Financial Aid Questions

[IowaPT15]

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I have been accepted to a program, but am still pretty confused how the financial aid works. I was lucky enough to not have to worry about it for my undergrad, so this is my first time filling out the FAFSA and dealing with loans. I submitted my FAFSA but now I am not sure what to do next. From what I understand the school will reach out to me next and help me figure out the loans I will need to cover all the tuition and living expenses? I see that I will probably get the direct stafford loan of around $20,000, but the school will then show me the other loan options I have to cover the rest? And then I can look other places for any scholarships or grants to apply for? Is this correct? Thanks so much for any help/clarification! I'm starting to feel stressed out and like I need to be figuring out how I am going to be getting loans but I don't really understand the process.

 

[PT4lyf]

Everything you said is right. Once your school reaches out to you, the other federal loans offered will be the Federal Unsubsidized loan & the Direct Grad Plus loan. From my understanding those two loans together should be able to cover all your tuition and living expenses with a little left over. Since you also received the Stafford loan you should be set without needing to look for any other private loans.

 

[SATXDPT]

The Financial Aid Office is your best friend. The FAFSA will qualify you for Direct loans up to $20,500 per school year. You must also go to studentloans.gov to submit an application for PLUS loans. Your school will offer you enough Plus loans to cover the cost of tuition plus living expenses. Do not take the whole amount, you probably won't need it if you are frugal in your living expenses.
There are very few grants/scholarships available for PT school, but if you are lucky enough to get one, it will reduce the amount of PLUS loans you will need.

 

[deleted797640]

The loan of 20,500 is all unsubsidized since subsidized loans are not offered for grad school. Also your school may not reach out to you be sure to log into your student account where you can check to see the amount of funds the school will be releasing to you for the upcoming semester. The 20,500 is divided up across fall and spring semesters unless is has not been used then it will be available for use over summer. All other funds will come from a grad plus loan which is a separate FASFA application as well as an additional form through your school (if required).

 

[IowaPT15]

Thanks so much for the help!!