Financial Aid First Year

[UAMShopeful]

Hey everybody...I searched the threads but couldnt find anything that addressed this exact question..

I'm applying to pharmacy school this year and will need student loans (obviously). I've been working full time since I started my undergrad so I was wondering how much loan money I might be eligible for in the first year. I'm "independent" and have been making about 40-45k. Also, if someone know of a post that already discusses this just post a link please. Thanks

---

Members don't see this ad.

 

[PharmD321]

Hey everybody...I searched the threads but couldnt find anything that addressed this exact question..

I'm applying to pharmacy school this year and will need student loans (obviously). I've been working full time since I started my undergrad so I was wondering how much loan money I might be eligible for in the first year. I'm "independent" and have been making about 40-45k. Also, if someone know of a post that already discusses this just post a link please. Thanks

It depends if you want federal or private. call your finiancial aid office for more info.

 

[pharmant]

Hey everybody...I searched the threads but couldnt find anything that addressed this exact question..

I'm applying to pharmacy school this year and will need student loans (obviously). I've been working full time since I started my undergrad so I was wondering how much loan money I might be eligible for in the first year. I'm "independent" and have been making about 40-45k. Also, if someone know of a post that already discusses this just post a link please. Thanks

I recommend filling out FAFSA starting in January - If you need extra money then go the private way. Just a suggestion. I suggest even calling financial aid office at your school because they are generally helpful - as long as it is not at the beginning of the semester.
Good Luck

 

[ajh88]

Even in the middle of my 2nd year of school I'm still a bit baffled by how your loan eligible amounts are determined.

Here's what I know though - I made $55,000 my last year of full-time work before I started pharm school. I was still able to max out the Stafford loans (which cover about all of my tuition) and I got a GradPlus loan for room/board/incidentals. My yearly cost of attendance (as determined by the school) is around $43,000 (give or take - that includes tuition, fees, books, travel, lodging, etc.). So basically, I was still eligible for $43K in loan money, despite my pre-pharm school income.

 

[FresnoPharmD]

Even in the middle of my 2nd year of school I'm still a bit baffled by how your loan eligible amounts are determined.

Here's what I know though - I made $55,000 my last year of full-time work before I started pharm school. I was still able to max out the Stafford loans (which cover about all of my tuition) and I got a GradPlus loan for room/board/incidentals. My yearly cost of attendance (as determined by the school) is around $43,000 (give or take - that includes tuition, fees, books, travel, lodging, etc.). So basically, I was still eligible for $43K in loan money, despite my pre-pharm school income.

That sounds great. Yeah, my understanding is that they adjust for your anticipated income while you're IN pharmacy school...so what you make before isn't much of a factor in their loan calculations. I'm not sure if they take assets or whatnot into account (haven't filled out a FAFSA in years)...but if you can get loans for all of it, that's awesome and if it happens to me, I won't complain.

 

[AsianGuy26]

I'm not sure if its anticipated income or rather that your in a graduate level program. I've heard that there is a difference between undergrad and graduate in terms of funding.

I was thinking about taking a light load next semester and just work and get some money to pay off some of my debt this coming year when I start pharm school. I'm looking @ taking 20k+ a year in loans.

 

[UAMShopeful]

Even in the middle of my 2nd year of school I'm still a bit baffled by how your loan eligible amounts are determined.

Here's what I know though - I made $55,000 my last year of full-time work before I started pharm school. I was still able to max out the Stafford loans (which cover about all of my tuition) and I got a GradPlus loan for room/board/incidentals. My yearly cost of attendance (as determined by the school) is around $43,000 (give or take - that includes tuition, fees, books, travel, lodging, etc.). So basically, I was still eligible for $43K in loan money, despite my pre-pharm school income.

Wow, that makes me feel a lot better. It makes sense that the government would understand that since you made 50k last year that you obviously wont be making that while your going to pharm school...but then again when does the gov't make sense? I was a little worried about it since my registrar told me that loans would be tight the first year since I had been working full time the year before. I'm hopin to go to UAMS so the tuition is only ~9500/yr. On the other hand I'm married with two kids so I'll need a little more than the average P1.
thanks for all the replies, y'all been real helpful