Financial Aid

[Ashley1234]

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When do we need to apply for financial aid/FAFSA for schools?
Shouldn't we get a prospective financial aid package from the schools if and when we gain acceptance on or after December 1?
How does one apply for financial aid for each school? How does it work exactly? Thanks.

 

[jmt1984]

I believe this has been addressed in other threads, but short version:

Financial aid deadlines may vary school to school, but the FASFA deadline is usually around June(I think😕), but the earlier is better. You need to have your tax returns completed first, so make sure you get that done ASAP. Call the schools in question, or better yet, check the websites and information through their financial aid offices for more specifics

 

[4thMolar]

When you go on interviews there will be a financial aid session in which you learn more about how to apply for financial aid and the different type of loan programs that are available. You should fill out the FAFSA and have a copy of your federal tax returns handy. Try to fill it out in Feb/March/Apr if you can, even if you don't know which dental school you will be attending. You can include multiple federal school codes on the FAFSA if that is the case.

 

[Ashley1234]

But isn't cost a factor when picking a dental school?
So shouldnt I know how much I will be paying if I am accepted?

 

[4thMolar]

But isn't cost a factor when picking a dental school?
So shouldnt I know how much I will be paying if I am accepted?

Cost is definitely a factor in picking a dental school. Depending on your financial need and how much you need, there are different type of loan programs available. You will learn all about this at the financial aid session, but here are the typical loans you can get per year:

Subsidized Stafford - $8500
Unsubsidized Stafford - $32,000
Grad Plus - cost of attendance
Health Professions Student Loan - varies

Each has a specific interest rate, but generally speaking, taking out a subsidized stafford is not enough (since it's only 8500), therefore it's necessary to take out loans from these other programs. The Grad Plus has a high interest rate, but if you can get the health professions student loan, right now it's at a low interest rate (5%).

 

[Ashley1234]

How much grant will I get though? lol

 

[4thMolar]

I don't know. I guess it depends on a number of factors such as how early you do the FAFSA, your financial needs, etc. I think for the Health Professions Student Loans, if you do it early enough and provide parental data, you would be able to get more out of it.

 

[Ashley1234]

so when is the earliest you can apply?
do private schools give out more grants than state schools?

 

[4thMolar]

so when is the earliest you can apply?
do private schools give out more grants than state schools?

You can submit the FAFSA early next year whenever you complete your tax returns. As far as whether private schools give out more grants than public schools, you have to check with the schools in question. Some schools may have more scholarships available, but from what I know, all the loan programs are the same and you can only be awarded a certain amount from each program (as I indicated in my earlier post).

 

[spud daddy]

Worry about getting accepted first. Don't worry, you will get all the info you need. Also there are no grants in dental school just loans and scholarships. Usually the scholarships are rewarded annually based on performance. It is easy to think in terms of what the school will loan you but remember, it is the government who is loaning you the money at about 7.9% which sucks but you don't really have a choice. You will have enough to live off of no matter what school you go to. Good luck!

 

[Ashley1234]

There arent any dental schools that give grants? Really?
Scholarships are based on what exactly? Undergraduate grades/stats?