being paid for by fafsa..and then randomly i have to start paying out of pocket for it now :(
  14. equinsu ocha

    equinsu ocha

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    Be thankful that you have the majority paid for. You should also get used to the idea of borrowing money and paying it back if you plan on pursuing medicine.
  15. seafood92

    seafood92

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    Dude I'm in the same position as you. Except my mom makes 48k so I am not as fortunate with the grant money. It's not even like 48k really can touch the loans that accumulate anyway. So I'll be taking a federal grant out this summer. Most of us are in the same boat you just have to carry on.
  16. theseeker4

    theseeker4 MS 3

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    There are two different sets of loans, subsidized and unsubsidized. For the subsidized loans, the government pays the interest while you are in school. There is a cap on how much you can take out subsidized, but I am not sure what that amount is. There also may be other conditions on what can be taken out as subsidized loans, other than a dollar limit. Over that amount, you can take out additional unsubsidized loans, but the interest starts on those and rolls into the principle immediately.

    Loans are a fact of higher education for the majority of those who go to college, let alone med school. As mentioned already, count yourself lucky, many people have parents who can't or won't pay for their school, yet make too much to get need-based grants at all, and they have to take out loans for their entire education. It is a pain, but it will be something you can repay as long as you are smart about what you take out in loans, and smart about how you pay it back once you start making money.
  17. Ismet

    Ismet MS-3! Moderator

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    25k in debt isn't too big of a bummer compared to the ~$170,000 that the average med student graduates with. Some people who went to an expensive undergrad as well are facing over a quarter of a million in debt. Loans are pretty much a necessity for med school, so don't be afraid of taking out a loan for undergrad. You should really talk to a financial aid advisor at your school because they might have some more specific/detailed information for you.

    Also remember that FAFSA is just the application form for federal student aid, it's not paying for anything. The $$ comes from the government (aka taxpayers).
  18. chem4ever

    chem4ever

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    As mentioned already, there are 2 different kind of federal loans: subsidized and unsubsidized.
    Since you are eligible for the full $5,500 Pell grant, you will definitely be eligible for the maximum amount of subsidized loan per year (Unless you don't "need" it; meaning your school decides how much money you need based on tuition, books, cost of living etc.).
    Currently, the maximum for a freshman is $3,500, sophomore can get $4,500, and junior/seniors can get $5,500. Besides for those numbers mentioned, you can take out an additional $2,000 each year of unsubsidized loan.
    So, if you are a sophomore, you would be able to take out a total of $6,500.
    The unsubsidized loan does accrue interest at the fixed rate at the time you took out the loan (currently at 6.8%)
    The subsidized loan only starts accruing interest once you leave school. (You will not be charged an extra penny until you finish medical school.) And even then, the interest rate is only at 3.4% (if you take out the loan before June 30; I believe it is going up after then).

    Either loan you take out (even most private student loans), you will not be required to pay a dime until after the 6-month grace period after you finish school (or drop below half-time).

    Not sure where everyone is getting the 9 month grace period from. This is from the FAFSA website:
    "When do I begin repaying my loans?
    After you graduate, leave school, or drop below half-time enrollment, you will have a six-month grace period before you begin repayment."

    Consider yourself lucky. I am taking out private loans at an interest rate of 8%. Long story why I am not eligible for FAFSA this year which I won't get into.

    Hope all works out well. Good luck!
  19. AestheticGod

    AestheticGod

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    Thank you all for the help! I will be applying for a student loan then.

    One last question, as i build up the dept for the student loan, can i pay it off as i go?(while still in school).
  20. chem4ever

    chem4ever

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    First of all, it's spelled "debt" :)

    And yes.

    By the way, I want to clarify what I said earlier about not paying an extra penny until you are done school for subsidized loans. There is an "Origination fee" which is a one time fee for 1% of the loan. So if you are taking out $2,000, there would be a fee of $20 which is deducted from the check that you will get. So you would only get $1,980.
  21. flatearth22

    flatearth22

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    boomers....

    [​IMG]
    Last edited: May 7, 2012
  22. dcsurgeon

    dcsurgeon

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    I feel you, I just dropped over $2K at my CC because of this same reason, and that's AFTER taking out the maximum in federal loans for the summer.

    Honestly though, you're trying to go to medical school coming from a poor family (like me!). You might as well accept that you'll be in debt for a while. Just focus on becoming the best doctor you can be, so you can pay it off in the end.

    At least that's what I keep telling myself. :rolleyes:
  23. AestheticGod

    AestheticGod

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    Ya man, i totally feel you! I wish they would've told me somehow that i won't be able to use any money from fafsa for summer, i would've tried to save up more money. or at least take 2-3 classes a semester, guaranteeing an A+ in each class :/
    Feels like i'll be wasting my whole summer man. are you applying currently for student loan?

    EDIT: Just reread and saw that you wrote AFTER taking out the maximum in federal loans for summer. WTF? How much is it per credit at your CC?
    Last edited: May 7, 2012
  24. dcsurgeon

    dcsurgeon

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    Done with the application process for 2013, just waiting on results for the fall. They take forever.

    Thankfully one of my professors did tell me about the summer situation in the fall which gave me a heads up but I was still pretty annoyed. My family's EFC is 0 and I pay out-of-state tuition, so I need all the grants I can get.
  25. AestheticGod

    AestheticGod

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    aah, out of state tuition. That makes sense now. So I assume you got the federal loan? Does the website(fafsa) ask you if you want a federal loan AFTER completing the 2012-2013 application for the grants?
  26. dcsurgeon

    dcsurgeon

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    My application for grants and loans is processed as one in the same according to my knowledge. I fill out the FAFSA, provide supporting documents when needed, and sit back and wait. Then my school lets me know how much in grants I can get and how much in loans I'm allowed to accept. I accept what I want (usually all of it, grants and loans to pay OOS tuition) and that's that.
  27. AestheticGod

    AestheticGod

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    I assume you can pay off some of the loan while you're still in school, right? Hmmm, i wonder how this loan will impact my taxes next year.
  28. Praefectus

    Praefectus MS-0

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    If you have the capacity to do so, pay off part of the principal as soon as possible because you don't want interest accruing on top of interest (even if you receive the option to pay only interest). Compounding interest is a real devil when you're a debtor.

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