Explanation of loans to a newbie?

[Godsgirl16]

Hey guys! So I got accepted into pharm school for this upcoming fall semester. During undergrad I was fortunate enough for my parents to pay for my tuition at a state school. Now that I'm going to pharmacy school, I have to start taking out loans. Can someone explain to me which loans to take and how the process works? I'm 20 years old and I haven't a clue what I should be expecting to take out. My school will be an instate so tuition is less expensive but I'll be dorming so there's that too. Also if there are other methods of financial aid that are attainable for myself that I should know of, that would be helpful! Thanks in advance!

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[dnewlun]

I can pretty much guarantee you that your pharmacy school has a financial aid office of some sort. They would be the best people to ask.

 

[Amicable Angora]

The government (most likely loaner) will loan you the money you request for either tuition only or tuition plus living expenses. You will accumulate interest on the loan, which will typically be at a high interest rate 6%+ to 8%. You will not have to pay off any of the loan until you leave the program, and then usually only after a grace period of around 6 months.

 

[aar44]

Try researching the type of loans available for graduate students. Below I provided some links I have used.

PLUS Loans
Loans

I suggest going on these websites before you explore other loans and scholarships. For scholarships, there are so many. I suggest applying as many as you can. Do not get discourage at all. If there are questions you have reach out to the financial aid office, they should help. Since you are in state, hopefully the tuition will not be expensive. Anyways good luck.