Financial Aid Award - Not Too Happy

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xXRAYNEXx

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I'm starting pharm school this Aug and got my financial aid letter from the school. I'm surprised to be offered so little.

I only get a combined Fed Sub and Unsub for total of $12,500 when my COA is $44k. The rest will have to come from private lenders. I was expecting Fed Loans to cover at least most of the cost. I work, so I'm expected to pay over $6k.

What financial aid package are you guys getting? Any advice on how to get more aid from fin aid office?
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xXRAYNEXx said:
I'm starting pharm school this Aug and got my financial aid letter from the school. I'm surprised to be offered so little.

I only get a combined Fed Sub and Unsub for total of $12,500 when my COA is $44k. The rest will have to come from private lenders. I was expecting Fed Loans to cover at least most of the cost. I work, so I'm expected to pay over $6k.

What financial aid package are you guys getting? Any advice on how to get more aid from fin aid office?
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I thought the max you can get is $33,000 for the combined sub and unsub. You getting this low could be your income is too high/you live with your parents who makes good income/you submit your fafsa application too late. Another possibility is you exhaust your loan limits while in undergrad.
 
Rayne do you have a bachelors degree? I know when I was listening about financial aid at one of my interviews they were saying people without a 4 year degree when applying for loans are still considered undergrad students because you're technically going into your 3rd year.. I can tell you that package is definitely an undergrad one because 12,500/year is the max in federal loans you can get for undergrad. I'd talk to your financial aid adviser though because I don't know anything beyond that... if you can still apply for the gradPLUS loan or not.
 
I have also received a gradplus loan, what is that in comparison to the federal? is it federal?
 
OP does not and should not get private loans.

gradplus is federal

OP should get unsub/gradplus to cover the remaining QS up to $44k
 
I thought the max you can get is $33,000 for the combined sub and unsub. You getting this low could be your income is too high/you live with your parents who makes good income/you submit your fafsa application too late. Another possibility is you exhaust your loan limits while in undergrad.
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Should be 33k under general conditions. I'm independent and don't make that much money as a pharm tech. My mom is dirt poor. Submitted fafsa before Feb.1st which is early. Didn't have loans as undergrad. Survived on grants and scholarship.

Sent from my PC36100
 
Rayne do you have a bachelors degree? I know when I was listening about financial aid at one of my interviews they were saying people without a 4 year degree when applying for loans are still considered undergrad students because you're technically going into your 3rd year.. I can tell you that package is definitely an undergrad one because 12,500/year is the max in federal loans you can get for undergrad. I'd talk to your financial aid adviser though because I don't know anything beyond that... if you can still apply for the gradPLUS loan or not.
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I have a BS. Ur right about something. After some digging, I realize my school sucks in providing aid.

It's a 0+6 program. So to them for p1 and p2 years, I'm considered as undergrad 3rd and 4th. I was instructed to fill out my fafsa as such for p1 and p2 and that I would be working on my first or second BS, not a doctorate. I worried that this would decrease my fed loan amount, my fear came true. I'm not even qualified to apply for gradplus loan under these conditions. Others are getting 33k in fed loans at real "graduate professional" schools. Hmm...should I jump ship now...

Sent from my PC36100
 
Sparda29 said:
Starting July 1, 2012, I believe grad students no longer will receive subsidized loans.
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Wait, are you sure? My school sent me an award package that features sub and unsub loans for the upcoming school year.
 
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xXRAYNEXx said:
I have a BS. Ur right about something. After some digging, I realize my school sucks in providing aid.

It's a 0+6 program. So to them for p1 and p2 years, I'm considered as undergrad 3rd and 4th. I was instructed to fill out my fafsa as such for p1 and p2 and that I would be working on my first or second BS, not a doctorate. I worried that this would decrease my fed loan amount, my fear came true. I'm not even qualified to apply for gradplus loan under these conditions. Others are getting 33k in fed loans at real "graduate professional" schools. Hmm...should I jump ship now...

Sent from my PC36100
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update your fafsa so you list that you're a grad student instead of undergrad. even though you submitted it you can still make changes to it. your school should instruct students without the bachelor's to list they are undergrad p1/p2 and people with bachelor's degrees already that they are grad students, that way everyone gets max loans depending on their situation...i hope that works for you rayne!
 
That sucks! It happened to me during pharmacy school, too. Unfortunately, whatever the school "codes" you as, undergraduate, graduate, etc., that's what you have to have put on FAFSA.

If you have a kid or you're married, then I believe you're in with the 24 and older group where your parents' income isn't used to determine your financial aid.

Things might have changed since 2006... so I don't know for sure.
 
ImmunoPharmD said:
Wait, are you sure? My school sent me an award package that features sub and unsub loans for the upcoming school year.
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Is your school a 0-6 school? Or did you enter pharmacy school after only 2 years of pre-reqs. From what I've heard, students at St.John's (0-6) school are classified as undergrad for their P1, and P2 years, which are their 3rd and 4th years of school,and then grad for their last 2 years.

PharmDstudent said:
That sucks! It happened to me during pharmacy school, too. Unfortunately, whatever the school "codes" you as, undergraduate, graduate, etc., that's what you have to have put on FAFSA.

If you have a kid or you're married, then I believe you're in with the 24 and older group where your parents' income isn't used to determine your financial aid.

Things might have changed since 2006... so I don't know for sure.
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I've been filing my taxes as independent since I was 21 even though I live with the parents. This resulted in maximum tax refund, maximum financial aid, and qualify for free healthcare.
 
ImmunoPharmD said:
Wait, are you sure? My school sent me an award package that features sub and unsub loans for the upcoming school year.
Click to expand...

Same here - $5500 subsidized. Maybe this year is the last year we get subsidized loans if we are able to get it before July 1st. The new law only affects graduate students tho. Since I'm considered as a undergrad for my first two years by my college, I wonder if I'm still eligible for the subsidized loans for two more years. I emailed my fin aid office about this madness. I'm getting lost.

Source: http://www.finaid.wisc.edu/213.htm
 
Jackie B said:
update your fafsa so you list that you're a grad student instead of undergrad. even though you submitted it you can still make changes to it. your school should instruct students without the bachelor's to list they are undergrad p1/p2 and people with bachelor's degrees already that they are grad students, that way everyone gets max loans depending on their situation...i hope that works for you rayne!
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Thanks Jackie ^_^

Yea that's my first thought, but the school seems to be able to decide my academic status, not my BS degree for some odd reason. I assume over 85% of their students are undergrad direct from high school without a B.S. degree. To make things simple, they make everybody fill out the FAFSA the same way regardless of a prior degree. I emailed them about this, so we'll see.
 
Sparda29 said:
I've been filing my taxes as independent since I was 21 even though I live with the parents. This resulted in maximum tax refund, maximum financial aid, and qualify for free healthcare.
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It's not about how you file taxes. Financial aid is about "dependent status", and whenever I was in the same situation as the OP, all of the P1s and P2s were considered "undergraduate" students regardless of a previous degree.
 
OK I re-checked most of the school I applied to and it looked like we won't be able to apply for subsidized loans after July. I wished I retained my award letter for one of the school I declined so I can see if I was eligible for the subsidized. Man things are gonna suck for a lot of us in the next four years, even now I start to have doubts.
 
Hey guys I just thought of something. What if this policy applies every year? Doesn't this then gives us the incentive to apply for fafsa early so that we can borrow the subsidized? I should call my school tomorrow and find out.
 
Sounds like you either have some rich parents that are claiming you as a dependent or have other means available to you to pay for school. If that is the case, then use that. I am a non-traditional student and as such have a much better net worth than what I bet is the vast majority of students, my wife makes six figures a year, and I still have liquid assets that can cover a significant portion of my education. Doing the PharmD program I was still able to secure enough loans for my tuition, books, fees ($10K per quarter). Now that I am doing the MBA program, I finally had to take out Grad Plus loans to cover that additional expense.
 
I was in a very similar situation to you. Perhaps we went to the same school. Regardless, a solid plan is to take out what you need in private loans for the P1 and P2 years. Interest rates are low now. Keep it to a minimum if possible. Then, P3 and P4 years, you can borrow up to the full cost of attendance in gradPlus loans. You should be able to borrow more in gradplus loans than you actually need (Cost of attendance are usually inflated), and use that money to pay back the private loans. This way, you will graduate with only federal loans with the nice IBR and deferment plans, and you will have gotten through the first years when it was difficult to borrow. Feel free to PM me if you have more questions.
 
pharm4312 said:
I was in a very similar situation to you. Perhaps we went to the same school. Regardless, a solid plan is to take out what you need in private loans for the P1 and P2 years. Interest rates are low now. Keep it to a minimum if possible. Then, P3 and P4 years, you can borrow up to the full cost of attendance in gradPlus loans. You should be able to borrow more in gradplus loans than you actually need (Cost of attendance are usually inflated), and use that money to pay back the private loans. This way, you will graduate with only federal loans with the nice IBR and deferment plans, and you will have gotten through the first years when it was difficult to borrow. Feel free to PM me if you have more questions.
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Looks like I will have to get private loans. But this is a great plan. Thanks!

Sent from my PC36100
 
xXRAYNEXx said:
Looks like I will have to get private loans.
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Horrible idea. You just f***ed yourself in the face if you go that route.

EDIT: n/m, reread thread, inappropriate use of "P1/P2" so ignore my advice for now.
 
confettiflyer said:
Horrible idea. You just f***ed yourself in the face if you go that route.

EDIT: n/m, reread thread, inappropriate use of "P1/P2" so ignore my advice for now.
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If u fully understood my situation, I'd love to hear a better alternative. I hear that private loans aren't that bad now with lower interest rate than fed loans, so we'll see.

Sent from my PC36100
 
xXRAYNEXx said:
If u fully understood my situation, I'd love to hear a better alternative. I hear that private loans aren't that bad now with lower interest rate than fed loans, so we'll see.

Sent from my PC36100
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Make sure you check them repayment terms. I've heard of private student loans that didn't go away when the kid died. Admittedly, these are older examples, so they may have done away with this sort of lending. Never trust the fine print.
 
xtsukiyox said:
Make sure you check them repayment terms. I've heard of private student loans that didn't go away when the kid died. Admittedly, these are older examples, so they may have done away with this sort of lending. Never trust the fine print.
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A friend of mine passed away freshman year (spring of 2008) and his family was still on the hook to pay for them. Not terribly recent, but close enough to leave a bad taste in your mouth.
 
Ackj said:
A friend of mine passed away freshman year (spring of 2008) and his family was still on the hook to pay for them. Not terribly recent, but close enough to leave a bad taste in your mouth.
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They probably co-signed the loan.
 
Ackj said:
A friend of mine passed away freshman year (spring of 2008) and his family was still on the hook to pay for them. Not terribly recent, but close enough to leave a bad taste in your mouth.
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This is exactly why my parent backed out of cosigning my loan at the last minute. Thanks for nothing Ma, but I still love you.
 
iBeast said:
Did you have to apply for gradPLUS loans in additon to fasfa for UF?
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I am pretty sure I only ever fill out the fafsa...not 100% sure to be honest. It was only in the last year that gradPLUS loans became required to meet the cost of attendance. I fill out the fasfa and there is a page in ISIS where I accept the loans. All the loans are on that one page. I don't recall ever filling out any other apps.
 
owlegrad said:
I am pretty sure I only ever fill out the fafsa...not 100% sure to be honest. It was only in the last year that gradPLUS loans became required to meet the cost of attendance. I fill out the fasfa and there is a page in ISIS where I accept the loans. All the loans are on that one page. I don't recall ever filling out any other apps.
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We had a sep app for Gradplus. A one page thing. They also required a credit check.
 
Ackj said:
A friend of mine passed away freshman year (spring of 2008) and his family was still on the hook to pay for them. Not terribly recent, but close enough to leave a bad taste in your mouth.
Click to expand...

xiphoid2010 said:
They probably co-signed the loan.
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Had to have been a co-signing situation. Otherwise, parents are not liable for their deceased children's debts. If the child left an estate, the estate might have to satisfy the debt, which would reduce any inheritance.
 
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