financial aid award letter

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markss22411

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So I just got my financial aid award letter from my school. It states that I'm eligible for x amount for subsidized loans, x amount for unsubsidized loans, and x amount for alternative loans. That's all well and good, but what the heck does it all mean? Will I still need to find my own alternative loans or does the school offer these themselves? I'm pretty new to this. Thanks.

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You need to apply for the alternative loans separately. Your school's FA website should have a list of preferred lenders for supplemental/alternative loans. You apply through the lender's website designating the appropriate school(s). The money goes directly to the school up the amount alloted and you get a check for the remainder.

At least this is how I read it all. Any corrections to my reading?
 
What do you look for when you select a lender for the private loan, or even for the federal loan, any important pointers to look for ?
 
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kilani said:
What do you look for when you select a lender for the private loan, or even for the federal loan, any important pointers to look for ?

Go for lenders that don't charge loan origination and guarantee fees. This way what you borrow is what you actually get to use.
 
Thanks, could you suggest any ?
pem8erly said:
Go for lenders that don't charge loan origination and guarantee fees. This way what you borrow is what you actually get to use.
 
kilani, the first place you need to go looking is at your school's (or accepted school) FA webpage. They will have a list of preferred lenders that the school works with.
 
HunterGatherer said:
T.H.E.

I read it and still don't understand why this is superior to other lenders.

Read the website. I'm too lazy to tell you why it's the best.

Something about the best value for your money.
 
Yeah, but if your tuition is high and you have loans from undergrad, THE has an aggregate cap for ALL educational loans (including stafford, etc.) of something like $220,000. This may not be enough to finance your medical school for four years.
 
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