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Dr.BadVibes

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    Alright, so I JUST sent in my FAFSA information....since I only need gov't loans, I didnt put any of my parents info, and since I dont have a job, the application was a whole bunch of zeros!!! (I felt like a bum)

    ANyways, my question to you guys is...NOW WHAT!?!?!

    When am I gonna find out how much money I get? I really wanna buy a house in Philadelphia in the next couple of months, but only when I find out for sure that I will recieve the loan money from the government to pay for my tuition and instruments in September...will I get some sort of confirmation stating I will recieve $38,500 when school starts? Cheers!
     

    aphistis

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      Originally posted by avingupta
      Alright, so I JUST sent in my FAFSA information....since I only need gov't loans, I didnt put any of my parents info, and since I dont have a job, the application was a whole bunch of zeros!!! (I felt like a bum)

      ANyways, my question to you guys is...NOW WHAT!?!?!

      When am I gonna find out how much money I get? I really wanna buy a house in Philadelphia in the next couple of months, but only when I find out for sure that I will recieve the loan money from the government to pay for my tuition and instruments in September...will I get some sort of confirmation stating I will recieve $38,500 when school starts? Cheers!
      You'll get a report back from Uncle Sam in a few weeks indicating how much aid you're eligible for, and the school will get a copy of the same report. At that point, it's up to the school's financial aid office to process your aid requests. Your best bet for now is to sit tight till you get the government notice, then call the school and find out where to go from there.
       
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      KrebsPsycho

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        Hi all,
        I have a question on Selective Service registration. Last year I called the selective service, but they told me I was not required to register (above 26 years of age). Now SAR comments that I have not registered with the Selective Service. What should I do? request a letter indicating that I am not required to register? Will the Selective Service send it directly to Fafsa or to me? thanks
         

        sxr71

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          Originally posted by avingupta
          Alright, so I JUST sent in my FAFSA information....since I only need gov't loans, I didnt put any of my parents info, and since I dont have a job, the application was a whole bunch of zeros!!! (I felt like a bum)

          ANyways, my question to you guys is...NOW WHAT!?!?!

          When am I gonna find out how much money I get? I really wanna buy a house in Philadelphia in the next couple of months, but only when I find out for sure that I will recieve the loan money from the government to pay for my tuition and instruments in September...will I get some sort of confirmation stating I will recieve $38,500 when school starts? Cheers!


          I'm just curious, I have heard of dental students buying homes and sometimes nice cars with their money and I'm just wondering how that works. I can easily understand how if your parents are paying for school and you take out the $38500. If not I always thought the school creates a budget that determines the cap for what you can get from Uncle Sam, and private lenders. Some schools seem adamant about not letting students go higher than what would provide them with a basic living, while what I have learned from actual dental students is that you can pretty much get whatever you feel like (within reason). I suspect the truth lies between those two extremes.

          So is it possible to buy a house even if you need to borrow to pay tuition?
           

          aphistis

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            Originally posted by sxr71
            I'm just curious, I have heard of dental students buying homes and sometimes nice cars with their money and I'm just wondering how that works. I can easily understand how if your parents are paying for school and you take out the $38500. If not I always thought the school creates a budget that determines the cap for what you can get from Uncle Sam, and private lenders. Some schools seem adamant about not letting students go higher than what would provide them with a basic living, while what I have learned from actual dental students is that you can pretty much get whatever you feel like (within reason). I suspect the truth lies between those two extremes.

            So is it possible to buy a house even if you need to borrow to pay tuition?
            In my experience, it's generally possible for a single student (e.g., me) to lead a pretty comfortable lifestyle on student loans. The caveat, of course, is that they're *loans*, which means you have to give it all back in a few years. The best financial advice I've ever received for dental school was "Live like a dentist while you're a student, and you'll live like a student once you're a dentist." Wiser words were ne'er uttered.
             

            grettlin2

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              Originally posted by ItsGavinC
              Avingupta,

              Did it mention what your EFC was? I'm assuming it was $0. Usually that holds pretty much true, meaning you should get the maximum amount that your school will give you.

              Is it usually $0? My number is one thousand something.....
              I hope I can get at least $8,500 non-interest loan.
               

              Dr.BadVibes

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                Yah, my EFC was $0!! About the house, my family is going to help me buy the house, so I can save money on rent, get instate tuition, and possibly rent it out to another grad student, so in the long run, its a wise investment.....

                Temple tuition is $26000, so that leaves me $12000 left over to buy instruments, books, misc. fees, and food...I might need a couple of thousand more, which could come from renting out the room or my family will contribute that.....

                Basically my goal is to avoid private lenders, and if I can get past the first two years, then Im set for life with low interest, easy to pay back gov't loans! But I wont be living large as a student, thats for sure!
                 

                aphistis

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                  Originally posted by grettlin2
                  Is it usually $0? My number is one thousand something.....
                  I hope I can get at least $8,500 non-interest loan.
                  The subsidized portion of government Stafford loans are most definitely not interest-free. The government will keep interest from accumulating and growing your loan obligation while you're in school, but you'll still accrue interest costs during the repayment period. No such thing as a free lunch, after all.
                   

                  ItsGavinC

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                    Originally posted by tropicalwind
                    Hi all,
                    I have a question on Selective Service registration. Last year I called the selective service, but they told me I was not required to register (above 26 years of age). Now SAR comments that I have not registered with the Selective Service. What should I do? request a letter indicating that I am not required to register? Will the Selective Service send it directly to Fafsa or to me? thanks

                    Just check "yes" to register, or that you have registered. That's probably the least time-intrusive way around the problem.
                     

                    totony

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                      Actually, you can no longer register after you are beyond 26 years old.

                      My impression is that the Federal Student Aid will double check your status with selective Service while processing your file. They will later indicate on your SAR whether you have registered. If the school sees that you have never registered in that, they can't give your federal financial aid, UNLESS,

                      you provide a letter from the selective service, called "Status Information Letter", giving you an exemption. To request the letter, go to:

                      www.sss.gov

                      at the bottom of the page and download "request for status information letter". Fill up the form (explaining why you did not register, with evidence, e.g. was hospitalized, was serving in the army, was an alien, etc) and send to them. Do it fast because it takes time.

                      When you get the letter, call the school financial office. They will need to see it.
                       
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                      grettlin2

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                        It is a system for military/duty bases. If you are under 25 years old male, it is your obligation to register your profile. Then, if the nation needs you for any service, they can recruit you.
                         

                        trypmo

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                          Originally posted by avingupta
                          WHAT!!!!!!!!!!!!!!!!!!!! Are you serious??? I put yes to that section, cause Im a male under 25!!!! :scared:

                          ARE YOU FUKING SERIOUS!?!??! Is this some form of conscription???
                          I think it only applies to American citizens, and yes, it is basically for the draft.
                           

                          aphistis

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                            Originally posted by avingupta
                            WHAT!!!!!!!!!!!!!!!!!!!! Are you serious??? I put yes to that section, cause Im a male under 25!!!! :scared:

                            ARE YOU FUKING SERIOUS!?!??! Is this some form of conscription???
                            Pretty much. The military draft has been dead in America for 30 years, but they still keep a database of men who fit draft criteria in case it ever gets reinstated.
                             

                            trypmo

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                              Originally posted by avingupta
                              Does it apply to permanent residents as well?
                              Some non-citizens are required to register. Others are not. Noncitizens who are not required to register with Selective Service include men who are in the U.S. on student or visitor visas, and men who are part of a diplomatic or trade mission and their families. Almost all other male noncitizens are required to register, including illegal aliens, legal permanent residents, and refugees. The general rule is that if a male noncitizen takes up residency in the U.S. before his 26th birthday, he must register with Selective Service.

                              This taken from http://www.sss.gov/FSwho.htm (w. emphasis added). The page links to a chart with more detailed infos.
                               

                              DrNo2000

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                                Yes, avingupta. Any men between 18-25 living in the US, who are registered with the selective services (including you and me and all students who recieve financial aid) could be drafted any time. But, the chances of that happening is very little. Like aphistis mentioned before, they haven't drafted anyone since the Vietnam war. I wouldn't sweat.
                                 
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                                DrNo2000

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                                  I have another question though.

                                  During my undergrad years I have borrowed a considerable amount of money (~$23,000). I have heared many rumors that the amount of debt a student has can have a significant affect on his/her eligibility to recieve loans and financial aid for dental school. Is that true? Most of my debt is from student loans. I don't have that much credit card debt and my credit is ookay. (it's not great and it's not horrible either). Is there anyone out there who is experiencing a similar situation, or has experienced it already? I would really appreciate your opinions.

                                  Thanks.
                                   

                                  ShawnOne

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                                    Originally posted by DrNo2000
                                    I have another question though.

                                    During my undergrad years I have borrowed a considerable amount of money (~$23,000). I have heared many rumors that the amount of debt a student has can have a significant affect on his/her eligibility to recieve loans and financial aid for dental school. Is that true? Most of my debt is from student loans. I don't have that much credit card debt and my credit is ookay. (it's not great and it's not horrible either). Is there anyone out there who is experiencing a similar situation, or has experienced it already? I would really appreciate your opinions.

                                    Thanks.

                                    I wont effect your ability to get loans, however it will effect the TOTAL AMOUNT of government loans you can get.

                                    Basically, there is something called Stafford Aggregate. It says that the Federal Government will allow you a maximum of $189,125 outstanding in the Federal Stafford Loan program.

                                    So if you have already taken $23,000 in your undergrad, you can only take another $166k in dental school. So basically, you will have to take out more private loans to cover your cost if you exceed the max.
                                     

                                    grettlin2

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                                      Originally posted by avingupta
                                      Does it apply to permanent residents as well?

                                      Unfortunately, YES. If you are going to use the resource from the country, you might have the obligation to do something. I think that is why registration for selective service is one of the requirements.
                                       

                                      grettlin2

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                                        According to the financial aid staff from USC, my EFC is one thousand something, and he said I can receive full loan ($8,500 + $34,444). Just give you the idea.
                                        By talking with them, I think they know everything about my file and it seems they can decide how much money I can get.
                                         

                                        arns51

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                                          I have a quick question, my parents are divorced and I lived with my mom while in high school, however since then they have both provided me with about equivelant amounts of aid.

                                          My mother doesnt make a real large amount of money but has a decent amount wrapped up in investments, and my dad is retired and doesnt have any large investments. Would it be more beneficial to only use my fathers information for the parental portion of the FAFSA? Would I have a better chance at any scholarships/grants?

                                          I already have all of my mothers information because I had planned to use her info like I have in the past, however if it would make a huge difference I could go through the trouble of getting all my dad's info as well. Anybody have any advice?
                                           

                                          sxr71

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                                            Originally posted by arns51
                                            I have a quick question, my parents are divorced and I lived with my mom while in high school, however since then they have both provided me with about equivelant amounts of aid.

                                            My mother doesnt make a real large amount of money but has a decent amount wrapped up in investments, and my dad is retired and doesnt have any large investments. Would it be more beneficial to only use my fathers information for the parental portion of the FAFSA? Would I have a better chance at any scholarships/grants?

                                            I already have all of my mothers information because I had planned to use her info like I have in the past, however if it would make a huge difference I could go through the trouble of getting all my dad's info as well. Anybody have any advice?

                                            In this case less is better.
                                             
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