CLUELESS about financial aid

[starsweet]

Ok, so I'm really lost. I just got my financial aid award and it's about 20,000 in unsubsidized loans and 1100 in subsidized loans. So the unsubsidized loans are the ones you have to pay back with interest, right? And these loans are only for school. How do I get loans for living (rent, food, bills, etc.)?

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[WVUPharm2007]

I called Wells Fargo and got a job. My parents can't afford a Big Mac, but if your parents got cash, hit them up.

 

[ethyl]

Still haven't gotten any financial aid info from UF. Getting kinda worried.

I'm clueless on loans too. I was under the impression that all student loans accumulate some amount of interest throughout pharmacy school... it's just the government loans have lower interest than private ones?

 

[michele_107]

Ok, so I'm really lost. I just got my financial aid award and it's about 20,000 in unsubsidized loans and 1100 in subsidized loans. So the unsubsidized loans are the ones you have to pay back with interest, right? And these loans are only for school. How do I get loans for living (rent, food, bills, etc.)?

You have to pay both of them back with interest... it's just that for the unsubsidized the interest starts accumulating while you are in school, and for the subsidized the interest doesn't start accumulating until after you graduate. You can get additional loans from banks if you won't have enough of a refund from your government loans to cover additional expenses.

 

[a504n]

Still haven't gotten any financial aid info from UF. Getting kinda worried.

I'm clueless on loans too. I was under the impression that all student loans accumulate some amount of interest throughout pharmacy school... it's just the government loans have lower interest than private ones?

Here's some info I grabbed off a website that might help:

The Subsidized Federal Stafford Loan is a low-interest guaranteed loan designed to help students pay for their education cost. Qualification depends on financial need. The federal government will pay the interest for you while you are in school and during your grace period.

- The interest rate on Stafford Loans disbursed on or after July 1, 2006 is fixed at 6.8%
- Student is the borrower
- Government pays the interest while student is enrolled in school and during grace period
- No credit check is required
- Available to undergraduate and graduate students
- Save Money!! Get a 3.3% cash refund if you make your first 33 regularly scheduled Stafford Loan payments on time.

Eligibility

Student enrolled on at least a half-time basis
Based on financial need and cost of attendance
Maintain satisfactory academic progress, as determined by the school.

Cumulative Subsidized Loan Maximum

Undergraduate: $23,000
Graduate: $42,500
Combined Undergraduate & Graduate: $65,500


Repayment Terms

Repayment starts six months after graduation, withdrawal or dropping below half-time enrollment
$50 minimum monthly payment
10-year maximum repayment period is standard
Other repayment options available based on amount borrowed and financial need

 

[a504n]

The Unsubsidized Federal Stafford Loan is a low-interest guaranteed loan designed to help students pay for their education cost. Qualification is NOT based on financial need.


Features

The interest rate on Stafford Loans disbursed on or after July 1, 2006 is fixed at 6.8%
Student is the borrower
Student is responsible for the interest while in school and during grace period. Students can defer interest payment until completion of school
No credit check is required
Available to undergraduate and graduate students
Possible to qualify for a portion of each type: subsidized and unsubsidized
Save Money!! Get 3.3% cash back - apply it to your loan balance or receive a check. When you make your first 33 scheduled Stafford Loan payments on time, you will be eligible to receive 3.3% of your original Stafford Loan balance back.


Eligibility

Student enrolled on at least a half-time basis
Maintain satisfactory academic progress, as determined by the school
Based on cost of attendance

Cumulative Unsubsidized Loan Maximum

Undergraduate: $23,000
Graduate: $50,000
Combined Undergraduate & Graduate: $73,000

Repayment Terms

Repayment starts six months after graduation, withdrawal or dropping below half-time enrollment
$50 minimum monthly payment
10-year maximum repayment period is standard
Other repayment options available based on amount borrowed and financial need

 

[starsweet]

You have to pay both of them back with interest... it's just that for the unsubsidized the interest starts accumulating while you are in school, and for the subsidized the interest doesn't start accumulating until after you graduate. You can get additional loans from banks if you won't have enough of a refund from your government loans to cover additional expenses.

My parents will not pay for it, so it's all up to me which sucks cuz normally they always treat me like a child but when it comes to money suddenly I'm an adult.

So you're saying that if these 2 loans aren't enough for additional expenses, then I'll have to borrow from another source like a bank? Sorry if this is a dumb question, I need a "Loans for Dummies" book. This is what I get for going to a public school for undergrad. The sad part is, my pharmacy school is public too.

 

[farmskool]

So you're saying that if these 2 loans aren't enough for additional expenses, then I'll have to borrow from another source like a bank? Sorry if this is a dumb question, I need a "Loans for Dummies" book. This is what I get for going to a public school for undergrad. The sad part is, my pharmacy school is public too.

You will have to go to a source, such as a bank. My Gov. loans were not enough so I had to do this. I went with wells fargo Medgap loan for health professions. I liked this loan because they give you a break on the interest rate while you are in school. They reduce it by about a point or so. The interest rate is based off of your credit score, or your cosigner's. Be warned, the interest rates are higher on these loans compared to the gov. loans.

 

[freshbeatschris]

Try to get qualified for work-study through the government as well. I am allowed to earn $2000 per year through work study at either $8 an hour (on campus job) or $10 an hour (community service job). That works out to be 7 to 9 hour a week, which is completely doable.

Work your a$$ off during the summer to save up a couple grand for living expenses and get a roommate.

I'm going to a private college and the government gave me $31,000 this year. That's going to be $124,000 in loans over the course of this education in PRINCIPLE ALONE. How scary is that?

Chris

 

[michele_107]

I'm going to a private college and the government gave me $31,000 this year. That's going to be $124,000 in loans over the course of this education in PRINCIPLE ALONE. How scary is that?

Chris

Yeah, me too...

 

[michele_107]

My parents will not pay for it, so it's all up to me which sucks cuz normally they always treat me like a child but when it comes to money suddenly I'm an adult.

So you're saying that if these 2 loans aren't enough for additional expenses, then I'll have to borrow from another source like a bank? Sorry if this is a dumb question, I need a "Loans for Dummies" book. This is what I get for going to a public school for undergrad. The sad part is, my pharmacy school is public too.

I too went to a public school, but unfortunately had to get loans all four years of undergrad... Just do a search on private student loans and you will get a lot of websites of banks and lenders that offer them. Also this is probably worth looking into:

http://www.gradloans.com/graduate-plus-loan/

Good Luck!!!

 

[cwindo]

You might also need to check with UGA if their first 2 years is classified as undergrad or grad. Cause that will affect your loans. The maximum amount you can borrow is less if you are classified under undergrad. Also you can't apply for PLUS loans if you are classified under undergrad.

I will need to get private loans on top of my sub & unsub cause they won't even cover my whole tuition cost. Anybody knows which one is better: Citibank or Wellsfargo for private loans?

 

[Phantom_Eclipse]

I will need to get private loans on top of my sub & unsub cause they won't even cover my whole tuition cost. Anybody knows which one is better: Citibank or Wellsfargo for private loans?

Based on what they both had in their websites, I'd choose Citibank. However, I still think Student Loan Xpress has better offers.