$ Aid for those accepted off waitlist?

[fastboyslim]

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So if I get accepted off the waitlist at a school sometime between March and July of next year, am I at a significant disadvantage for financial aid at that school? I mean, do I have to worry about the money "running low" because many of the financial aid packages have already been offered to students accepted earlier than me?

 

[armybound]

I'd say you are at a disadvantage, but it does happen.

I know a classmate of mine on here was accepted off the waitlist with a scholarship, whereas I was accepted early with no scholarship.

 

[J ROD]

I would put in for fed loans like you had an acceptance. That's what my school told me to do if I did not get accepted by then.

You would more than likely miss out on some of the scholarship options though...

 

[b-real]

So if I get accepted off the waitlist at a school sometime between March and July of next year, am I at a significant disadvantage for financial aid at that school? I mean, do I have to worry about the money "running low" because many of the financial aid packages have already been offered to students accepted earlier than me?

Depends on what you mean by financial aid. If you mean scholarships or grants, then yes, most of that is on a first come, first served basis. If you're talking about loans, then you're ok. For the Stafford loan, you can borrow up to $40,500 for the year, of which $8,500 is subsidized. If you're financial situation isn't met by the $40,500 and any family money/scholarship/grant, then you gotta take out a private loan.

 

[txprodigal]

i think for the most part what they said above is probably true. people accepted first have the best shot at the scholarships, but i also know someone who received a half tuition scholarship coming off a waitlist last year

 

[scrambizle]

I was accepted off a wait list soon after the May 15th deadline. Since I come from a single-parent family with a low income, I did get a small scholarship and some institutional loans to cover what the staffords and perkins didn't. I haven't had to take out any private loans, thankfully. If your family truly doesn't have much, then I would expect the financial aid office to work to make sure you are taken care of (with good loans).

On a related note, I am so excited to get paid next year. $50K is much better than $45K of loans.

 

[MaryLennox]

i think it probably depends on the school. i interviewed at MCW for example and they have some sort of small scholarship/ loan fund, and they were saying this doesnt get calculated and distributed until the semester actually begins. (for the exact reason you mentioned.)

so i guess if youre going to get off a waitlist, get off theirs? 🙂

 

[txprodigal]

Depends on what you mean by financial aid. If you mean scholarships or grants, then yes, most of that is on a first come, first served basis. If you're talking about loans, then you're ok. For the Stafford loan, you can borrow up to $40,500 for the year, of which $8,500 is subsidized. If you're financial situation isn't met by the $40,500 and any family money/scholarship/grant, then you gotta take out a private loan.

once you max out the stafford loan, you go to the Grad PLUS loan which will give you any additional funds up to the cost of attendance as determined by the fin aid office

medical school is nice in that you will definitely have enough money to support yourself and pay your tuition even though it might be in the form of loans. if you have to support a family or have other financial obligations, then you might have to look into private loans.

 

[LizzyM]

Keep in mind that some of that early scholarship money gets turned down and the applicant goes elsewhere. Then those dollars are freed up to offer to others. If a school really wants to fill its class from the waitlist it might make it sweet for you to drop your current choice (I'm talking about a drop after May 15).

 

[diosa428]

I think it depends upon the financial aid policies of the schools. Some offer grant money based on financial need, which you should be eligible for regardless of when you are accepted. Scholarships are generally based on merit and someone coming off the waitlist is less likey to receive one, but, as stated above, it is possible. You will always be eligible for loans up to the cost of tuition + living expenses.