Financial Aid

[BladeofGrass]

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Sorry if this topic is often repeated--I couldn't find a financial aid thread in the Pre-Vet forum. If there is one, feel free to direct me there 😳

I've read in other forums that you receive "financial aid packages" when you submit the FAFSA to a few schools, and the packages might include gift aid. I ignorantly assumed that the financial consisted only of the Stafford loan, plus or minus the Grad Plus loan, but I didn't know that merit/gift aid could be offered. Is this true for some/all schools? Is this based on parent (income) information, merit, or something else? 😕

This leads me to my second question: according to the FAFSA putting in my parent information is optional. What are the benefits and drawbacks to adding my parents information?

 

[orcagirl]

Sorry if this topic is often repeated--I couldn't find a financial aid thread in the Pre-Vet forum. If there is one, feel free to direct me there 😳

I've read in other forums that you receive "financial aid packages" when you submit the FAFSA to a few schools, and the packages might include gift aid. I ignorantly assumed that the financial consisted only of the Stafford loan, plus or minus the Grad Plus loan, but I didn't know that merit/gift aid could be offered. Is this true for some/all schools? Is this based on parent (income) information, merit, or something else? 😕

This leads me to my second question: according to the FAFSA putting in my parent information is optional. What are the benefits and drawbacks to adding my parents information?

So putting in your parents' information is only helpful if you go to a school that allows some students (a very small number of them) to get the health professions loan. It has a lower interest rate than the Stafford loans. I don't know of any drawbacks of putting in your parents' information, but I could be wrong. You'll be able to get what you need in loans whether their information is there or not. Also I don't know anything about the gift aid.

 

[Easnadh]

If your school allows for the health professionals loan, you have to enter your parents information on the FAFSA. However, all scholarships and other federal aid will not use your parental information if you qualify as an independent student, which you will as a graduate student. I was concerned about this myself and spoke with the financial aid office at CSU. The only thing your parents information is relevant for is the HPL.

 

[bwestner]

SDN garbled my post and I don't feel like retyping it.

 

[vickers]

I'm going to highjack this thread to ask if I should still fill out a FAFSA if I didn't get any acceptances, but am waitlisted at 2 schools (both OOS, which is supposed to cycle through the waitlist faster but who knows). I don't know if I'll be going to vet school, but would it be a problem to fill out the FAFSA and send it to those 2 schools even if I have no idea if I'll ever get in?

 

[orca2011]

I'm going to highjack this thread to ask if I should still fill out a FAFSA if I didn't get any acceptances, but am waitlisted at 2 schools (both OOS, which is supposed to cycle through the waitlist faster but who knows). I don't know if I'll be going to vet school, but would it be a problem to fill out the FAFSA and send it to those 2 schools even if I have no idea if I'll ever get in?

I did it for the schools I was waitlisted for just in case. It was one less thing I'd have to do later. That being said, I didn't do it for Penn since I had been rejected at the time and submitted it for them sometime in May and still got my loans, including the Perkins and Health Professionals loan so you would probably be okay.

 

[dvmdreamer]

I'm going to highjack this thread to ask if I should still fill out a FAFSA if I didn't get any acceptances, but am waitlisted at 2 schools (both OOS, which is supposed to cycle through the waitlist faster but who knows). I don't know if I'll be going to vet school, but would it be a problem to fill out the FAFSA and send it to those 2 schools even if I have no idea if I'll ever get in?

Iowa State requested that we fill out our FAFSA if we were waitlisted, so I went ahead and filled it out for all three schools I am waiting on. Mizzou won't even be letting in state students know their acceptance status before the FAFSA deadline!

To further hijack, does anyone know if you get to see your financial aid award package before you make a decision if you are called off a waitlist? The two OOS schools I am waiting on allow health professional loans, and getting those will be a major deciding factor in me being able to attend an OOS at all.

 

[orca2011]

Iowa State requested that we fill out our FAFSA if we were waitlisted, so I went ahead and filled it out for all three schools I am waiting on. Mizzou won't even be letting in state students know their acceptance status before the FAFSA deadline!

To further hijack, does anyone know if you get to see your financial aid award package before you make a decision if you are called off a waitlist? The two OOS schools I am waiting on allow health professional loans, and getting those will be a major deciding factor in me being able to attend an OOS at all.

Erm...I'm trying to remember but I don't think I did for Ok State and Illinois. I actually was only given like 48 hours to decide if I was going to accept or not for Ok State.

 

[orcagirl]

Iowa State requested that we fill out our FAFSA if we were waitlisted, so I went ahead and filled it out for all three schools I am waiting on. Mizzou won't even be letting in state students know their acceptance status before the FAFSA deadline!

To further hijack, does anyone know if you get to see your financial aid award package before you make a decision if you are called off a waitlist? The two OOS schools I am waiting on allow health professional loans, and getting those will be a major deciding factor in me being able to attend an OOS at all.

I didn't get to see an aid package before accepting and I wasn't waitlisted. We didn't hear until June.

 

[dvmdreamer]

Erm...I'm trying to remember but I don't think I did for Ok State and Illinois. I actually was only given like 48 hours to decide if I was going to accept or not for Ok State.

Okay thanks 🙂 I knew the time allowed to make a decision was really short, that's why I was wondering.

The money factor is really scaring me, and I'm starting to feel I can't justify the OOS expense at the moment. I'm honestly contemplating declining my waitlist statuses to try again at my IS next year (if I don't get in this year) and try to make lots of money in the mean time, rather than to find out in May or June I need to be ready to move in a month and not be financially prepared (I have been working only part time for the first time in my life since Aug. to finish my degree )! But then if I have a change of heart by October and want to try OOS again (hopefully with savings/reduced undergrad debt this time), I don't want it to look bad for me. If I knew I was going to get a lot of subsidized loans or the scholarship for disadvantaged students that Illinois offers, it would seem more doable. In theory.

 

[dvmdreamer]

I didn't get to see an aid package before accepting and I wasn't waitlisted. We didn't hear until June.

Really??? I wasn't aware of that. I thought they let you know first. Wow, that makes it an even tougher decision then for those who have multiple acceptances!

This whole process seems like such a gamble. There's no way to know then which school is actually a better financial decision for us.

 

[Emiloo4]

Really??? I wasn't aware of that. I thought they let you know first. Wow, that makes it an even tougher decision then for those who have multiple acceptances!

This whole process seems like such a gamble. There's no way to know then which school is actually a better financial decision for us.

I filled out my FAFSA in February and didn't hear a peep until August 🙄
I think it depends on the school though. I think other people had more info earlier on. You'll basically get 40,500 plus whatever grad plus loan amount you qualify for.

 

[dvmdreamer]

You'll basically get 40,500 plus whatever grad plus loan amount you qualify for.

Yeah, but if I am awarded, say, $20,000 in Perkins and Health Professional loans per year at U of Il versus entirely Stafford/PLUS, that is the difference of almost $10,000 in accrued interest just in the 4 years I'm in school (IF I take the full COA), and over $45,000 in a 15 year repayment. And then if I were awarded a disadvantaged student scholarship on top of it...

 

[orcagirl]

Really??? I wasn't aware of that. I thought they let you know first. Wow, that makes it an even tougher decision then for those who have multiple acceptances!

This whole process seems like such a gamble. There's no way to know then which school is actually a better financial decision for us.

I knew I could get loans to cover it, but I didn't know about anything else. I couldn't even apply for school scholarships until I accepted.

 

[hygebeorht]

I think that choosing a school assuming you'll be taking only the most basic loans for everything is probably the best bet. If you get favorable loan packages and gift aid afterward, that's gravy.

If you choose a school ASSUMING you'll get those perks, and you don't, then you're hosed.

 

[cowgirla]

Yeah, but if I am awarded, say, $20,000 in Perkins and Health Professional loans per year at U of Il versus entirely Stafford/PLUS, that is the difference of almost $10,000 in accrued interest just in the 4 years I'm in school (IF I take the full COA), and over $45,000 in a 15 year repayment. And then if I were awarded a disadvantaged student scholarship on top of it...

I've never heard of anyone getting more than 4 or 5K from HPSL. Most of the time it seems to be more in the 2K range. And I wasnt even aware that grad students could qualify for Perkins, but they've got a pretty low max/year as well - 5500, maybe?

Basically, I wouldn't make a decision on the assumption that you will get certain loans/interest rates/scholarships.

 

[dovelover]

Pretty sure the only financial aid vet students qualify for are direct unsubsidized loans and grad plus loans, and HPSL for a lucky few, but that usually only amounts to a few thousand... As far as I know we can't get perkins or subsidized loans.

You'll basically get 40,500 plus whatever grad plus loan amount you qualify for.

That's the second time I've heard 40,500 mentioned (ohio state said we'd get 40,500/year in direct loans too). But the federal aid website says the max you can get in direct loans is 20,500/year. Is there something I don't know about? Have all current vet students been eligible for $40,500 in direct loans a year? Because that would be really nice...

Hmmm... I just found a note on the site that says grad and professional students in certain health professions may receive higher direct loan amounts (than the 20,500 limit)... I guess that includes vet students then?

 

[BulldogMS]

Dovelover, yes, from what I'm aware of, and able to receive, all 28 US schools offer $40,500/yr to vet students for years 1, 2 & 3 and $47,167.00 for year 4. That's the Fed Direct unsubsidized Stafford loan. Interest rate fixed: 6.8%. Aggregate limit: $224,000.

If you need more, for living expenses associated with your education, there's the Federal Direct Grad Plus loan. The interest rate is 7.9% and there's no aggregate limit.

 

[dvmdreamer]

I've never heard of anyone getting more than 4 or 5K from HPSL. Most of the time it seems to be more in the 2K range. And I wasnt even aware that grad students could qualify for Perkins, but they've got a pretty low max/year as well - 5500, maybe?

Basically, I wouldn't make a decision on the assumption that you will get certain loans/interest rates/scholarships.

Thanks for the numbers on the loans, I had no idea what the typical amounts were. 🙂 And yeah, I guess those aren't enough to make a significant difference, but still, every drop in the bucket...

I definitely will not make a decision on the assumption I would get the loans. That was the point I was trying to make- if we knew what the financial aid package was before making a decision, it might allow for consideration of schools whose COAs seem unjustifiable otherwise.

So it looks like I may pull off at least one waitlist based upon that lack of knowledge. I don't want to wait until (if, obviously, but I'm trying to mentally prepare in case I get the 48 hours to decide email) I have an acceptance and then have to report that I turned one down next year. But its unfortunate, because that school offers the disadvantaged scholarship whereas the other does not. So in the end it could potentially be cheaper if I were to get that, but waiting until June or August to find that out is not a possibility for me. Hence the gambling feeling.

I know others have said on other threads why apply OOS if you aren't prepared to pay... but but it seemed a lot less real in October. More "try for the dream and see what you're offered"... and now its, "is this really what you want the rest of your life to be like?". I have no family and no significant other to help out. My mom was a single mom who struggled to keep a roof over our heads at minimum wage jobs. That was my whole inspiration to start studying sciences originally, so that I could have a career I would be able to support myself on. I want to be a vet with all my heart, but I can't fathom $2,000/month loan repayments for the next 30 years to do it. And I do not want to have my only option of ever owning a home or being financially comfortable to be to find and rely on a man to provide that for me.

I think I have just talked myself into continuing to try for IS...

 

[hygebeorht]

I only applied to schools I could afford to attend, with two exceptions. Wasn't counting on getting into those.

My IS is pretty reasonable, but at least 1 OOS would be cheaper.

I've put together a formula on the cost of attendance spreadsheet that calculates monthly repayment rates for each school for IS and OOS. It's a blunt instrument and assumes you do everything with Stafford and GradPLUS loans, but if you haven't seen it, you should check it out. It's on the sticky cost of the education thread.

 

[dvmdreamer]

I only applied to schools I could afford to attend, with two exceptions. Wasn't counting on getting into those.

My IS is pretty reasonable, but at least 1 OOS would be cheaper.

I've put together a formula on the cost of attendance spreadsheet that calculates monthly repayment rates for each school for IS and OOS. It's a blunt instrument and assumes you do everything with Stafford and GradPLUS loans, but if you haven't seen it, you should check it out. It's on the sticky cost of the education thread.

Thanks 😀 My first degree is in Management -several finance and investment classes under my belt. I've already crunched all the numbers for the schools in question for me.

I'm from Missouri, so there are no OOS options cheaper than my IS rate. I don't think I have a shot at getting into the few others that are <$200,000 OOS. I applied to those that I thought I had a decent chance but still were only (haha) around $250,000.

 

[orca2011]

Pretty sure the only financial aid vet students qualify for are direct unsubsidized loans and grad plus loans, and HPSL for a lucky few, but that usually only amounts to a few thousand... As far as I know we can't get perkins or subsidized loans.



That's the second time I've heard 40,500 mentioned (ohio state said we'd get 40,500/year in direct loans too). But the federal aid website says the max you can get in direct loans is 20,500/year. Is there something I don't know about? Have all current vet students been eligible for $40,500 in direct loans a year? Because that would be really nice...

Hmmm... I just found a note on the site that says grad and professional students in certain health professions may receive higher direct loan amounts (than the 20,500 limit)... I guess that includes vet students then?

I'm like 95% sure I have a Perkins loan for like $5k a year and my HPSL loan is around the same amount per year. And I'm definitely getting the 40k direct loan, so I guess we are considered that exception.

 

[BladeofGrass]

Thanks for all the info so far!

I know others have said on other threads why apply OOS if you aren't prepared to pay... but but it seemed a lot less real in October. More "try for the dream and see what you're offered"... and now its, "is this really what you want the rest of your life to be like?".

Exactly what I did! Now that it's number crunching time, reality is setting in 🙁

 

[Easnadh]

A word of caution about the loan amounts, if you are going to an international school, you're capped at $20,500 before having to go to the grad PLUS loan, at least that is what it was for the 2011-2012 year

 

[hygebeorht]

A word of caution about the loan amounts, if you are going to an international school, you're capped at $20,500 before having to go to the grad PLUS loan, at least that is what it was for the 2011-2012 year

Please do share more. We are trying to build an accurate debt prediction excel sheet, and to be frank I don't know anything about financing an education outside of the US.

 

[Easnadh]

For Ireland, the COA last year was upwards of $76,000 (depending on the current exchange rate this will be only a basic guess), with an additional $4000 available if you were planning to live off campus. Of this, the government only offers the initial $20,500 in Direct loans (at the time, $8000 was subsidized... boy do I miss that already), and the remainder had to be from private loans or the Grad PLUS with the whopping 7.8% interest..... trust me, it is painful to have that interest rate already hanging over my head 🙁

Also, scholarships and grants are very few and far between (correct me if I am wrong) because being a non-Irish student at an Irish school disqualified me, and being at a non-US school disqualified me for almost all US scholarships and grants. I did get offered a 1000 euro scholarship for excellent academic work at the end of my first year, but that is only to one student per class per year, so pretty much all of it had to be loans or privately found funding. And, if you are attending UCD or any European school, I highly recommend living as cheaply as possible, but you still will end up spending most of the allowance due to cost of living, especially if you want to travel around (which of course you do if you move to Europe!)

I hope that was helpful! Most of the information was just from my personal experience, but I don't think I'm too far off base.😳

 

[wildcatj]

A word of caution about the loan amounts, if you are going to an international school, you're capped at $20,500 before having to go to the grad PLUS loan, at least that is what it was for the 2011-2012 year

That would make sense if they aren't considered a professional program because UK and Ireland students go straight from high school.

 

[Jessperk]

At the Pre-Vet symposium this year, there was a talk about how to afford veterinary school (which was not well attended unfortunately). The guest speaker was from a financial advising group that specialized in medical school debt, so they talked about different types of loans available and government programs created to help manage debt.

http://www.youtube.com/watch?feature=player_embedded&v=9MAn2VMxsDM

That's basically a shorter version of what was presented to us. Are there any glaring mistakes anyone can find in that?

 

[hygebeorht]

You may want to check the cost of attendance thread again, as I have prepared a more extensive spreadsheet detailing two different paydown scenarios for the classes of 2016, 2017, and 2018. May be useful for those trying to compare schools, or trying to decide to accept this year or try again next year.