Financial Aid question

[CamRx]

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Hey I have a question for current pharm students or prospective pharm students that know the answer.

How much Financial aid, loans, etc are available for pharm students. I see that you can take federal loans for 33k a year but some private schools have tuition around 45k a year. So how much money is available to students to cover the rest of the cost plus some to live?

 

[Jibby321]

Hey I have a question for current pharm students or prospective pharm students that know the answer.

How much Financial aid, loans, etc are available for pharm students. I see that you can take federal loans for 33k a year but some private schools have tuition around 45k a year. So how much money is available to students to cover the rest of the cost plus some to live?

You would need to apply for grad plus loan. Which is a higher intrest rate and higher origination fee and requires credit check for approval. But do yourself a favor and don't go to a school that is that expensive IMO.

 

[CamRx]

You would need to apply for grad plus loan. Which is a higher intrest rate and higher origination fee and requires credit check for approval. But do yourself a favor and don't go to a school that is that expensive IMO.

I agree. I've applied to 3 schools. 2 of them charge 25k a year (one is a 3 year the other is a 4 year university) the 3rd school is a 3 year school that costs 45k a year

 

[Jibby321]

I agree. I've applied to 3 schools. 2 of them charge 25k a year (one is a 3 year the other is a 4 year university) the 3rd school is a 3 year school that costs 45k a year

Ouch, 45 K a year plus cost of living. Wow.

Anyways to my knowledge the two main ways to get loans is federal unsubsidized and grad plus. But I'm not sure what the max limit on grad plus is. I think it's determined by your credit rating as to the max you can get loaned.

 

[CamRx]

Ouch, 45 K a year plus cost of living. Wow.

Anyways to my knowledge the two main ways to get loans is federal unsubsidized and grad plus. But I'm not sure what the max limit on grad plus is. I think it's determined by your credit rating as to the max you can get loaned.

I know south U, and midwestern are ones I've applied to with tuition this high but I've seen a lot more

 

[moneyoutthebank]

The govt will hook you up, if you so desire, lol.

Your school will come up with a budget for students, and call it "cost of attendance," (COA.)

COA= tuition+cost of living+insurance+books+etc...

You can basically borrow the COA.

example: a private school in CA is 45k/year. COA is 75k/year. you can borrow 33k in stafford loans, then 42k from grad plus, for a total of 75k. Keep in mind you'll have t pay back these enormous sums, and debt can be crippling, especially since interest is accruing the day the loans disburse. I suggest borrowing the minimum and living frugally. But, some people choose to live it up a bit more while in school.

good luck!

 

[CamRx]

The govt will hook you up, if you so desire, lol.

Your school will come up with a budget for students, and call it "cost of attendance," (COA.)

COA= tuition+cost of living+insurance+books+etc...

You can basically borrow the COA.

example: a private school in CA is 45k/year. COA is 75k/year. you can borrow 33k in stafford loans, then 42k from grad plus, for a total of 75k. Keep in mind you'll have t pay back these enormous sums, and debt can be crippling, especially since interest is accruing the day the loans disburse. I suggest borrowing the minimum and living frugally. But, some people choose to live it up a bit more while in school.

good luck!

Thank you! You answered my question perfectly. I plan on living it up a little more I'm not worried about paying the loans back I have a plan for that. Thanks

 

[68quebec]

The govt will hook you up, if you so desire, lol.

Your school will come up with a budget for students, and call it "cost of attendance," (COA.)

COA= tuition+cost of living+insurance+books+etc...

You can basically borrow the COA.

example: a private school in CA is 45k/year. COA is 75k/year. you can borrow 33k in stafford loans, then 42k from grad plus, for a total of 75k. Keep in mind you'll have t pay back these enormous sums, and debt can be crippling, especially since interest is accruing the day the loans disburse. I suggest borrowing the minimum and living frugally. But, some people choose to live it up a bit more while in school.

good luck!

+1

this should be a sticky post for loan question. 😛