FAFSA Questions

[sumstorm]

I've never filled out financial aid before. I finished my fafsa a couple weeks ago. What is the next step? can someone list out a general timeline of when they go about getting the loans, not just the stafford but other private ones since i will need to get more than 40k. I dont want to be behind. Will we be meeting with a financial aid person at our school or should I be figuring all of this out on my own now?

Penn should send you a packet or email detailing how to arrange stafford and Grad +. I don't know what you do if you need more than that.

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[HopefulAg]

Is the Cost of Attendance just tuition? Tuition and books? Or the actual cost of attendance: tuition, books, and living expenses?

And if it's the last, how do we figure that out, or does the school do it for us? Ohio sounded like they did it for us, and Western gave us a general idea, but Iowa didn't even mention any kind of outline, so do some do the estimate for you and others just leave you guessing?

 

[david594]

Tuition, books, living expenses, transportation, insurance, food, etc. It accounts for all reasonable expenses one can expect during the ~9 months you are in school. (Summers between school arne't covered). And yes, the school calculates this for you.

 

[cuitlamiztli]

Iowa didn't even mention any kind of outline

Did you go to the financial aid session? There should have been some information in your interview packet as well. In any case, you can find some info here:

http://vetmed.iastate.edu/academics/current-students/class-2014-information/financial-aid-info

But, yes, ISU calculates financial aid awards to cover everything based on the estimated cost of attendance. You can then go through and reduce the amount of aid you receive, and conversely can go back to Clay (vet med's financial aid advisor) and take out more money later in the semester if you find you've miscalculated your expenses.

 

[Morganator]

Ummm...ok, calm down. I assume you will be attending vet school next year. If so, you can still take out COA or max loans (whichever is less) in loans each year. My husband makes decent money, but due to his career we can't live in the same city, so double household costs. They base the numbers off of last years income, regardless of debt. Our EFC > COA, and I can take out COA in loans.

I understand I can take out all the loans I need, I just think it's ridiculous that loans are at 6.8% or greater. I'm not too keen about the fact that during school interest will be compounding on all of these unsubsidized loans. It's also frustrating because rates are about double now what they were when I was in undergrad.

 

[parietal]

Morganator and others, be sure you're not including any retirement funds, home equity for houses you live in, etc., under investments in your FAFSA: that will make your EFC skyrocket. And if you can afford to pre-pay any upcoming expenses from your savings before you file your FAFSA, that may help too.

Good luck.

ETA:

I just think it's ridiculous that loans are at 6.8% or greater. I'm not too keen about the fact that during school interest will be compounding on all of these unsubsidized loans. It's also frustrating because rates are about double now what they were when I was in undergrad.

Totally agree on that. 30-year fixed mortgage rates are at what now, 5%? You'd think it would be a bit more comparable.

 

[HopefulAg]

Did you go to the financial aid session? There should have been some information in your interview packet as well. In any case, you can find some info here:

Oh, ha, forgot about that. Yah, I went, but I lost my folder in the cab. Put it on the floorboard and then forgot about it. Sucks too because they had some interesting stuff in there that I only got to half-read at the school and was planning to read later.

 

[parietal]

Oh, ha, forgot about that. Yah, I went, but I lost my folder in the cab. Put it on the floorboard and then forgot about it. Sucks too because they had some interesting stuff in there that I only got to half-read at the school and was planning to read later.

I think almost all of it is online. Someone linked to the financial aid info above, here's the general 2014 part of their site. You should be able to find the rest of the info -- housing, clubs, joint degrees, etc. -- on their site, too.

 

[sumstorm]

I understand I can take out all the loans I need, I just think it's ridiculous that loans are at 6.8% or greater. I'm not too keen about the fact that during school interest will be compounding on all of these unsubsidized loans. It's also frustrating because rates are about double now what they were when I was in undergrad.

I think it is absurd that we live in a country that claims to believe in equal oppurtunity and yet we depend on systems that inherently seperates people based on $$$/physical heath for things like health care, job oppurtunities, and education. I am very jealous of students who can afford to apply to vet school without working for years to get the money, or who don't work FT+ in undergrad, or whose parents have helped with any bill since they turned 16. I agree, it sucks. The reality is what it is. Work to change it or embrace it. Realize that we are privelaged just to even have the resources to apply and consider attending (I know what it is like to not have $ for shelter, which makes <10% student loan interest or application fees = pipe dreams.) Remember, your DVM isn't collateral like a house is so it is higher risk.

 

[Morganator]

Morganator and others, be sure you're not including any retirement funds, home equity for houses you live in, etc., under investments in your FAFSA: that will make your EFC skyrocket. And if you can afford to pre-pay any upcoming expenses from your savings before you file your FAFSA, that may help too.

Totally agree on that. 30-year fixed mortgage rates are at what now, 5%? You'd think it would be a bit more comparable.

It's funny you say that. I almost included our Roth IRA and then decided to read which investments qualify and it didn't. I'm really glad I didn't because it would've made things worse! And with the rates - maybe I should just go to the bank and get a personal loan with a lower APR. I also think it's strange that I can get a vehicle loan for 3.5% and my mortgage will be much lower than student loans. You've gotta love the rising cost of education and the rising interest rates on federal loans - a real win win.

And Sum: I also worked (not full time though) through undergrad and didn't receive a dime from my parents for school or anything after I left the house. It would have been nice to have some financial help and not have struggled so much during college, but I'm glad I did it on my own now. I'm just not looking forward to paying back the loans though.

Anyway, enough complaining...back to the FAFSA.

 

[david594]

And with the rates - maybe I should just go to the bank and get a personal loan with a lower APR. I also think it's strange that I can get a vehicle loan for 3.5% and my mortgage will be much lower than student loans. You've gotta love the rising cost of education and the rising interest rates on federal loans - a real win win.

(Responding to you, but speaking of a generic "you")

When you can't make the payments on your car what happens? They roll up with a tow truck and take the car away. There is no real risk for the bank, since they can get their property back and resell it.

When you fail out of vet school after two years $100k in debt and can't make the payments on your student loans what happens? They come and take back there...? Nothing. If you can't make the payments, the lender is in a much worse position since they have no way of getting their money back.

 

[Morganator]

(Responding to you, but speaking of a generic "you")

When you can't make the payments on your car what happens? They roll up with a tow truck and take the car away. There is no real risk for the bank, since they can get their property back and resell it.

When you fail out of vet school after two years $100k in debt and can't make the payments on your student loans what happens? They come and take back there...? Nothing. If you can't make the payments, the lender is in a much worse position since they have no way of getting their money back.

They can come by and cut out whatever portion of my brain they feel adequately covers my debt to them, and then sell it to a research company in order for them to study defective neurons.

 

[StartingoverVet]

(Responding to you, but speaking of a generic "you")

When you can't make the payments on your car what happens? They roll up with a tow truck and take the car away. There is no real risk for the bank, since they can get their property back and resell it.

When you fail out of vet school after two years $100k in debt and can't make the payments on your student loans what happens? They come and take back there...? Nothing. If you can't make the payments, the lender is in a much worse position since they have no way of getting their money back.

True, but unlike other loans, student loans are saddled with you for life. So if you can't repay, you can't declare bankruptcy to restart your life. That is unlike any other loan. Especially cars and houses you can always walk away and in most states there is no recourse for the difference between the loan and the value of the asset.

But I guess that is why student loans have lower rates than other non-asset backed loans. Certainly it is a good bargain relative to a credit card or those horrible pay-day loan places, or the pawn shop, or Tony Soprano....

Oops, looks like I kind of agree with you after all

 

[cowgirla]

Ok, so I've been without power all weekend. Finally get on the internet a little while, and I have an email from Iowa stating that they recieved my FAFSA, but they have no record of me being an applicant???

"
Currently, our
records indicate you have not yet submitted an application for
admission.
"
Is that because I'm waitlisted, and schools dont look at financial aid until after they make you an offer of admission?


I'm confused?

 

[Minnerbelle]

Ok, so I've been without power all weekend. Finally get on the internet a little while, and I have an email from Iowa stating that they recieved my FAFSA, but they have no record of me being an applicant???

"
Currently, our
records indicate you have not yet submitted an application for
admission.
"
Is that because I'm waitlisted, and schools dont look at financial aid until after they make you an offer of admission?


I'm confused?

my financial aid page for csu says that i don't have my admission decision yet... and that since i'm not seeking any degrees right now (without the dvm) i can't apply for financial aid....

 

[variegata]

Ok, so I've been without power all weekend. Finally get on the internet a little while, and I have an email from Iowa stating that they recieved my FAFSA, but they have no record of me being an applicant???

"
Currently, our
records indicate you have not yet submitted an application for
admission.
"
Is that because I'm waitlisted, and schools dont look at financial aid until after they make you an offer of admission?


I'm confused?

I remember someone saying that for Iowa, people will get that because they haven't been put into the computer system by Iowa State (not just vet med) yet, which is why I didn't freak out when I got that email (or a similar one). I just got an email from Brenda Cousins today asking for my SSN so they can put me in.

 

[HopefulAg]

They can come by and cut out whatever portion of my brain they feel adequately covers my debt to them, and then sell it to a research company in order for them to study defective neurons.

Now that's collateral!

 

[ColoGirl]

I have a question about the EFC. I filled out the FASFA using last years taxes (in which I worked full time). I will also be working this year full time up until vet school starts....then nothing. So, long story short, my EFC reflects my income now, not what it will be when I'm in vet school. Is there some way to rectify this?

 

[Doggiepoo]

I know this is a silly question, but I was wondering what you guys answered for this FAFSA question:

Working on Master’s or Doctorate in 2010-2011?

I answered yes, but I wasn't completely sure if a DVM degree was considered a doctorate?

 

[bunnity]

I have a question about the EFC. I filled out the FASFA using last years taxes (in which I worked full time). I will also be working this year full time up until vet school starts....then nothing. So, long story short, my EFC reflects my income now, not what it will be when I'm in vet school. Is there some way to rectify this?

Unfortunately, no.

 

[BlacKAT33]

Unfortunately, no.

But we'll still be able to get the 40k stafford loan no matter how much we made last year right? assuming everyone at penn needs the 40k and im sure part of the class was working before they went to vet school so i think i should be fine..right?

 

[bunnity]

But we'll still be able to get the 40k stafford loan no matter how much we made last year right? assuming everyone at penn needs the 40k and im sure part of the class was working before they went to vet school so i think i should be fine..right?

Yes.

 

[luvgoldens482]

A doctorate is a PhD. Vet school is considered professional school. I said no.

 

[Crazy Hippos]

Hm, isn't the question pertaining to question 48, in which the answer would be yes?

48. At the beginning of the 2010-2011 school year, will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?

 

[cowgirla]

A doctorate is a PhD. Vet school is considered professional school. I said no.

I put yes, based on what Iowa said in their financial aid seminar. Apparently thats the little check box that makes it so that they dont look at your parental info. At least, that was the impression I got.

 

[Morganator]

Hm, isn't the question pertaining to question 48, in which the answer would be yes?

48. At the beginning of the 2010-2011 school year, will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?

If that's the question the OP was referring to, then I answered yes.

 

[cuitlamiztli]

Hm, isn't the question pertaining to question 48, in which the answer would be yes?

48. At the beginning of the 2010-2011 school year, will you be working on a master's or doctorate program (such as an MA, MBA, MD, JD, PhD, EdD, or graduate certificate, etc.)?

Yes, the answer is yes.

 

[parietal]

Yes, it is a doctorate of veterinary medicine, after all.

 

[luvgoldens482]

Ok yes, i was mixed up and thought of a different question. My bad! There was another question which asked about a masters that I think I was thinking of.

 

[UM2014]

Sorry to bump an old thread but I just finished my FAFSA and it's the first time I've ever done one so I've got a few questions.

I didn't list my parents info or anything like that and my EFC=0 which is good I think. My main concern is that the Missouri deadline is April 1st (which is why I did it today) so by submitting my FAFSA am I covered for both Federal and Missouri aid? Do states have seperate applications or is it all linked to the one FAFSA?

I'm planning on calling my school's financial aid department on Monday to confirm but was wondering if anyone knew off hand. It really is a confusing process when you've never done it before and google isn't turning much up!

 

[Mereafterthough]

Sorry to bump an old thread but I just finished my FAFSA and it's the first time I've ever done one so I've got a few questions.

I didn't list my parents info or anything like that and my EFC=0 which is good I think. My main concern is that the Missouri deadline is April 1st (which is why I did it today) so by submitting my FAFSA am I covered for both Federal and Missouri aid? Do states have seperate applications or is it all linked to the one FAFSA?

I'm planning on calling my school's financial aid department on Monday to confirm but was wondering if anyone knew off hand. It really is a confusing process when you've never done it before and google isn't turning much up!

It's best if you enter your parents' information because it makes you eligible for scholarships and the health education loan. Some states have seperate applications for different types of aid. For example, NYS has an application for a specific grant called the TAP grant. But usually the FAFSA and possibly the CSS profile is the main application you have to submit.

 

[UM2014]

It's best if you enter your parents' information because it makes you eligible for scholarships and the health education loan. Some states have seperate applications for different types of aid. For example, NYS has an application for a specific grant called the TAP grant. But usually the FAFSA and possibly the CSS profile is the main application you have to submit.

Really? I've always heard the exact opposite since most are need based. My parents won't be helping at all with vet school and since my dad makes a very, very large annual salary I was afraid I wouldn't get enough money if I listed their info even though we're grad students. True or false?

 

[Tiktaalik]

Really? I've always heard the exact opposite since most are need based. My parents won't be helping at all with vet school and since my dad makes a very, very large annual salary I was afraid I wouldn't get enough money if I listed their info even though we're grad students. True or false?

You're automatically not a dependent for the purposes of the FAFSA because you're going to be a professional student, so your parents' income isn't going to enter into the calculations regardless of whether or not you enter it. That said, the loans that entering the information would qualify you for are pretty small and need-based, so if entering your parental info isn't going to demonstrate much need, it's probably not worth it. I didn't enter my parents' info.

Edit: I'm talking about these guys.

 

[zoogirl88]

I just finished filling mine out.....

I am going to be married in July, and am definitely independent of my parent's income. Does this mean that I am not eligible for the health professions loans???

My future husband is currently disabled, so we both have no income. His disability payments don't even cover the rent of our future apartment......
so we need all the help we can get.

 

[Tiktaalik]

I just finished filling mine out.....

I am going to be married in July, and am definitely independent of my parent's income. Does this mean that I am not eligible for the health professions loans???

My future husband is currently disabled, so we both have no income. His disability payments don't even cover the rent of our future apartment......
so we need all the help we can get.

You might still be eligible. I just know that U of Minnesota told us we needed to have parental info in to qualify for those loans, even as independents.

 

[parietal]

Yep, even us non-trads needed to submit parental info to be eligible for the Health Professions Loan.

I elected not to, so I won't be getting any loans from them. It just seemed too weird for such a relatively small amount of loan money.

 

[Tiktaalik]

Yep, even us non-trads needed to submit parental info to be eligible for the Health Professions Loan.

I elected not to, so I won't be getting any loans from them. It just seemed too weird for such a relatively small amount of loan money.

Yeah. I know they said they wouldn't look at it for other stuff, but I didn't want to risk it for the nonexistent amount of money I was guaranteed to get. Besides, I figured that those loans are for people with genuine financial need and since I'll be able to (barely) afford my expenses, it wasn't fair for me to take any of it.

 

[rileyroo]

I elected not to, so I won't be getting any loans from them. It just seemed too weird for such a relatively small amount of loan money.

i didn't enter my parents info either for similar reasons.

 

[elliepants]

Neither did I.

 

[UM2014]

I elected not to, so I won't be getting any loans from them. It just seemed too weird for such a relatively small amount of loan money.

Ok, that was my thought process as well. Actually, with how much my parents make I doubt I would get a cent regardless.

Thanks for the help. I think I have it sorted out. I know on Mizzou's website it says the FAFSA deadline is March 1st (wish I had known or thought to check that while I was applying...I really didn't think I'd get in! ) so I have a call in about that since I just submitted yesterday. I'm hoping it's a 'priority' thing and not a strict cutoff. I can't imagine it would be...seems kind of silly since the state and fed deadlines are months later.

 

[zxz130]

Ok, that was my thought process as well. Actually, with how much my parents make I doubt I would get a cent regardless.

Thanks for the help. I think I have it sorted out. I know on Mizzou's website it says the FAFSA deadline is March 1st (wish I had known or thought to check that while I was applying...I really didn't think I'd get in! ) so I have a call in about that since I just submitted yesterday. I'm hoping it's a 'priority' thing and not a strict cutoff. I can't imagine it would be...seems kind of silly since the state and fed deadlines are months later.

The main loans (Federal Stafford and Grad PLUS) are available year round for vet students as long as you have a FAFSA on file and eligible. The smaller grants/loans will usually depend on the college itself.

 

[BlacKAT33]

There are so many fafsa threads I wasn't sure which one to post this in. I just wanted to post an update that I did get my fafsa confirmation and loan amount that I can receive. I first filled out my fafsa in uhh Feb?? or the earliest that people said you can fill it out. It's been so long that I forgot. So maybe if you just recently filled it out you will still have to wait a while.

 

[SugarGliders]

Is credit score a factor at all in getting the main FAFSA loan?

 

[nyanko]

FAFSA is just the application you fill out that determines your amount of need - there's no "main loan" that it's for.

The federal Stafford loans are probably what you're thinking of. Your credit score is not taken into consideration for those, though if you've defaulted on federal loans before you could be in trouble. There are borrowing limits, both aggregate and per academic year, though.

For Grad Plus loans your credit score is a consideration. HPSL aid does not look at credit score but does take parental information into account regardless of your age, marital or tax status.

 

[MIZMARLEY]

are all graduate students eligible for stafford loans + grad plus to cover to the amount of estimated expenses set by the school the student is attending? can you be denied graduate loans because you had undergrad stafford loans?

 

[Tiktaalik]

I love how schools just assume that we'll know all this. There really should be a brochure that gets circulated or something.