does anyone know what new students are supposed to do for fin aid/loans now?

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premedbarista

premedbarista

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Admitted this week (!!) and just submitted my FAFSA. My family can't help pay at all, so I'm going to have to take out hella loans but I don't really know how to do that. My school's financial aid website has no information, just says it "will be updated soon" bc of the BBB changes. I read that we should take out loans now before the cap starts, but are we able to do that before we actually commit to a school/start in august 2026? If the federal loan cap means I have to take out private loans, is there information anywhere on the best way to do that? I've accepted I'm going to be in student debt for a really long time, but would like to optimize my situation the best I can.

I'm currently taking a gap year and have 30k in federal unsub direct loans that I will start an IBR plan for after my grace period ends in December. I'm confused because for undergrad I had a full tuition scholarship and was able to pay for everything w/my federal loans and my job, and if I had to pay tuition then as well idk how I'd afford to live. My undergrad's cost estimate for a year was a lot less than I actually needed just to pay for rent/food/health insurance/etc, so I'm worried that the same thing will happen but this time with no scholarship and no job. I'm most likely attending the same school again, so I know that their estimate for housing costs wouldn't even cover a basic cheap shared room anywhere 🙁 If a med school says COA is 50k tuition and 20k living expenses so I'm allowed to take out 70k in loans (just an example), what do I do if living expenses are actually higher than that?

I know things are changing so there may not be many solid answers but would really appreciate any insight bc this is stressing me out. thanks!
 
premedbarista said:
Admitted this week (!!) and just submitted my FAFSA. My family can't help pay at all, so I'm going to have to take out hella loans but I don't really know how to do that. My school's financial aid website has no information, just says it "will be updated soon" bc of the BBB changes. I read that we should take out loans now before the cap starts, but are we able to do that before we actually commit to a school/start in august 2026? If the federal loan cap means I have to take out private loans, is there information anywhere on the best way to do that? I've accepted I'm going to be in student debt for a really long time, but would like to optimize my situation the best I can.

I'm currently taking a gap year and have 30k in federal unsub direct loans that I will start an IBR plan for after my grace period ends in December. I'm confused because for undergrad I had a full tuition scholarship and was able to pay for everything w/my federal loans and my job, and if I had to pay tuition then as well idk how I'd afford to live. My undergrad's cost estimate for a year was a lot less than I actually needed just to pay for rent/food/health insurance/etc, so I'm worried that the same thing will happen but this time with no scholarship and no job. I'm most likely attending the same school again, so I know that their estimate for housing costs wouldn't even cover a basic cheap shared room anywhere 🙁 If a med school says COA is 50k tuition and 20k living expenses so I'm allowed to take out 70k in loans (just an example), what do I do if living expenses are actually higher than that?

I know things are changing so there may not be many solid answers but would really appreciate any insight bc this is stressing me out. thanks!
Click to expand...
Honestly, you just have to wait and see how the schools will deal with this. I have a feeling that many schools might lower their cost to better accommodate the caps or hand out better financial aid packages in the short-term for the first few cohorts.

A lot can change from now and when you matriculate.
 
AJ25 said:
Honestly, you just have to wait and see how the schools will deal with this. I have a feeling that many schools might lower their cost to better accommodate the caps or hand out better financial aid packages in the short-term for the first few cohorts.

A lot can change from now and when you matriculate.
Click to expand...
With the research overhead cuts that they had to suck up, there’s a zero chance many schools will significantly lower their Tuition. I don’t see how they can lower the other costs. Food, housing, insurance, books, incidentals, etc. won’t be changing. Lots of independent companies will be more than happy to step in and offer you loans, at a higher rate.
 
IlDestriero said:
With the research overhead cuts that they had to suck up, there’s a zero chance many schools will significantly lower their Tuition. I don’t see how they can lower the other costs. Food, housing, insurance, books, incidentals, etc. won’t be changing. Lots of independent companies will be more than happy to step in and offer you loans, at a higher rate.
Click to expand...
Schools can do whatever they want with how much money they have in endowments and scholarship funds. Like I said, for the first few cohorts, I think it would be cruel to tell them to go get a private loan when they started their undergrad education with the intent of federal loans covering the full cost of attendance.
 
AJ25 said:
Schools can do whatever they want with how much money they have in endowments and scholarship funds. Like I said, for the first few cohorts, I think it would be cruel to tell them to go get a private loan when they started their undergrad education with the intent of federal loans covering the full cost of attendance.
Click to expand...
lol, lmao even at the thought of these institutions caring enough about students to implement kind policies like that. kindness doesn't keep the endowments large.
 
morak said:
lol, lmao even at the thought of these institutions caring enough about students to implement kind policies like that. kindness doesn't keep the endowments large.
Click to expand...
It's not an unreasonable idea. I mean during COVID, the creditors paused payments and those are the worst of the worst organizations.
 
AJ25 said:
It's not an unreasonable idea. I mean during COVID, the creditors paused payments and those are the worst of the worst organizations.
Click to expand...
fair nuff
 
premedbarista said:
Admitted this week (!!) and just submitted my FAFSA. My family can't help pay at all, so I'm going to have to take out hella loans but I don't really know how to do that. My school's financial aid website has no information, just says it "will be updated soon" bc of the BBB changes. I read that we should take out loans now before the cap starts, but are we able to do that before we actually commit to a school/start in august 2026? If the federal loan cap means I have to take out private loans, is there information anywhere on the best way to do that? I've accepted I'm going to be in student debt for a really long time, but would like to optimize my situation the best I can.

I'm currently taking a gap year and have 30k in federal unsub direct loans that I will start an IBR plan for after my grace period ends in December. I'm confused because for undergrad I had a full tuition scholarship and was able to pay for everything w/my federal loans and my job, and if I had to pay tuition then as well idk how I'd afford to live. My undergrad's cost estimate for a year was a lot less than I actually needed just to pay for rent/food/health insurance/etc, so I'm worried that the same thing will happen but this time with no scholarship and no job. I'm most likely attending the same school again, so I know that their estimate for housing costs wouldn't even cover a basic cheap shared room anywhere 🙁 If a med school says COA is 50k tuition and 20k living expenses so I'm allowed to take out 70k in loans (just an example), what do I do if living expenses are actually higher than that?

I know things are changing so there may not be many solid answers but would really appreciate any insight bc this is stressing me out. thanks!
Click to expand...
Hopefully schools will address the tuition and fees... and you can limit room and board costs with frugal spending.
There WILL be lenders competing for med school student loans next year... exactly who, and at what rates and terms, remains TBD.

The best thing you can do to prepare now is make sure you're bringing your best foot forward, credit-profile wise. 680+ score (higher obvi better), with as much history as you can show (with on-time payments and low utilization). Take out a card now and use it, but pay it off each month.
If fixing your profile isn't achievable, line up a co-signer. AAMC and GoingMerry are two resources for scholarship and repayment programs too. A commitment to work in an underserved area can offer generous, tax-free loan repayment that CAN be used for the private loans.
 
There are some schools that have recently offered significantly reduced tuitions based on income thresholds, but these schools are in the minority, and frankly most schools don't have the endowment/donations necessary to support such initiatives. Unless you come from a wealthy or relatively-lower income family, these recent changes have screwed you over.
 
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