Financial Aid doesn't even cover total COA? Is this normal?

[TheNightingale]

I just got my financial aid package from SUNY Buffalo and discovered that it consisted only of loans (unsubsidized stafford) totaling $41,500. The total cost of attendance is $54,456.

Is it normal for a financial aid package to not cover the total cost of attendance? My parents are NOT wealthy and will not be able to afford to contribute anything to my medical school expenses and I myself have 0 assets, etc. I am not sure if they're expecting me to come up with the extra $13,000 or so on my own, or if they mean for me to pay this with Grad PLUS loans. I was under the impression that Grad PLUS loans would be included in my financial aid award though.

Is it usual for PLUS loans to not be listed in award packages or something?

---

Members don't see this ad.

 

[pure skill]

Grad PLUS was listed in mine, as was a Perkins loan. I can't really give you much more than that.

 

[eefen]

Grad PLUS loans will cover the remainder. For some reason, schools don't always seem to include them on the "award" letter ("Congrats! Here's your future debt!"), but you should be able to work with your financial aid office.

 

[TheNightingale]

Grad PLUS was listed in mine, as was a Perkins loan. I can't really give you much more than that.

I assume you are referring to a package you got from Buffalo as well?

If so... 🙁 I don't know what this means! I just emailed the financial aid guy but now I feel like I'm going to worry about this all weekend.

 

[Mako555]

what your school gives you is the aid they are offering. every medical student is eligible for up to the full COA of federal loans. that is what the COA is for. I don't know much about this stuff, but I would definitely know more if I was applying for it. You need to gain a much better understanding of what is available to you. Perhaps you should give your school's financial aid office a call and they can give you a complete picture of your situation.

 

[LifeTake2]

I'd relax. You are entitled to GradPlus up to the full amount of the COA less any other awards or loans.

You have to pass a basic credit check, and the school has to do paperwork but don't stress. They will get you taken care of. Medical schools don't make money if you don't have a way to pay the ridiculous cost 🙄

 

[IlDestriero]

Yes.
Congratulations!
We're awarding you $54k/yr in loans.
It'll only be ~$430k to pay off.👎
Alumni phone calls and pledge drives to follow.

 

[TheNightingale]

what your school gives you is the aid they are offering. every medical student is eligible for up to the full COA of federal loans. that is what the COA is for. I don't know much about this stuff, but I would definitely know more if I was applying for it. You need to gain a much better understanding of what is available to you. Perhaps you should give your school's financial aid office a call and they can give you a complete picture of your situation.

Erm... thanks Mako555. I do understand that I am supposed to be eligible for up to the full COA covered by federal loans. This is why I was not sure where the heck the rest of my loans were on the actual letter.

 

[byaaaaaaah23]

Your school will work this out, it was probably an error on their part. Try not to stress over it this weekend and then call them on Monday. There is still a lot of time before May 15, this should not have any negative impact for you.

Good luck!

 

[Goobs]

Grad PLUS loans will cover the remainder. For some reason, schools don't always seem to include them on the "award" letter ("Congrats! Here's your future debt!"), but you should be able to work with your financial aid office.

What this poster said. My financial aid letter doesn't include Grad PLUS loans in the letter either (diff school).

I assume you are referring to a package you got from Buffalo as well?

If so... 🙁 I don't know what this means! I just emailed the financial aid guy but now I feel like I'm going to worry about this all weekend.

That poster didn't apply to Buffalo, or at least he/she didn't post in the Buffalo thread ever.

 

[survivordo]

what your school gives you is the aid they are offering. every medical student is eligible for up to the full COA of federal loans. that is what the COA is for. I don't know much about this stuff, but I would definitely know more if I was applying for it. You need to gain a much better understanding of what is available to you. Perhaps you should give your school's financial aid office a call and they can give you a complete picture of your situation.

Dude, relax. The OP clearly knows what is offered, just was surprised that Grad Plus loans weren't included in the initial letter.

To the OP, as others have said, you will be fine.

Survivor DO

 

[pre med 2014]

Yes.
Congratulations!
We're awarding you $54k/yr in loans.
It'll only be ~$430k to pay off.👎
Alumni phone calls and pledge drives to follow.

If you take out 216K in loans, does it really double in interest? I was under the impression you end up paying back like 300K assuming average payoff time of 5-10 years

 

[TheWeeIceMan]

If you take out 216K in loans, does it really double in interest? I was under the impression you end up paying back like 300K assuming average payoff time of 5-10 years

It's the interest rate that is killer. I think I've heard that assuming 7% (which is probably too low), your loan will double every 10 years or so. Also, you probably can't make significant payments during residency, so the 5-10 time span is after residency. 430k in repayment is a very possible outcome. If you are curious there is a loan repayment calculator on AAMC's website, I believe.

 

[yehhhboiii]

If you take out 216K in loans, does it really double in interest? I was under the impression you end up paying back like 300K assuming average payoff time of 5-10 years

Medical school is 4 years. Then you do a residency for about 4 years. You might do a fellowship as well (another 3 years if you're doing something like GI or cardiology). Depending on where you end up for your training, you might not make much of a dent in those loans. Even without all those years of accrued interest, you won't be paying off the loan immediately and the interest will add on until you pay it all off.

 

[Mako555]

erm, you're welcome. you posted here worrying about coming up with $13k, and I told you that you are missing some pieces of the very complicated financial aid situation. Then you throw the advice back in my face and say you know everything. It's a lot of money. figuring out exactly where it's coming from should be your top priority. most fin aid offices are very nice and will he happy to explain everything to you.

 

[pre med 2014]

Medical school is 4 years. Then you do a residency for about 4 years. You might do a fellowship as well (another 3 years if you're doing something like GI or cardiology). Depending on where you end up for your training, you might not make much of a dent in those loans. Even without all those years of accrued interest, you won't be paying off the loan immediately and the interest will add on until you pay it all off.

What do you mean without accrued interest? Does the interest not grow during med school and residency?

I am under the impression the first 160K is interest free until you earn a physician income. I could be way off here though

 

[Doctor Strange]

What do you mean without accrued interest? Does the interest not grow during med school and residency?

I am under the impression the first 160K is interest free until you earn a physician income. I could be way off here though

No.

Interest accrues through medical school, through residency, and through the entire period of time from taking out the loan to complete payment.

 

[NickNaylor]

What do you mean without accrued interest? Does the interest not grow during med school and residency?

I am under the impression the first 160K is interest free until you earn a physician income. I could be way off here though

The subsidized Stafford loans for grad students were done away with beginning this past year.

Sent from my Nexus 7

 

[pre med 2014]

The subsidized Stafford loans for grad students were done away with beginning this past year.

Sent from my Nexus 7

That really sucks. So a good rule of thumb then is your loan will double by the time you start paying it off.

I guess if you're a 4th year resident making 60K and moonlighting on the side you could start taking chunks out before it doubles. But still.

 

[TheNightingale]

erm, you're welcome. you posted here worrying about coming up with $13k, and I told you that you are missing some pieces of the very complicated financial aid situation. Then you throw the advice back in my face and say you know everything. It's a lot of money. figuring out exactly where it's coming from should be your top priority. most fin aid offices are very nice and will he happy to explain everything to you.

I'm really not sure how I offended you with my response - or threw anything "back in your face." Clearly, I do not know everything, which is why I asked a question about my award letter here on this forum. I do however, understand the loans I am eligible for as a med student. This is the entire reason I was puzzled as to why PLUS loans were not shown in my package.

Tl;dr: I was asking a different question.