Financial Aid!!

[sdbabe2884]

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Hi all,
I was recently accepted into PT school and am now freaking out a bit about the next step.... PAYING for everything! 😱 I have already filled out the FAFSA for 2011-2011 and have started looking around for various private scholarships. What else can I be doing to ensure I do not have problems covering the costs for this year? Do I need to already be in contact with a financial aid counselor from my institution? Thanks for any help!!

 

[markelmarcel]

School debt can be intimidating, but I'll tell you what I've been doing.

I also filled out my FAFSA and my EFC was $0 - which means I *should* be able to get all my money from federal loans of some kind (or at least that is what I have been led to believe). My school actually sent me a letter that was a timeline of when I should expect certain things from them, and my financial letter should come in June. Maybe you could call/email the financial aid office of your school and inquire about when the award letters will be sent out, so you know when to expect it and if you don't receive it by a certain time you can call.

Also, I have been saving money like crazy. Lucky for me, I am working a full-time job and living at home with my parents and I have been putting money away since this job started (in September) with the exception of spending a little here and there (first time I've ever had a job that paid more than minimum wage) I have now locked into putting away around 60% of my paycheck each pay... As well as taking my tax return and putting it straight into savings for school. I've saved a few thousand and although it's not ideal, it's better than no money at all... and I intend on keeping it up until my job ends in July.

All I can say is, don't starve yourself (literally and also with life in general) as we won't have much free time when school comes, but really try to be frugal with your spending now to try to save as much as possible. Even if the money you save buys you your books and nothing else, it's worth it, in my opinion. 🙂

 

[sdbabe2884]

Thank you so much for your reply! I am also working at full-time job, but when I filled out my FAFSA my EFC was around $10K. I will NOT be working this job when I begin the program, so my income will decrease to next to nothing. How do schools/financial aid lenders take this into consideration??

 

[Eforma]

Thank you so much for your reply! I am also working at full-time job, but when I filled out my FAFSA my EFC was around $10K. I will NOT be working this job when I begin the program, so my income will decrease to next to nothing. How do schools/financial aid lenders take this into consideration??

I'm in the same situation. I wonder what is going to happen because my EFC is not something I can actually afford next year. I just really hope I don't have to turn toward private loans. Also, does anyone know what the likelihood of getting grants from schools is when you have an EFC other than $0? I'm worried that I won't be eligible for ANY free money 🙁

 

[Quenchaid]

Thank you so much for your reply! I am also working at full-time job, but when I filled out my FAFSA my EFC was around $10K. I will NOT be working this job when I begin the program, so my income will decrease to next to nothing. How do schools/financial aid lenders take this into consideration??

You will have to alert your Financial Aid office at your school that your income has changed, and they should adjust your EFC.

 

[Quenchaid]

I'm in the same situation. I wonder what is going to happen because my EFC is not something I can actually afford next year. I just really hope I don't have to turn toward private loans. Also, does anyone know what the likelihood of getting grants from schools is when you have an EFC other than $0? I'm worried that I won't be eligible for ANY free money 🙁

As far as I know, there is no such thing as free money for Graduate school. Pell Grants etc. only apply to undergrad. After thats it's a mix of subsidized (Stafford I think) and unsubsidized (Graduate PLUS) to pay for the show.

 

[arvest25]

The stafford loans I will receive will cover my tuition, but I need $$$ for living expenses. Are there any loan companies you guys would recommend for this? Thanks

 

[markelmarcel]

Thank you so much for your reply! I am also working at full-time job, but when I filled out my FAFSA my EFC was around $10K. I will NOT be working this job when I begin the program, so my income will decrease to next to nothing. How do schools/financial aid lenders take this into consideration??

I'll be in the same situation too, I sort of set up my finances to look like I had none... (aka I gave all "my" money to my parents so it's not in "my" name.)

 

[Quenchaid]

The stafford loans I will receive will cover my tuition, but I need $$$ for living expenses. Are there any loan companies you guys would recommend for this? Thanks

I would start with Graduate PLUS loans, look at the rates and definitely definitley note that you are no longer in subsidized territory anymore. These buggers (unsubsidized) will increase based on interest rates while you are in school. If you see the term variable, don't walk, RUN. My sister did hers through Sallie Mae. I'd check out what Bank of America, Citi etc. have to offer rates wise. Check the bank you are currently with.

On a side note, these loans will depend on your credit score so if you have a bad credit score I would pay down some credit card debt ricky tick.

 

[track11]

Check out Citi to cover your tuition and have your parents co-sign if they have good credit. Believe it or not, my undergraduate loan through Citi has an APR of 2.8% (unheard of!). I'm going through Citi again to pay for graduate school and consolidate undergrad and grad tuition. After one or two years of making your monthly payments, your parents can be dropped from the loan. On top of that, I've had really good customer service with Citi! Contrary to what it sounds like, I am not a Citi sales rep. lol!

 

[jbizzle]

Im filling out my FASFA now and when it asks if I want to enter my parents information...what would you guys suggest I do. I'm 25 now and they do not give me money at all. The FAFSA states that for Health Professions parent information may be necessary....did you guys enter your parents information on it?

 

[arvest25]

Im filling out my FASFA now and when it asks if I want to enter my parents information...what would you guys suggest I do. I'm 25 now and they do not give me money at all. The FAFSA states that for Health Professions parent information may be necessary....did you guys enter your parents information on it?

I didn't.....

 

[dlizzy]

Does anybody know any good websites or resources to find scholarships? I have been looking on fastweb.com and looked on the financial aid pages of the schools I applied to, but have only found a select few that apply to me or the PT field. Does anybody know of any health/PT related scholarships or a website that has information or links to local/private scholarships?

 

[markelmarcel]

I didn't.....

Me either... and they also asked me if I wanted to elect to tell more about my specific finances and I said no! Haha. I figure if I have the option to say "no" I'm taking it!

 

[markelmarcel]

I got my financial aid letter today... They are willing to give me about 1000 more than what my tuition/fees will be... I may just take them up on the full-amount and get the $500 refund check to use for books or something...

Almost $8500 in subsidized and then the rest (almost 12k) in unsubsidized. Wonder the interest will be like when I dive into this further...

Also, I almost crapped my pants because it told me in big bold red letters I would need to come up with 20k out of pocket! 😱😱😱 Then, I realized they put all these non-tuition/fees related estimated amounts into my grand total-- including 6900 for "miscellaneous" expenses!! Ha! I don't think so! Oh, and about 150 in "bank fees" - I suppose they think I'll be so poor, I'll be more apt to overdraw my account 😉

 

[MadTownDPT]

The government loans will cover my tuition and books, but they won't provide enough to cover living expenses. How do most students pay for rent, food, etc.? Private loans? Do I just walk into a bank and ask for ten grand? 🙂

 

[PTapp]

The government loans will cover my tuition and books, but they won't provide enough to cover living expenses. How do most students pay for rent, food, etc.? Private loans? Do I just walk into a bank and ask for ten grand? 🙂

You should then apply for a GRAD Plus loan. That is what I do to cover my living expenses.

 

[PTapp]

Im filling out my FASFA now and when it asks if I want to enter my parents information...what would you guys suggest I do. I'm 25 now and they do not give me money at all. The FAFSA states that for Health Professions parent information may be necessary....did you guys enter your parents information on it?

I never enter their info on my FAFSA application. It is stupid for them to ask for parent's financial information when we live at a different apt. and do not receive finaid from them.

 

[markelmarcel]

The government loans will cover my tuition and books, but they won't provide enough to cover living expenses. How do most students pay for rent, food, etc.? Private loans? Do I just walk into a bank and ask for ten grand? 🙂

Haha, pretty much! Most banks (aka "private lenders") have school loans- just like they have mortgage loans, car loans, etc. 🙂

 

[One More Rep]

Has anyone gotten a financial aid award letter yet? I haven't heard anything from my school yet. I am trying to figure out what my "cost of attendance" will be, but I have no clue. Is it true that you can only borrow from Stafford and Grad PLUS up to the cost of attendance? I have a feeling my expenses will exceed that amount.

 

[johncronejr]

My award letter is being held up due to the fact that until I actually graduate I am "conditionally accepted" to PT school. But I don't foresee any problems. Graduation is just 19 days away!! I then have 110 days off until PT classes start.

I will be taking out the full amounts on federal loans and should be okay since my state PT school is not very expensive. I can't fathom having to pay for a school like USC or such.

 

[jbizzle]

I just filled out my Student loan entrance interview. Now I have to sign a master promissory note. Does this mean once I sign the MPN for this school, that I am committed on attending this institution. Or can I sign this MPN for now (so my loan can be processed on time) and if I happen to get off the waitlist or accepted to another program and decide to attend that program over this one, can I sign another MPN then or do I have to absolutely wait until I know 100% where Im attending before signing thie MPN.

Sorry, I know I should contact my school, I honestly tried but they weren't very helpful.

 

[arvest25]

Jbizzle, did you finally accept an offer? if so, where to?

 

[jbizzle]

Jbizzle, did you finally accept an offer? if so, where to?

Im still waiting but just doing the necessary paper work ahead of time just in case.

 

[markelmarcel]

I just filled out my Student loan entrance interview. Now I have to sign a master promissory note. Does this mean once I sign the MPN for this school, that I am committed on attending this institution. Or can I sign this MPN for now (so my loan can be processed on time) and if I happen to get off the waitlist or accepted to another program and decide to attend that program over this one, can I sign another MPN then or do I have to absolutely wait until I know 100% where Im attending before signing thie MPN.

Sorry, I know I should contact my school, I honestly tried but they weren't very helpful.

Well, when I did my MPN it asked what school I wanted the info sent to, so I picked the school I'm attending-- I would do that and then maybe check to see if there is a way to "Update" your MPN (to change the school) or if you'll be required to fill out a new one...

 

[markelmarcel]

Has anyone gotten a financial aid award letter yet? I haven't heard anything from my school yet. I am trying to figure out what my "cost of attendance" will be, but I have no clue. Is it true that you can only borrow from Stafford and Grad PLUS up to the cost of attendance? I have a feeling my expenses will exceed that amount.

I got mine awhile ago (I posted about it earlier in this thread). My "estimated cost of living" was almost $20,000! Ha. Clearly, they don't know that I play the poor college girl bit quite well!

If you go to studentloans.gov you can get all the information you need there. (Specifically Direct Loans Overview and then choose student) It was really helpful to me, although I love how they just tell you 7,000 times about how you can begin to pay the interest (on unsubsidized) so it doesn't capitalize but they never tell you HOW you begin to do so... I'm assuming more specific information will come?

I'm not sure what people are doing beyond cost of attendance- I've been working full time (and saving like mad) and will also collect unemployment for a little bit when I lose my job (how perfect that the company I'm at will be "downsizing" and I'll be losing my position just in time to start PT school! A total blessing!!!!) and I'm also living with my SO who has agreed to take on the brunt of our bills as we're closing on a house in the next 2 weeks.

 

[One More Rep]

I got mine awhile ago (I posted about it earlier in this thread). My "estimated cost of living" was almost $20,000! Ha. Clearly, they don't know that I play the poor college girl bit quite well!

What is your total "cost of attendance"? I have no idea how to predict this number, so I guess I just have to wait to hear from my school!

 

[Yohan]

Are most people going with the Grad Plus loan (a fixed rate of 7.9%, which seems a little high, but it is what it is) for living expenses, or are you going with a private lender? I've been searching around a bit and most private lenders (Wells Fargo, Fannie Mae, etc.) have variable rates which, like a previous poster said, I'm not to fond of. So I guess what I'm asking is has anyone found a lender that offers a fixed rate less than 7.9%?

 

[jbizzle]

Wait, you cant collect unemployment while receiving financial aid....can you???

 

[G00se]

Wait, you cant collect unemployment while receiving financial aid....can you???

No you can't collect unemployment. They will ask if you are enrolled in school when applying for benefits.

 

[markelmarcel]

What is your total "cost of attendance"? I have no idea how to predict this number, so I guess I just have to wait to hear from my school!

Um for the first year it's like $19,000 and some odd hundred. Basically it was tuition for 2 semesters and then the semester "fees". And nothing for room/board because I'm living off campus.

Mine looked like this:

Housing Status:Off CampusEnrollment Status:Full TimeEFC:0.00Estimated Tuition:19,260.00Estimated Fees:730.00

It depends on how your school divides up the terms (for instance I will get 4 award letters fall/spring, summer/fall, spring/summer, and then fall) and what the semester tuition is...

You'll probably just have to wait to see! Aggrivating, but you'll know soon (I hope!)

 

[markelmarcel]

No you can't collect unemployment. They will ask if you are enrolled in school when applying for benefits.

from the UC website:

"The PA UC Law does not disqualify you for benefits simply because you are a full or part-time student."

"You may not be eligible for UC Benefits if you quit your job to enroll in an academic credit training program.
There is no requirement that you must be available for full-time or permanent work."

--I am not quitting my job because of school, my position is set to be eliminated due to downsizing in the company. I took the job because it was a temporary job that was supposed to turn permanent. If I was given the offer for the permanent job, then yes I would've quit/not been able to collect. However, they have decided to just let my position run out without replacement.

 

[NoleGirl4DPT]

Is it better to wait until you've received a financial package from your school or to go ahead and fill out a GradPlus loan? I don't really have any experience with filling out loan apps, so I'm kind of confused. Any advice would be greatly appreciated 🙂

 

[PTapp]

Is it better to wait until you've received a financial package from your school or to go ahead and fill out a GradPlus loan? I don't really have any experience with filling out loan apps, so I'm kind of confused. Any advice would be greatly appreciated 🙂

No, do it along with stafford loans to save time. You can always adjust how much Grad Plus loan you would like to receive after receving your award letter.