financial aid through FAFSA?

[o0rikio0o]

are any of you med students getting financial aid through fafsa? i just filled out my application for my MS1 year and was wondering how generous they are with it. i know its based on need, but i would like to hear opinions from those who have applied and received aid through it (no matter how little or how plenty).

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[ZagDoc]

My school adjusted my EFC down to zero and I actually turned down 8k this year. You'll get whatever you need to cover tuition plus living expenses, but most of it will be stafford unsubsidized.

 

[lilnoelle]

My understanding is that even if the government says you are capable of paying some of your tuition/fees, it just reduces the amount of subsidized loans you can get. You still get the stafford loan, it will just be unsubsidized.

 

[o0rikio0o]

thanks for the replies. so from what i understand, the stafford unsubsidized loan rates are pretty good compared to other educational loans.... but how good are they? just a bit? or big time difference?

 

[lord_jeebus]

thanks for the replies. so from what i understand, the stafford unsubsidized loan rates are pretty good compared to other educational loans.... but how good are they? just a bit? or big time difference?

The interest rates are somewhat better.

Another major advantage is that if you die, your next of kin will not be responsible for any remaining Stafford debt, unlike private loans.

 

[lilnoelle]

thanks for the replies. so from what i understand, the stafford unsubsidized loan rates are pretty good compared to other educational loans.... but how good are they? just a bit? or big time difference?

6.8% fixed rate for Stafford
8.5% fixed rate for Federal Plus loans

 

[TMP-SMX]

My understanding is that even if the government says you are capable of paying some of your tuition/fees, it just reduces the amount of subsidized loans you can get. You still get the stafford loan, it will just be unsubsidized.

Close but as long as your cost of attendance is over 17k and your EFC is less than 8500 you will get the full 8500 in subsidized stafford loans.

COA-EFC=Possible subsidized loans up to 8500 in staffords.

 

[Sol Rosenberg]

Another major advantage is that if you die, your next of kin will not be responsible for any remaining Stafford debt, unlike private loans.

This is not exactly true. Debt becomes part of the estate upon the death of the borrower. The estate must pay its debts from its assets (in a process governed by state probate law.) If this is what you meant by "the next of kin would not be responsible for any remaining Stafford loan debt," that is somewhat misleading. If the estate has no assets, it is bankrupt (there is probably a special legal term for that) and the debt will not be paid. I would guess that this is the most likely case for someone who is borrowing to pay for his.her education, but I may be assuming too much. None of the next of kin signed the promissory note, therefore, they cannot be held responsible for paying back the debt.

But, you are correct that with Stafford loans, the loan is automatically discharged upon death of the borrower, so that IS one less debt that the estate has to deal with.