"Cost of Attendance" Definition

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BigKurz

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Can anyone tell me which lending companies have very liberal definitions of "cost of attendance."

I'm starting to scope out loans for med schools and, long story short:

If i'm already investing 150-200k, I wanna take an extra 1-3k and get things for ME (ie..furnish my apt, get a tv, etc). I'm not talking like 30k to get a car--just things for around an apt. Is this feasible?

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Can anyone tell me which lending companies have very liberal definitions of "cost of attendance."

I'm starting to scope out loans for med schools and, long story short:

If i'm already investing 150-200k, I wanna take an extra 1-3k and get things for ME (ie..furnish my apt, get a tv, etc). I'm not talking like 30k to get a car--just things for around an apt. Is this feasible?

I think this is very possible. Check with the school's finaid department. They usually set the budget, and lending companies will usually lend you at least that much. I know in our budget, we have extra money built in for things like that. For instance, the graduate division overall has a set monthly living budget. So they give us like a $2500 budget first year just for books. Well, buying a lot more than I should, I have probably spent like $600 on books. So there is a lot left over. Not to mention I probably bank like $300-400 a month anyway and use it for other things. I was also very worried about not having money to furnish my apartment, etc., but it turned out to not be a big deal at all.

EDIT: I just saw you're a Duke undergrad. Cool!
 
Awesome, thanks!

Yup...how you liking that first-year?
 
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Awesome, thanks!

Yup...how you liking that first-year?

It's not bad. I have written and practical anatomy exams tomorrow and I am messing around on the internet, so it is do-able.
 
After you max out the "estimated cost of attendance" with financial aid, you can take out private direct loans, but the interest rate sucks.

Unfortunately the estimates are always under estimates, or they assume your parents will help you. I ended up taking out an extra 5k to pay for furniture, some new dress clothing, and pay for the fall spring disrcrepancy.

A couple things to watch out for: 1. Your federal loans will be split in half for disbursement, but your costs will not... an intial computer, all your books, supplies, transporation, etc. Its rediculously stupid but so is our government. 2. You might want to take out a couple thousand dollar "buffer" as random costs always seem to come up...
 
Or you could just go somewhere like, oh, you alma mater where they ridiculously overestimate your monthly "living expenses" budget (come on. . $100 a week for food? Maybe if you're a linebacker or a foodie). So far as I've heard, nobody that has taken out the "full allowable amount" of pure student loans (Stafford & Grad PLUS, for us up to I think $61k for first year) has run out or even come close to it. One of my friends took out a private consumer loan as well, but I wouldn't recommend that since the interest rates are **** right now. Oh. Also - apparently one of the biggest things our new democratic majority is going to be pushing for is lower student loan interest rates (some say HALF of what they are now) so if that happens then hell, take out all you can!

Good luck!
 
. Oh. Also - apparently one of the biggest things our new democratic majority is going to be pushing for is lower student loan interest rates (some say HALF of what they are now) so if that happens then hell, take out all you can!

Good luck!

woo hoo!!!!

I'm taking out the max, I have two children, a husband who is working, but not making near enough to support us. I'm finding that the loans are enough. We don't live extravagantly, but we did just buy a house and have enough to do some work on it/slowly furnish it.
 
Those lower interest rates would be fantastic. I cringe when I think about that 8.5% for those GradPlus loans. 6.8% for Staffords sucks, too, especially since just a year or two ago, people were looking at interest rates of less than 3%.

My school is one of those schools that overbudgets, which I think is what the majority of schools do. We can borrow $4500 for books and supplies, $2500 for a computer and about $18k for living expenses. Since you spend maybe $1000 on books/supplies and can get buy with a new computer for around $1.5k, you wind up with having $20k to apply to living expenses for nine months, which is more than adequate here.
 
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