Clueless on how loans work

[Elysian12]

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So I will be starting dental school this fall and will need to take out loans for the first time. I have been fortunate enough to have never needed loans in undergrad. I filled out the FAFSA back in January and I honestly don't know what to do next. Is there anyone that can give me information on what steps are next? I would greatly appreciate it.

I hear terms Federal Direct Unsubsidized Stafford Loans and Federal Direct Graduate PLUS Loans thrown around but don't know really the difference and which would be better. Are there other options?

Can I borrow for tuition/fees and housing or just tuition/fees?

Thank you!

 

[Incis0r]

So I will be starting dental school this fall and will need to take out loans for the first time. I have been fortunate enough to have never needed loans in undergrad. I filled out the FAFSA back in January and I honestly don't know what to do next. Is there anyone that can give me information on what steps are next? I would greatly appreciate it.

I hear terms Federal Direct Unsubsidized Stafford Loans and Federal Direct Graduate PLUS Loans thrown around but don't know really the difference and which would be better. Are there other options?

Can I borrow for tuition/fees and housing or just tuition/fees?

Thank you!

I have some excellent financial aid guidance documents that I can share - if you or anyone else reading this wants to PM me your e-mail address (it can be a throwaway e-mail), I can attach and send it to you. I think you'll find them helpful!

I would upload them here but I don't know how to upload PDFs to a post.

To answer your question, you can borrow for full cost of attendance (including housing)

 

[deleted480308]

Note however the living expenses aren't in any way connected to your actual bills but are a predetermined number set by your school

 

[Alpha Centauri]

I have some excellent financial aid guidance documents I got from my school that I can share - if you or anyone else reading this wants to PM me your e-mail address (it can be a throwaway e-mail), I can attach and send it to you. I think you'll find them helpful!

I would upload them here but I don't know how to upload PDFs to a post.

To answer your question, you can borrow for full cost of attendance (including housing)

Upload it to dropbox and post the link

 

[Incis0r]

Upload it to dropbox and post the link

Ooh this is new. I like this.

I think I did this right - let me know if there are any issues:

File 1
File 2

 

[Elysian12]

Ooh this is new. I like this.

I think I did this right - let me know if there are any issues:

File 1
File 2

Thank you for the good information

 

[Incis0r]

Thank you for the good information

Np - hope it helps!

 

[Alpha Centauri]

Ooh this is new. I like this.

I think I did this right - let me know if there are any issues:

File 1
File 2

My neck hurts
Thanks for the info

 

[Cali20002]

Basically you will take out two types of loans - unsubsidized stafford loans and grad plus loans. These are two separate loans at different interest rates. Unsubsidized stafford loans have a lower interest rate, but you can only take out around $40,500 a year. The rest of your dental school expenses will be covered by the high interest rate GradPlus loans. It is also important to note that you will pay a disbursement charge for these loans (couple thousand?).

 

[WithLove]

I have some excellent financial aid guidance documents that I can share - if you or anyone else reading this wants to PM me your e-mail address (it can be a throwaway e-mail), I can attach and send it to you. I think you'll find them helpful!

I would upload them here but I don't know how to upload PDFs to a post.

To answer your question, you can borrow for full cost of attendance (including housing)

Non traditional applicant here, I was wondering if I can also get a hold of that thankyou xox <3

 

[Incis0r]

Non traditional applicant here, I was wondering if I can also get a hold of that thankyou xox <3

Absolutely - I posted them in my second comment on the thread! Hope they help

 

[WithLove]

Absolutely - I posted them in my second comment on the thread! Hope they help

Thank-you!

 

[Incis0r]

Basically you will take out two types of loans - unsubsidized stafford loans and grad plus loans. These are two separate loans at different interest rates. Unsubsidized stafford loans have a lower interest rate, but you can only take out around $40,500 a year. The rest of your dental school expenses will be covered by the high interest rate GradPlus loans. It is also important to note that you will pay a disbursement charge for these loans (couple thousand?).

Good summary.

Thank-you!

You're very welcome!

 

[toothdoctor123]

It is also important to note that you will pay a disbursement charge for these loans (couple thousand?).

which doesn't have to be paid upfront, but rather can be added to the principal of the loan. (Just thought I'd add that b/c it's another FAQ.)

 

[hopefuldentist123]

Np - hope it helps!

Could you possibly make these files open to the public again? I clicked them and it said disabled :/ thanks!