financial aid

[hetch]

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I have been visiting this forum for awhile and find myself in need of some specific advice regarding financial aid. I am a non-traditional student, and will be completing my prereqs this winter. I will be applying next application cycle.

I am incredibly nervous about the impact of veterinary medicine on my future financial security. I would prefer to not go into much personal history publicly (but am happy to discuss the specifics privately), but I am in a situation that I believe may jeopardize my ability to obtain loans. Briefly, I have a parent with dementia; my other parent is the guardian and power of attorney. I am estranged from the parent who is guardian. My ill parent signed over EVERYTHING to this parent (much longer after the diagnosis, but that's a whole other can of worms). Additionally, this parent now has a very substantial amount of money, definitely enough that would disqualify me from financial assistance.

I believe, if I understand correctly, I will qualify for the Federal Direct Loan of about $40,000. However, I will not have a parent who will sign for it. Is this required? I will not qualify for anything other than private loans to compensate for the rest of my need (my in-state school is expensive) and I am very reserved about private loans. I have a friend in the private-loan business who discourages me heavily from going this route.

I am wondering if anyone knows if schools (or the government) will make an exception for unique circumstances like this when it comes to obtaining the additional government loans? I have loads of proof of estrangement. And please, before anyone suggests that I suck it up and repair the relationship, please understand that it is with great reason this has occurred and repair really isn't an option.

I am very hesitant to contact schools because I am fearful of being placed on some kind of "problem-causing" list. I know this is something I could discuss after acceptance, but the truth is that the financial insecurity I am feeling is enough to potentially cause me to change careers. That is a heartbreaking notion, but I have done exceptionally well in my courses and believe I would have other options in a more financially rewarding (but much less emotionally rewarding) career.

If I had considered these concerns a year ago, I would have said, "Whatever, I could live in a shoe box for the rest of my life." However, now, I am very worried that I do not have a cent to my name and may possibly be in way over my head financially. I worry that this will prevent me from ever buying a practice, starting a business, retiring, etc. I often hear veterinary medicine referred to as a "luxury field" (which I don't buy at all, it's incredibly necessary), which makes me nervous because I have no financial security.

So, I guess this post is wondering about two things: Has anyone gone through the financial aid process with similar circumstances (no parent to sign, not qualified for loans)? Also, I know we all have similar financial concerns, so I am wondering how you justified taking this plunge? I know that this is a fulfilling dream, but practically speaking, can a person (who attends veterinary school at today's cost) provide a comfortable future in this career? Has anyone decided against pursuing vet school for now and trying to earn money in another field to have a "buffer" before school? I am currently working (and have been) but my salary is nothing to write home about. I have recently considered getting a real estate license and selling real estate for a few years (which I believe I would be good at) to make some extra money.

 

[cowgirla]

How old are you?

For veterinary school, the gist of it is that you gauranteed loans up to the cost of attendance. You are considered independent as a graduate student, and do not need to enter any parental info on the FAFSA (unless you want to apply for HPSL loans, which arent usually that big).

So really, I don't see why you would need a parent to cosign?


Most of the time it breaks down into 32,000 Unsub Stafford, 8500 sub stafford, and you can take the rest of the cost of attendence out in
"grad plus" loans. I'm 23 and did not need a cosignor for anything. I did not need to supply parent financial info, etc. I barely made minimum wage the last year I worked, and that did not affect anything either.


I'm sure someone more money savvy will come along and explain better, but those are my initial thoughts.

 

[rileydog]

How old are you?

For veterinary school, the gist of it is that you gauranteed loans up to the cost of attendance. You are considered independent as a graduate student, and do not need to enter any parental info on the FAFSA (unless you want to apply for HPSL loans, which arent usually that big).

So really, I don't see why you would need a parent to cosign?


Most of the time it breaks down into 32,000 Unsub Stafford, 8500 sub stafford, and you can take the rest of the cost of attendence out in
"grad plus" loans. I'm 23 and did not need a cosignor for anything. I did not need to supply parent financial info, etc. I barely made minimum wage the last year I worked, and that did not affect anything either.


I'm sure someone more money savvy will come along and explain better, but those are my initial thoughts.

Yes, this is how I understand it as well. Cost of attendance is determined by the school and includes tuition, books, supplies and housing (I think). One thing to consider is that the grad plus loans require good credit. If you don't have good credit, I think you may need a parent with good credit. If you call up the financial aid office for vet schools, I don't think you have to provide them with your name or other personal identifying things to ask some general questions.

 

[quantized]

All graduate students are considered non-dependents. All I needed were my tax returns from the year before and I was fine (and I'm a financial paperwork ******). They'll offer you the full amount and you can accept all of it or only what you need.

It's good to realize vet school is an enormous cost. In-state tuition defrays a lot of the cost, so it is important to recognize that your in-state or a school where you can get in-state after the first year is a fiscally responsible decision. I did work and save up while taking my pre-reqs, and that will defray a good portion of debt for me, and I've liquidated most of those assets to pay for my first year of school. Debt is terrifying, especially when you realize that 4 years of a school that can put you upwards of $200k+ in debt for a job with a starting salary that isn't much better than many jobs straight out of college. There are programs that offer loan forgiveness and you can get scholarships that do help.

Personally, I'm meeting with a financial advisor to map out a plan for all this stuff so that I have 1) a true scope of what it will take to repay my debt and 2) a reasonable budget for my living expenses for the entirety of my schooling without resorting to credit card debt. My goal is to be quickly debt free (where quickly is relative....5 years I hope) after I start working so that I can start working on a 401(k) and so that I'll be able to retire at a reasonable time and with a comfortable cushion of money.