financial aid package QUESTION...

[iwannagomed]

because most of us (if not all) have not received any financial aid packages yet, u may not know the answer to this... but just in case...

i have recently submitted all my financial aid applications (fafsa, university loan forms, MPN, grad PLUS,...). and because i wont have any income during med school, and because my parents are not in a position to help me financially, i asked the max possible loan for the full budget of attending the school...

here comes the question...

upon receiving my financial aid package (i guess in april?), do i HAVE to take out the loans they grant me, or can i take out less than that amount... (i realized that interest will accumulate on the loans i take out during the 4 yrs in med school to an amount that i dont even wanna think about...)

so if they offer say $60,000 in loans, can i just decide to take $50,000 of that and be really frugal and cut back on my spendings as much as possible...?

i would sincerely appreciate any shared knowledge!

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[bbabul01]

Yes you can. And you can usually take out more later on if you realize you need it.

 

[Salta07]

I believe you can- most schools will automatically give you the maximum amount of loans you need to cover your need. After you get the award, you can turn down parts of it.

 

[iwannagomed]

thanks guys for the super fast, super informative replies!!!

 

[Critical Mass]

I believe you can- most schools will automatically give you the maximum amount of loans you need to cover your need. After you get the award, you can turn down parts of it.