Fin aid question for moms of toddlers/babies in med school

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MiesVanDerMom

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I called my school's financial aid office today to ask about loan money for childcare and they said I'd need to file a "cost of education adjustment" form in the fall and they'd see how much loan money was available at that point. Is this how it works at all med schools? Is there a chance I'm going to get rejected? I don't mind taking out private loans if need to, but it's my understanding I need the school to approve my total COA in order to even get those for the most part. I'm just really scared right now that I'm going to wind up not to going med school after all this effort because I can't afford it with two kids and a poorly paid husband... Any input greatly appreciated :scared:
 

foofish

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I called my school's financial aid office today to ask about loan money for childcare and they said I'd need to file a "cost of education adjustment" form in the fall and they'd see how much loan money was available at that point. Is this how it works at all med schools? Is there a chance I'm going to get rejected? I don't mind taking out private loans if need to, but it's my understanding I need the school to approve my total COA in order to even get those for the most part. I'm just really scared right now that I'm going to wind up not to going med school after all this effort because I can't afford it with two kids and a poorly paid husband... Any input greatly appreciated :scared:

I'm not sure about at all med schools, but the school I did my postbacc at had a similar policy. They screwed up my loan/COA and I had to go through the process of a loan adjustment (even though it was because their loan officers couldn't *add* correctly), and on the adjustment form one of the "eligible" reasons for requesting an adjustment was the cost of childcare.

Is it at all possible to get in touch with current students who have families at this specific school? They might be able to give you an idea of how common childcare adjustments to the COA really are at your school...the sense I've gotten from fin aid people is that they don't want to approve a higher COA than is necessary, but if you really do need the money and it's for a qualifying expense (like childcare), then they'll usually adjust the amount you can get in loans.
 

buffaloPHD

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Many private loans don't require your school to confirm the COA. In fact, they don't require the school to do anything. You apply, confirm your enrollment, and the funds are sent directly to you.

I had a friend who used Think Financial (www.thinkfinancial.com), and was happy with his service.
 

lilnoelle

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I don't know how things vary from school to school, but I applied for an adjustment for childcare and I didn't have any problem getting it approved. I think its a pretty common thing to get financial aid adjusted for childcare. My school would only give me $4,500 per child which doesn't cover the full cost of daycare, but its close enough. I don't know how much your hubby makes or how lavish your lifestyle, but I'm thinking that we're probably relatively similar and we are doing fine with the amount that the school has given us. PM me and I can give you more details, we can compare stories if it'll make you feel any better.

I filled out that form already during the summer.... it does seem a little odd that they would have you fill it out in the fall....
 

montessori2md

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I don't know where you're at or what cost of attendance for you is, but if you're planning on maxing out the federal loans anyhow, then you might just do a private loan for the childcare portion.

FYI check out having hubby's work deduct from his paycheck pretax for dependent care expenses, some places will do that, saves you like 20% depending on your tax bracket.

Oh, and if your kids are in a formal daycare setting, they might cut you some slack if waiting on the loans is making it hard to pay.

Depending on the center and the state, they might also cut you a percentage if you'd volunteer some time for training staff on things like hygiene, health assessment (eg, how to tell when that rash is contagious), or maybe you could organize a flu shot clinic or something for 10% off tuition. In my state med students aren't allowed to do that sort of thing, even fully licensed health care workers have to take special training to do teach anything to day care/school employees, but every state is different. NOT that you're not busy enough :D
 
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