Student Loans $$$

[Kyra4dpt]

Are there any DPT students, current or former, who had problems getting enough student loans to cover their tuition and living expenses (rent, food, books, travel, etc)? Or were you able to get the money you needed, so that you didn't need to work (at least during the first year)?

I'll be sending in my deposit to Columbia on Monday with my forms and was just wondering what to expect. I have debt but excellent credit history. Another issue is that I've worked full time last year and made a livable wage... I heard from another school I was considering that I shouldn't have a problem, but wanted to see what others have experienced in this economic climate...

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[MIDPT2012]

If your school is part of the direct loan program you qualify for $20500/year of a direct loan (8500 of which is subsidized). Then your university will determine the total cost of attendance each year - including room & board, books, healthcare, transportation, etc. The difference is issued as a Direct Plus loan, it has a 1% higher interest rate than the direct loan. For instance, my total cost of attendance at my school is 31000, so I get 20500 a year as a direct loan, and 10500 a year as a direct plus loan.

Check out http://www2.ed.gov/offices/OSFAP/DirectLoan/student.html for more information.

 

[PTstudent11]

I second this question.

also, what kind of loans did you take to cover living expensives if you dont live in on campus housing?

you can't staffords out on those can you? either way my school is like 17k a year and ill need more than the remaining 3k from staffords to cover it anyway....

 

[MinnDasota]

Kyra, Columbia has the loans that MidPT is talking of. They don't know the official amount until they go over the budget. You should be getting info later on...

 

[lee9786]

One program I looked at has a annual tuition of 35k for a two year condensed program. I called up the financial aid department at the school and they stated they've never had students that have had problems getting out loans. I wonder how many loans will actually have to be taken out to cover all the expenses of the program though. Should I be expecting to take out 45k or even 50k/year to cover all the costs of education plus living expenses per year? If I were to apply to this program, should I be concerned that I wouldn't be able to attain these types of loans? I have good credit, but I wonder how far that goes.

 

[mtm34]

sorry to get off topic lee but is this 2 yr program a DPT or MPT?

 

[lee9786]

Dpt

 

[kcgregor]

Which school is that, Lee?

 

[Bricktop]

A DPT program in 2yrs? wtf? Im curious to know what school you are referring 2 myself. It does not seem likely.

 

[PTPassion]

I doubt the APTA would accredit a DPT program that is 2 years...even if as you say it is "condensed". I mean these damn programs are already condensed if you ask me. How much more could a typical year be condensed. We get what... 3-4 weeks off a year when combining all of the scattered vacations etc

 

[kurtin2kiter]

I go to university of st. augustine and it is 2 yrs. 4mo. (7 trimesters) We get about a week and a half break between each trimester. It's an "accelerated program."

and You will have no problem getting loans with perfect credit! Stafford (subsidized and unsubsidized) and Grad Plus... I got 60,500 the first year... and will need to do the same next year! eeeekkk!

 

[PTPassion]

I go to university of st. augustine and it is 2 yrs. 4mo. (7 trimesters) We get about a week and a half break between each trimester. It's an "accelerated program."

and You will have no problem getting loans with perfect credit! Stafford (subsidized and unsubsidized) and Grad Plus... I got 60,500 the first year... and will need to do the same next year! eeeekkk!

Wow I wasn't aware of that program. But you needed 60 grand for just a year!!! What the hell!?

 

[lee9786]

I was wrong the length is actually 2.7 years. Expensive! MidPt2012 how are you covering living expenses? Private Loans? Sallie Mae? << scary.

check these links out

http://www.youtube.com/watch?v=B7OHrVKNIvw&feature=related

http://www.youtube.com/watch?v=usd5minT1GE&feature=related

http://www.youtube.com/watch?v=Y850gfa1QBM&feature=related

http://www.youtube.com/watch?v=OESlWJveNNU&feature=related

http://www.youtube.com/watch?v=ei2CH9A3H8U&feature=related

http://inflationdata.com/Inflation/images/charts/Education/education.jpg


Kind of disturbing isn't it? I guess we can all pray for hyperinflation. lol

 

[Kyra4dpt]

Putting the scary, evil Sallie Mae aside...

So, lets say I do the happy, sunshine filled federal loans (subsidized, unsubsidized and Plus) for... theoretically, $100K to cover everything, I will have 25 years to pay it back at about $770/month: I'll be a senior then, 65 years old! The best part is that I'll be paying $132K in additional interest: assuming I don't every get laid off and have to defer. So in the end I'd be paying about $232K for my degree. If I took out $150K, I'd wind up paying about $345K.

In Sallie Mae's loan world...I shudder to contemplate how much it would cost in the end...

Tuition and loan reform, anyone?!

 

[lee9786]

http://www.youtube.com/watch?v=u7skTzAkmUE

This guy does a good job explaining why IBR isn't the answer. I expressed the same logic a while back. I think we can make the conclusion that educational debt has no correlation with the market demand for services. Maybe the question should be should we get these loans out as opposed to how to get these loans out?

 

[MIDPT2012]

Expensive! MidPt2012 how are you covering living expenses? Private Loans? Sallie Mae? lol

I am using the Direct Grad Plus loans to cover the difference from my Direct loan. I am lucky enough to have a husband with a job so that helps us pay our mortgage, but my car payment, books, and other school expenses are all through loans - like the rest of my classmates.

STAY AWAY FROM PRIVATE LOANS!!!

 

[kurtin2kiter]

Wow I wasn't aware of that program. But you needed 60 grand for just a year!!! What the hell!?

Yeah... about 40,000 just for tuition... and DON'T under estimate the cost of books, lab equipment, and other random school expenses (physicals, tons of shots, APTA membership, random fee's, etc...)! Plus rent, gas, food, car, everything else... I'll should have a some left at the end of the year which I will use to start paying it back. Then I'll get another big loan the next year... since the 3rd year at my school only has 4 months, I won't need to take out anything for that part. If all goes as planned...

 

[PTstudent11]

Question:

Say you have 10k in the bank.

PT school costs 20k per year.

Can you take out the whole 20k per year to make sure u don't give up your "nest egg" for emergencies? Or will you never be able to qualify because u technically can pay for it?

If you can take it out, is this a bad idea? I understand you'll be paying more in the end w/ interest, but the ability to do things like fix my car if it breaks down, buy a new laptop if mine craps out, and get somewhere to live when I graduate makes me not want to give up the money I have in the bank....

comments/suggestions?

 

[JeeDot]

I also have a student loans-related question....


I'm going to be attending UConn starting about a week after I graduate this spring semester. I'm pretty much relying entirely on financial aid and loans to pay for my education....does anyone know how financial aid works for the summer? Is it possible to get aid to pay for summer classes/living expenses? Or am I going to have to find a way to pay for it myself and wait for my aid to arrive for fall semester?

 

[DancerFutureDPT]

Question:

Say you have 10k in the bank.

PT school costs 20k per year.

Can you take out the whole 20k per year to make sure u don't give up your "nest egg" for emergencies? Or will you never be able to qualify because u technically can pay for it?

If you can take it out, is this a bad idea? I understand you'll be paying more in the end w/ interest, but the ability to do things like fix my car if it breaks down, buy a new laptop if mine craps out, and get somewhere to live when I graduate makes me not want to give up the money I have in the bank....

comments/suggestions?

This is my exact dilemma. I have a fair amount saved up from when my grandparents died/working throughout high school and college/etc, (almost enough to pay for one year of my school's tuition, but not related fees and such).

I signed the money over to my parents and they are putting it in a separate account for me so it still gets interest and it's separated from their money. That way I technically don't have it in my name, and it doesn't count as family contribution because i'm not using it pay for school.

I don't want to save a little on loans and spend through all of this money. Instead, I'm going to take out as much as I can get in loans (without overdoing it), and use this money I've been saving for rent/emergencies/etc. Then after reading what some other people have said, I'm going to use the money to pay for most if not all of the third year of school since it's considerably cheaper, and hopefully be able to pay off all the subsidized loans ASAP so they don't accrue interest. This way I'll still have a nest egg in the bank that's gaining interest, and then when I graduate I can buy a new car since mine will be dead by then, use it for a downpayment on a house, etc.

Sometimes you just have to cheat the system

 

[PTstudent11]

how exactly did u sign your money over? I really would like to consider what you are doing because I want my nest egg so badly to stay intact!


P.S. U decide on NU for sure now?

 

[Kyra4dpt]

I also have a student loans-related question....


I'm going to be attending UConn starting about a week after I graduate this spring semester. I'm pretty much relying entirely on financial aid and loans to pay for my education....does anyone know how financial aid works for the summer? Is it possible to get aid to pay for summer classes/living expenses? Or am I going to have to find a way to pay for it myself and wait for my aid to arrive for fall semester?

If you have a FAFSA filled out for 09-10 & 10-11 and you updated it to include UConn as one of the schools who can access your FAFSA, then you should be golden for financial aid monies for June and the next fiscal year. If not, you need to contact UConn's financial department ASAP to see if you need to apply for FAFSA 09-10 or if you just apply for '10-11 in order to get loan $ in time for summer semester. I'm not sure if the 09-10 deadline has passed already or not, but the school will know as they deal with this stuff all the time. They'll tell you exactly what you'll need to do and when to expect the award letter, etc...

Good luck!

 

[DancerFutureDPT]

PTStudent...

yep!

And I haven't actually done it yet. At the time I filled out FAFSA I had a check from my CD that matured that I hadn't deposited yet, and just got around to doing that last week.

My school only asks for how much money you'll have in your name at the time of enrollment, so starting in August...I know there's a gift tax or something if you give more than $10,000 per person, so I'm going to give some to my dad, some to my mom, and then some to my brother. then he'll give it to one of my parents so it all ends up in the same place, but that way no extra taxes have to be paid.

although according to the school they said having enough money to buy a new car wouldn't negatively impact my financial aid eligibility (i emailed the financial aid office and asked them if I'd be better off buying a car with the money I have saved up so it doesn't count against me, and he said I should be fine either way).