Effect of deposits on 1st term tuition

[ToothMonkey]

I know the deposits required to hold a spot in a school's class are applied to the first semester's tuition. But I'm not clear on whether we still receive loans for that amount of money during the first academic term (in effect temporarily paying back the deposit). For example, if I deposit $2,000 for a $20,000 per semester school, will I receive the full $20k in loans this fall or only $18k?

Thanks.

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[comatose]

i would call the school to find that out if I were you

 

[aileen]

I received financial package from my school. My family and I are supposed to contribute $3030 towards my dental education even though I made almost nothing last year. Total amount of money they are rewarding me is the school's estimated budget minus that $3030. So I guess I'm not getting my deposit back. In fact, I have to pay more out of my pocket.

 

[jes1ca]

If your estimated financial contribution is $0, you should get your deposit money back in the form of a check from the school when your loans go through. I would think that you need to make sure that is the case with the school's financial aid office though.

Jessica

 

[ToothMonkey]

My family and I are supposed to contribute $3030 towards my dental education even though I made almost nothing last year.

Damn, I hope that doesn't happen to me. How is that even possible, anyway? If you didn't make any money then your own EFC should be zero, and since dental students are automatically considered independents I don't think they can count your parent's income against you either (even if you did report it on FAFSA). Maybe they made a mistake...?

 

[jes1ca]

Hey Toothmonkey,

Have you filled out the FAFSA yet? I hope so if you are gong to d-school this fall. They tell you what your EFC is. I think mine is like $3,000, but I worked for a few months last year so I made a decent income. You are independent as a student going into professional school, so they don't look at your parents' info. The only other way that you could not have an EFC of zero is if you have a lot of money in bank accounts or stocks. As long as you don't have $200,000 in Swiss bank accounts, don't worry. You actually have the option of not reporting your bank accounts on the FAFSA. BTW, thanks for the good karma.

Jessica

 

[jes1ca]

I received financial package from my school. My family and I are supposed to contribute $3030 towards my dental education even though I made almost nothing last year. Total amount of money they are rewarding me is the school's estimated budget minus that $3030. So I guess I'm not getting my deposit back. In fact, I have to pay more out of my pocket.

Hey Aileen,

I'm sorry to hear that you are supposed to pay that amount. However, you might end up getting some of it back if things work out well. I don't know which school you are going to, but let's pretend you are going to Nova and I will work out the math for you. If you can follow this long scenario....

The estimated cost of tuition and living expenses is $53,000 per year. Let's say that my EFC is $3,000. So that means that I can borrow $50,000 in loans per year. For the sake of simplicity, let's say that I can get $50,000 in stafford loans (although I realize this is not the case). So my tuition and school fees and laptop end up costing me $37,000. The rest of the money is given to me for books, living expenses, scrubs, etc. That means that I get $13,000 back. Let's say my scrubs and books and equipment costs me $3,000. That means that I will have $10,000 to live for 9 months. If my EFC was 0, I would have $13,000 to live for nine months. However, I am pretty frugal, so I could probably live on $10,000 if I drive my old 1991 Honda Civic instead of buying a new car and having to make insurance payments, don't buy a lot of new clothing etc.

But the thing is that I would be receiving money back (which I would have to obviously pay back later), which in a very indirect way would make up for the deposit. I could also probably borrow more if I needed from a private lender. I hope that helps.

Jessica

 

[ToothMonkey]

Have you filled out the FAFSA yet?

Yep, I filled it out and even though I put down my parent's financial info it still spit out an EFC of zero. Hopefully my award letter will reflect that.

thanks for the good karma.

No, thank *you* for the assistance.

 

[aileen]

Thanks, Jessica.

 

[jes1ca]

actually toothmonkey, you gave me negative karma. what's that all about?

 

[ToothMonkey]

actually toothmonkey, you gave me negative karma. what's that all about?

I only gave you one karma, so if you've received another with my name on it then I presume it's a lame attempt to frame me by someone who desperately needs to get a life.

Since karma is anonymous anyone can attach other user names to negative karma. The admin is considering eliminating the anonymous feature, and if that happens you'll probably be able to see which idiot used my handle (if that ever happens please send me a PM...I'd be interested in knowing who the trolls are around here).

Actually, since I've already given you karma recently when I try to give any more I receive the message "You must spread some Reputation around before giving it to jes1ca again." So I couldn't give you bad karma right now if I tried.

 

[jes1ca]

well thanks. i appreciate it. someone else from this thread must have given me negative karma, but it is the only karma I got from this thread, so I just thought it was probably from you. thanks for your reply.

jessica