Fafsa

[lyndaelyzoo]

I applied for FAFSA loans for the year 2010-2011 and was wondering when I can expect them to be processed? My EFC is more than I can afford to pay especially when I will not be working full time while attending school. I had to include my income from last year on my W2, but I hope that they know I will have no income next year and are not expecting for me to contribute as much as if I were working full-time. Also, I just finished paying off my graduate school loans, so don't owe them anything. Any advice as to when we can expect to hear from them?

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[cowgirla]

I applied for FAFSA loans for the year 2010-2011 and was wondering when I can expect them to be processed? My EFC is more than I can afford to pay especially when I will not be working full time while attending school. I had to include my income from last year on my W2, but I hope that they know I will have no income next year and are not expecting for me to contribute as much as if I were working full-time. Also, I just finished paying off my graduate school loans, so don't owe them anything. Any advice as to when we can expect to hear from them?

I got my loans about a month after I submitted my FAFSA, but it was also two weeks after I submitted my deposit to OK.

Anyway, I believe all schools gaurantee your loans up to the cost of attendance (tuition + living expenses.) I had a really high EFC, too high, and still got all the federal loans I needed Hooray for lots of zeros and being in debt!

 

[clouds815]

i believe it depends entirely on the school when they process them, some do it early, some later

 

[crittergal]

Anyway, I believe all schools gaurantee your loans up to the cost of attendance (tuition + living expenses.) I had a really high EFC, too high, and still got all the federal loans I needed Hooray for lots of zeros and being in debt!

Did OkSU give you all loans or loans and work-study? I was packaged for $4000 in work-study, bringing me up to the total COA.

Now that I declined it I'm stuck with $4K unmet need- not to mention my stupid high EFC. I'll just whip out a check for my EFC now . I was under the impression that they didn't expect vet med students to use work-study as means of finaid. Or maybe I'm imagining that part...

 

[cowgirla]

Did OkSU give you all loans or loans and work-study? I was packaged for $4000 in work-study, bringing me up to the total COA.

Now that I declined it I'm stuck with $4K unmet need- not to mention my stupid high EFC. I'll just whip out a check for my EFC now . I was under the impression that they didn't expect vet med students to use work-study as means of finaid. Or maybe I'm imagining that part...

I got all loans, luckily. Dont think I could have handled work-study.

 

[crittergal]

Dont think I could have handled work-study.

That's my point exactly. Guess I'll be calling the FA office in the morning.

 

[david594]

That's my point exactly. Guess I'll be calling the FA office in the morning.

Contact your financial aid office and see if you can get them changed over to Grad Plus loans or unsub stafford if you haven't met that limit yet.

 

[crittergal]

Contact your financial aid office and see if you can get them changed over to Grad Plus loans or unsub stafford if you haven't met that limit yet.

Can you remind me what the limit is for health professionals unsub stafford? I have $30,500 in my head but I'm not sure that's correct.

 

[david594]

Can you remind me what the limit is for health professionals unsub stafford? I have $30,500 in my head but I'm not sure that's correct.

For a student going to a US school:
$8,000 subsidized stafford
$32,500 unsub stafford

Grad Plus up to school determined cost of attendance

 

[variegata]

I called the FA office at UW and they said I could do work-study for second semester only since I told them I wouldn't be working first semester of vet school. I accepted the full amount for work-study so that they reserve the funds for me, I figure I'll let them know later if I for sure won't be using some or all of it.

 

[TurtleLover]

yea, from what I've noticed, as a veterinary/professional student, it doesnt matter how much/little money you make, they will make sure you have enough money to get you through school. They will offer you the full amount based on the school you chose in your FAFSA filing, and then you choose how much of each type you're offered that you want to take out.

So no need to worry that you won't get enough

 

[philomycus]

lyndaelyzoo,

This was the point last year where I freaked out about not being able to go. My husband and I made combined over $75K with the previous years' W2's that they want. My EFC was something like $30K. I flipped out.

As a professional studetn, you are entitile to ALL federal aid just as everyone else is- there's a max per year, but it does inlcude well enough to cover tuition and it does allow for cost of living (cheap living). The only thing that really stinks that it you had a full time job last year making good money, your amount of subsidized loans will be less than someone who didn't make a lot of money- but you are still entitled to the same amount in dollars. Rest assured, you'll get the money to go. I was in the same position and just was a wreck for a bout a month. Everyone told me it would be fine, but I still was very nervous about it. Trust me- you'll get enough money.

UF will not distribute loan $$ until the second or third week of classes- so BE PREPARED to have enough $$ to get you through the first 3 weeks of school without loans for living on. If you have any questions, email me.

 

[Fookie Kat]

Is anyone thinking of getting private loans in lieu of Grad Plus loans? I've read that the interest rates of private loans can be lower than those of Grad Plus.

 

[crittergal]

Is anyone thinking of getting private loans in lieu of Grad Plus loans? I've read that the interest rates of private loans can be lower than those of Grad Plus.

I will not for a few reasons. Income based loan repayment programs are for federal loans only. While I don't know if I will use the IBRP, I'd like to not box myself out of them. Also, many loan forgiveness programs also only apply to federal loans.

 

[david594]

Is anyone thinking of getting private loans in lieu of Grad Plus loans? I've read that the interest rates of private loans can be lower than those of Grad Plus.

Most of the private loans also aren't fixed interest rates. So you are subject to the market rates. The government loans also have the best repayment options.

And a commonly overlooked detail is that federal loans are discharged upon death, where private loans are not. This is one incentive for someone getting married to keep all their loans in their own name instead of jointly with their spouse.

 

[crittergal]

^^^ that too. No one plans on kicking the bucket, but part of good financial planning is to be prepared for the unexpected.

Also, anyone familiar with an ARM mortgage or the S&L crisis of the 1980s would run like hell from an adjustable interest rate.

 

[lyndaelyzoo]

lyndaelyzoo,
Rest assured, you'll get the money to go. I was in the same position and just was a wreck for a bout a month. Everyone told me it would be fine, but I still was very nervous about it. Trust me- you'll get enough money.

UF will not distribute loan $$ until the second or third week of classes- so BE PREPARED to have enough $$ to get you through the first 3 weeks of school without loans for living on. If you have any questions, email me.

Thank you philomycus!!! After having a full-time job for ten years, it's going to be a lot different living off loans instead of a salary!!! But I was about ready to have a panic attack not knowing if I was going to be able to afford vet school!! Now I know....thank you sooooooo much!!

 

[philomycus]

No problem-

I worked for 9 years too making $. I stinks from making it to spending it- but you WILL get enough $$. They aren't very clear on that until the last second...so you think all summer, "Dear God, what have I done!?!!?"

Loan processing is slower in the Fall than the Spring. And ONE guy does ALL of the processing for ALL of the various professional schools. So if you ever email him, he responds short and quick- but he really is a nice guy- he's just very overworked. Espically since UF has increased enrollement this year, just be paitent!

 

[JKIM02]

Sorry to bump this thread but Im pretty confused about this loans situation... I was fortunate enough to have my parents financial support in undergrad so this is the first time I am dealing w/ loans and/or ? financial aid. I filled out fafsa back in march and that is all that I know... Do they contact you regarding loans? or should i be applying for loans else where? Im soo confused. I know i sound dumb but im pretty inexperienced in this area and I wanna make sure Ive got some $$ for school :/
I dont know if it relates or not but I am on my own financially for v-school

 

[natalieises]

If you filed your fafsa you just have to wait for your school to process it through. You'll get an email with your official award letter once it's all been processed. Don't worry! I got two letters since I originally accepted a different offer than where I'm going. I think I got the first letter MONTHS before I got my other one so it is very dependent on your school.

 

[elefante7]

You should also make sure that your school doesn't have any extra forms to fill out. If you contact their financial aid office, they should be able to tell you what you need. Some schools won't process your FAFSA without having their forms in as well.

 

[parietal]

Sorry to bump this thread but Im pretty confused about this loans situation... I was fortunate enough to have my parents financial support in undergrad so this is the first time I am dealing w/ loans and/or ? financial aid. I filled out fafsa back in march and that is all that I know... Do they contact you regarding loans? or should i be applying for loans else where? Im soo confused. I know i sound dumb but im pretty inexperienced in this area and I wanna make sure Ive got some $$ for school :/
I dont know if it relates or not but I am on my own financially for v-school

Hey, JKIM, congrats again! Minnesota is really slow on financial aid and we won't get our award notice from them until July. They take care of everything. As long as you've done the FAFSA, you should be fine.