Financial aid

[Breadleee]

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Hey guys so I've been accepted to quite a few schools which is amazing. However, I come from a very low-income household >$20k/yr and in my FA packages I've been receiving literally zero need-based aid from 4 schools so far. Is this normal? One school even told me to take out $82k/yr in loans lol. I've checked my FASFA like 4 times and everything seems to be right. A couple of the schools I've gotten merit scholarships at and that was included but everything else was covered with loans. Is this normal for EFC 0 student to get no need-based aid?

 

[chaim123]

Hey guys so I've been accepted to quite a few schools which is amazing. However, I come from a very low-income household >$20k/yr and in my FA packages I've been receiving literally zero need-based aid from 4 schools so far. Is this normal? One school even told me to take out $82k/yr in loans lol. I've checked my FASFA like 4 times and everything seems to be right. A couple of the schools I've gotten merit scholarships at and that was included but everything else was covered with loans. Is this normal for EFC 0 student to get no need-based aid?

Many schools have very little if any need based aid, and so most COA is covered by loans. The top-tier schools tend to have the money for lots of merid/need based scholarship, which is when your family income status comes into play. But there were many schools i applied to where it was loans all across the board.

 

[KnightDoc]

Many schools have very little if any need based aid, and so most COA is covered by loans. The top-tier schools tend to have the money for lots of merid/need based scholarship, which is when your family income status comes into play. But there were many schools i applied to where it was loans all across the board.

This^^^^. Don't let it discourage you.

It's a small slice of schools at the top that have substantial resources to devote to grants to low income applicants. The good news is, whether you come from a low or high income background, you will be high income several years after you graduate, and you will be able to service your debt. If cost concerns you, hopefully some lower cost IS public schools are among your options. If your EFC=0, there is certainly no mistake in your FAFSA.

 

[Breadleee]

This^^^^. Don't let it discourage you.

It's a small slice of schools at the top that have substantial resources to devote to grants to low income applicants. The good news is, whether you come from a low or high income background, you will be high income several years after you graduate, and you will be able to service your debt. If cost concerns you, hopefully some lower cost IS public schools are among your options. If your EFC=0, there is certainly no mistake in your FAFSA.

Right now I'm having to choose between a IS school and OOS state school. Of course I want to go OOS so it will be about as of ow $15k more in loans a year. Not sure how to value everything. I just went in person to the school a few days ago and spoke with them about matching the same endpoint as my IS school and they said they try to do that and would consider it so hopefully they'll give me some more money on my scholarship.

Theoretically, lets say they give me like $5,000 and it's $10k/yr more in loans do you think that's an amount that's in the land of it's not worth to go there because of money. Because realistically its basically the exact same school, both around 50 on US news if that even means much. If I was lucky and they raised my scholarship by $10k and it's only $5k/yr more in loans that would be something I don't think I would think much about. Would you guys agree with that necessarily? I'm kind of in this alone and like I said I'm not exactly sure how to go about valuing these things.

My priority for the OOS school is that I'd be near my gf since she's attending a school less than 30 minutes away or if she's lucky potentially the same school since she is on the WL at my school too.

 

[Breadleee]

Right now I'm having to choose between a IS school and OOS state school. Of course I want to go OOS so it will be about as of ow $15k more in loans a year. Not sure how to value everything. I just went in person to the school a few days ago and spoke with them about matching the same endpoint as my IS school and they said they try to do that and would consider it so hopefully they'll give me some more money on my scholarship.

Theoretically, lets say they give me like $5,000 and it's $10k/yr more in loans do you think that's an amount that's in the land of it's not worth to go there because of money. Because realistically its basically the exact same school, both around 50 on US news if that even means much. If I was lucky and they raised my scholarship by $10k and it's only $5k/yr more in loans that would be something I don't think I would think much about. Would you guys agree with that necessarily? I'm kind of in this alone and like I said I'm not exactly sure how to go about valuing these things.

My priority for the OOS school is that I'd be near my gf since she's attending a school less than 30 minutes away or if she's lucky potentially the same school since she is on the WL at my school too.

The IS school would be a 10 hour drive from the OOS school for perspective.

 

[KnightDoc]

Right now I'm having to choose between a IS school and OOS state school. Of course I want to go OOS so it will be about as of ow $15k more in loans a year. Not sure how to value everything. I just went in person to the school a few days ago and spoke with them about matching the same endpoint as my IS school and they said they try to do that and would consider it so hopefully they'll give me some more money on my scholarship.

Theoretically, lets say they give me like $5,000 and it's $10k/yr more in loans do you think that's an amount that's in the land of it's not worth to go there because of money. Because realistically its basically the exact same school, both around 50 on US news if that even means much. If I was lucky and they raised my scholarship by $10k and it's only $5k/yr more in loans that would be something I don't think I would think much about. Would you guys agree with that necessarily? I'm kind of in this alone and like I said I'm not exactly sure how to go about valuing these things.

My priority for the OOS school is that I'd be near my gf since she's attending a school less than 30 minutes away or if she's lucky potentially the same school since she is on the WL at my school too.

I HATE telling other people how to spend their money. 🙂

Coming from a low SES background, it is understandable that large amounts of debt are intimidating, and it's foolish to waste money needlessly. That said, as unbelievable as it might seem, a MD degree is going to give you incredible upward mobility, and you WILL be able to pay off whatever you borrow.

Being happier, more comfortable, closer to your GF, etc., will make it more likely that you will do better, which could very well pay amazing dividends in better future opportunities. There is no way to quantify this, or to say it's worth and extra $5k, 10K, whatever. You kind of have to trust your gut.

My advice is to try to get as much money as you can, and then do whatever feels right, without feeling guilty if you don't take the lowest cost option. You have worked your butt off to get to this point, and deserve the path that puts you in the best position to be the most successful, even if it happens to cost a little more. You don't need to justify it to anyone. If you are not comfortable borrowing more than the absolute minimum, then go with that. Good luck!!!