Financial Aid...

[freshbeatschris]

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Does anyone know if I can apply for financial aid at a school before being officially accepted? If my resources are correct, I should apply for governmental financial aid around January 1st, 2006, but I won't be invited for an interview until the end of February. The interview is in March, and I won't know if I'm accepted until some time after that. Will FAFSA just hold on to my paperwork until I hear word?

Do you know if I will automatically be denied for subsidized loans because I already hold a bachelors degree?

Does this financial aid stuff scare anyone else? I've never had to do this before. I've just held 1,2, or 3 jobs while going to school to finance tuition, but I don't think I can swing that in pharm school.

What are the best private options for loans?

Thanks in advance for any advice.

Chris

 

[ndearwater]

Does anyone know if I can apply for financial aid at a school before being officially accepted? If my resources are correct, I should apply for governmental financial aid around January 1st, 2006, but I won't be invited for an interview until the end of February. The interview is in March, and I won't know if I'm accepted until some time after that. Will FAFSA just hold on to my paperwork until I hear word?

Do you know if I will automatically be denied for subsidized loans because I already hold a bachelors degree?

Does this financial aid stuff scare anyone else? I've never had to do this before. I've just held 1,2, or 3 jobs while going to school to finance tuition, but I don't think I can swing that in pharm school.

What are the best private options for loans?

Thanks in advance for any advice.

Chris

I know that having a bachelor's degree will not affect your eligibility for subsidized loans. Your Estimated Family Contribution determines that. No matter how much money you or your spouse or family makes, you are eligible for $31K per year from Federal Student Loans. The subsidized maximum (which is $8,500) is the only thing affected by EFC. Even if you qualified for zero subsidized, you would get the entire 31K in unsub.
You can begin FAFSA on January 2nd. No need to wait for an acceptance.
Sorry... I don't know much about private loans. But I hope that what I know so far can help you!
Oh yeah, Financial Aid is scary but don't worry

 

[crossjb]

...

 

[freshbeatschris]

I know that having a bachelor's degree will not affect your eligibility for subsidized loans. Your Estimated Family Contribution determines that. No matter how much money you or your spouse or family makes, you are eligible for $31K per year from Federal Student Loans. The subsidized maximum (which is $8,500) is the only thing affected by EFC. Even if you qualified for zero subsidized, you would get the entire 31K in unsub.
You can begin FAFSA on January 2nd. No need to wait for an acceptance.
Sorry... I don't know much about private loans. But I hope that what I know so far can help you!
Oh yeah, Financial Aid is scary but don't worry

Thank you So Much for this info. If I can get $31K a year from the government, that should cover the whole thing. I shouldn't need any private loans. My income while I am in school will be right around $0, so I'm thinking I can get all of the unsubsidized $8500.

Rock On!!!

 

[jky007]

yeh i'm also worried about financing my pharm educ. i heard about the 31k from others as well. i'm worried about the fact that they look at your parents' tax returns the first year since my parents can't help me out... has that ever affected anyone? have ppl still been able to get the amounts needed?

 

[ndearwater]

yeh i'm also worried about financing my pharm educ. i heard about the 31k from others as well. i'm worried about the fact that they look at your parents' tax returns the first year since my parents can't help me out... has that ever affected anyone? have ppl still been able to get the amounts needed?

I was told by the financial aid department at Nova that if you are 24 or older, you will be considered INDEPENDENT. Which means your parents are not expected to make any contribution (but your spouse would be). Even if you are DEPENDENT for some reason, which I didn't think was possible if you are in professional school (like that automatically makes you independent), you'll still qualify for $31K total yearly.

 

[DHG]

I was told by the financial aid department at Nova that if you are 24 or older, you will be considered INDEPENDENT. Which means your parents are not expected to make any contribution (but your spouse would be). Even if you are DEPENDENT for some reason, which I didn't think was possible if you are in professional school (like that automatically makes you independent), you'll still qualify for $31K total yearly.

This is technically true, but if you happen to be 24, you get screwed... Even if you claim yourself as independent, and no one else claims you... they pull this thing where you are still denied independent status because they can only go on the records from the previous year, so you don't end up seeing all the advantages to being declared independent until you are 25... I know this sounds like a load of crap, but it's true. It's wierd and I don't remember much of the details, I just remember thinking "Well crap... that sucks" that particular year.

Anyone else remember what I'm talking about from when they were 24 and doing Tax returns/student loans?

 

[freshbeatschris]

I was told by the financial aid department at Nova that if you are 24 or older, you will be considered INDEPENDENT. Which means your parents are not expected to make any contribution (but your spouse would be). Even if you are DEPENDENT for some reason, which I didn't think was possible if you are in professional school (like that automatically makes you independent), you'll still qualify for $31K total yearly.

I guess it doens't matter for me then. I'm 30. My parents are retired. And social security barely keeps them healthy and keep the house standing. I'm just happy that there will be no need for private loans.

Chris

 

[bananaface]

You can put multiple schools on the FAFSA. You have to. Only if you are admitted does the school process the application. But, it still has to be submitted by February 1.

If your school classifies you as a professional student, you may be able to go the FA office and ask for your aid amount to be upped even though they say you don't have need. You'd have to check with your individual school to determine their policy.

 

[starsweet]

So should we start filling out FAFSA even if we haven't gotten any acceptances yet? Or is it okay as long as it's submitted by February 1?

 

[illusions]

So should we start filling out FAFSA even if we haven't gotten any acceptances yet? Or is it okay as long as it's submitted by February 1?

Yes I would go ahead and fill out the fafsa for the schools that you have applied to. Once accepted, they will already have it and can immediately start processing

 

[MaybeCO2010]

What's the difference between subsidized and unsubsidized?

 

[Moxxie]

What's the difference between subsidized and unsubsidized?

Subsidized loans are loans that don't accrue interest while you're in school. (In effect, the government pays the interest - they are "subsidizing" your education). Unsubsidized loans begin accruing interest as soon as you get them, even though you don't have to pay for them while you're in school.

While subsidized loans are obviously better, they are harder to get and you can take out more in unsubsidized loans than subsidized. If you get unsub loans, it's a good idea to try and pay off the interest as it accrues if you can. You'll end up paying less in interest in the long haul.

I have WAY too much in student loans as it is (not looking forward to more), but I was lucky to be able to get them consolidated last year when the rates were still very low.

 

[sarahjth]

I am using Wells Fargo's MedCap private loans for all medical fields. It has a much lower interest rate than many student loans.

 

[mattc_85]

Is the 2006-2007 FAFSA even online now?

 

[SpOrTsChIc]

I thought that the due date for FAFSA was May 1st, and you could start filling out the application on January 1st.