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Stafford+Grad PLus Loan for pharmacy school

Discussion in 'Pharmacy' started by drew0010, Feb 13, 2012.

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  1. drew0010

    drew0010

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    Hello Everyone,

    This is actually a question I am having trouble finding an answer to. I have received offered from 3 schools. I am reviewing their financial aid estimates of each school. I have a question regarding what the school estimates as your "financial need."

    I have one school that looks like they underestimate by quite a bit what my financial aid needed is and another thats a little hire, but again, I will not have enough.

    My efc is quite high, because I worked this year, but next year while in school, I will not be working.

    I am wondering if you can borrow more against the grad plus loan beyond what the school calculates as your financial need. I am hoping to get someone who has had experience with requesting more beyond their school estimated financial need. Do I need to seek out private loans? I cannot borrow money form family, and I most likely will not have a ton saved going into school. I have emailed the school and awaiting a reply for a couple days.

    I am wondering if choosing one school over the other will make it more affordable for me since the second school estimates my financial need as higher, and their tuition is less so in regards to that school, I'd have more money left over for cost of living etc.
  2. Ackj

    Ackj

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    I would ask the school with the lower need directly. I'm sure they have a reason for making that estimate, as all of the schools I looked into were pretty generous and knowledgeable about local cost of living. Unless you have lots of previous debt/liabilities such as a big mortgage, cars, dependent family members, it should cover you. My school breaks it down for me:

    Tuition $31,770.00
    Fees $400.00
    Estimated Living Costs $10,510.00
    Books and Supplies $900.00
    Travel Expenses $600.00
    Personal Expenses $600.00
    Total $44,780.00

    I work a few hours a week, so I'm not really in desperate need of money, but I don't take out anything close to what I'm offered. Living costs are reasonable if you're single, but if you're struggling for the cash, get a roommate or two and split rent. No way will you spend $900 in books any time except maybe your first year, and that's only if you buy every single book that is "recommended" that you'll never read. I don't really travel while in school, unless that's talking about filling my gas tank, but that extra 1200 takes care of any loose ends. This is my award based on having no mortgage or dependent family, so I'm sure it would be even higher if I had those. If at all possible, I highly recommend working while in school.
  3. drew0010

    drew0010

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    Thank you. I do own a house and nowhere on the Fasfa was there a question on that. I wasn't too worried about paying the note on it as I got a great refinance and would find renters real cheap for it.

    I will probably give the school a call instead of waiting for emails now, just wanted others to chime in on their experience.

    Thanks ACKj
  4. kvl1027

    kvl1027 Member

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    As far as I know the Grad Plus will only allow you to loan the difference between what the maximum borrowed amount for Federal Direct Loan and the Total cost of living.
  5. Sparda29

    Sparda29 En Taro Adun Gold Donor

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    I'm trying to figure out what other options are there if you have already taken out the Federal Direct Loans as well as the Grad Plus up to the total cost of living.

    Any private loans out there that do not look at credit score?
  6. kvl1027

    kvl1027 Member

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    Not likely, not in this market. I would think if you need to take out more than the additional amount from the grad plus you may want to consider some lifestyle changes. I am not saying you are living a wasteful or excessive lifestyle, but I took out the max amount on Driect and Grad Plus and now I am wishing I didn't.
    It is just so much debt and with the interest being fairly high on student loans it has been hard, I feel like I am going in reverse financially.:confused:
  7. flyerschickxox

    flyerschickxox

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    Do you apply for the Grad PLUS loans after you get your financial aid package from the school? I havn't gotten mine yet and I didn't know if there was a deadline for the PLUS loans.
  8. drew0010

    drew0010

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    Okay...so i've talked to the financial aid office. It is a little different per school.

    My main questions was because I was deciding between HI and GA.

    For Hi, they calculate a max of 49k. Tuition being 36k. Leaving me with 13k for spending on rent cost of living etc. Unfortatnely my EFC was 15k. So 49-15k Im under what tuition is. I wouldnt get enough loans. They can recaculate according to the fin aid and req more. But I felt like that wasn't a guarantee. I did not want to get stuck halfway through school using credit cards.

    The stafford and grad plus loans will only equal to the amount the school deems is neceesary. In this case 49k. Beyond that you're looking at private loans or requesting the school to restimate so you can request more. This would need to be done on case by case.

    In my other school for GA. They use the EFC for grants only. I am allowed to borrow up to the full amount they calculated is needed per year. That school tuition was 31k and they calculated 56k is needed for cost of living. Cost of living is much less in GA as compared to Hi.

    Unsure why HI has made it this way. So in short, depending on the school, your EFC may come into play and it may not. But the loans you take weather private or grad plus will only equal up to the max the school calculates.
  9. drew0010

    drew0010

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    You apply for a grad plus line of credit when you submit your fasfa. You signed that promissary note saying you'll pay it back etc. This basically opens up a line of credit for you. The max amount being decided by the school you choose. They get your fasfa info and process your info and then you choose the amount you want to use. So do your fasfa now before march 31st.
  10. flyerschickxox

    flyerschickxox

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    Yeah I filled out FAFSA couple weeks ago. Just didn't know if there was a seperate application for the PLUS loans or if they just offer it to you with everything else in the financial aid package. Thanks!
  11. pezdispenser

    pezdispenser

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    I agree with this. The OP is talking about borrowing $136k-$224k and then asking for more. Simply not worth it for a pharmacy degree.
  12. type b pharmD

    type b pharmD

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    The new IBR terms kind of make any amount of loans >150k meaningless now though, wouldn't end up paying back much more than that with IBR even if you had 350k in loans
  13. Unchained

    Unchained

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    I would advise not going to pharmacy school if you are taking on debt >100k. I would advise not going also if you are taking on debt<100k.
  14. owlegrad

    owlegrad Uncontrollable Sarcasm Machine Staff Member Administrator SDN Senior Moderator

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    Exactly 100k undefined?
  15. xtsukiyox

    xtsukiyox Moderator Emeritus

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  16. xXRAYNEXx

    xXRAYNEXx

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    Why not < 100k ? The lesser the better isn't? Unless quality is so crap.

    Sent from my PC36100
  17. Ackj

    Ackj

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    What they mean to say is "I wouldn't recommend it at all."
  18. xXRAYNEXx

    xXRAYNEXx

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    That still doesn't answer my question. If you can get in to a school that is accredited and well established for less than 100k, consider urself lucky for not drowning in debt. The pharmd is not worth > 160k when its on the path to destruction.
  19. Ackj

    Ackj

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    I don't think you understood my (their?) answer. They are saying it is not worth 100k, it is not worth 50k, it is not worth any amount of money, due to the destruction that you are mentioning. I'm not saying I agree, considering the fact that I am in school and not running away However, I do believe it will be tougher and tougher for the new grads in the coming years, so maybe joining the c/o 2016+ isn't such a great idea right now, especially if you have to take on debt to do it. If you can manage it without going into debt, you really have nothing to lose besides 4 years.
  20. xXRAYNEXx

    xXRAYNEXx

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    LOL. Excuse my brain dead moment. Did not process that info thoroughly. :laugh:

  21. fivescrew

    fivescrew

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    I'm not a Pharmacy student but I was just wondering, do they consider Pharmacy students Medical students when calculating how much you can borrow each year? It's a difference of 20k a year isn't it? I'm just curious.

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