Financial help

[windthorst25]

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I am needing some advice from current DPT students or anyone who knows their stuff about financial aid and how to pay for PT school. The program I will be going to is a private university so it's pretty pricey. My financial aid loans that I have been awarded only cover about half of what I'll need for tuition for the first year. I have been looking for scholarships and grants to apply for but they seem like they are few and far between. Any advice on scholarships or additional loans would be extremely helpful! Thanks!

 

[FutureDPT_MN2015]

Have you looked into the Grad Plus loan yet?

 

[windthorst25]

Have you looked into the Grad Plus loan yet?

I have a little, but not a ton.

 

[FutureDPT_MN2015]

I have a little, but not a ton.

I mean if I remember right, they have a fixed variable interest rate. So the interest rate is fixed with each dispersement which is nice. You’re also able to apply for the same repayment options as your other loans that you receive from FAFSA and they are protected the same way as those loans as well since they are through the government (Stafford loans, etc.).

This is going off of what I learned at an open house that was about a month ago... so if anyone else has more information please chime in and correct me where needed. But I think they are a good option and will probably be a part of how I finance PT school.

 

[LaxCoach18]

I am needing some advice from current DPT students or anyone who knows their stuff about financial aid and how to pay for PT school. The program I will be going to is a private university so it's pretty pricey. My financial aid loans that I have been awarded only cover about half of what I'll need for tuition for the first year. I have been looking for scholarships and grants to apply for but they seem like they are few and far between. Any advice on scholarships or additional loans would be extremely helpful! Thanks!

I called the financial aid office of a school I was accepted to and they said that the stafford loan has an annual cap of $20,500, but that the grad plus loan has no cap and covers the rest of the tuition cost..if you are willing to accept the full loan amount. They also told me to reach out to the actual grad college that houses the program and as what options they have for financial assistance. Hope this helps!

 

[deleted797640]

I am needing some advice from current DPT students or anyone who knows their stuff about financial aid and how to pay for PT school. The program I will be going to is a private university so it's pretty pricey. My financial aid loans that I have been awarded only cover about half of what I'll need for tuition for the first year. I have been looking for scholarships and grants to apply for but they seem like they are few and far between. Any advice on scholarships or additional loans would be extremely helpful! Thanks!

You are maxed out to 20,500 each academic year for a standard grad loan but a grad plus loan will covered all excess tuition and cost of living but it comes with a slightly higher interest rate 7% right now I believe. This loan is a separate FASFA application and some schools also have you send a secondary application to them. There are private loan companies for grad students, they may offer lower interest rates but you cannot consolidate them and they do not apply towards Public service loan forgiveness programs.

 

[bc0167]

Just as a technicality - I have seen many refer to a "FAFSA Loan", but actually FAFSA is simply a common form to help determine your eligibility for various Government and private issued loans🙂

The Free Application for Federal Student Aid (FAFSA) is a form that can be prepared annually by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.

 

[deleted797640]

Just as a technicality - I have seen many refer to a "FAFSA Loan", but actually FAFSA is simply a common form to help determine your eligibility for various Government and private issued loans🙂

The Free Application for Federal Student Aid (FAFSA) is a form that can be prepared annually by current and prospective college students (undergraduate and graduate) in the United States to determine their eligibility for student financial aid.

Which was stated...

 

[theheartyroots]

Current PT here! I did this as well and max out my grad plus loans. The loans don't kick in until 6 months after you graduate PT school...so that's sort of a plus. Try to find side jobs during grad school and work during your time off to save as much as you can. There's only so much you can do when you're focused on your studies though. I worked as a photographer on weekends so I got some "living" money here and there while I was in school.

When your loans start kicking in, the 7% is scary with fed loans, but not as bad as it seems I guess... I paid off 10k of loans on my first year of working and I thought it was so good... made no effect on my principle. 2 months later my interest went up to 2k. I graduated with 125k principle in loans.

Look for scholarships...but most of the time you won't find much after getting into PT school unless you win awards or some type of recognition.

Talk to your financial aid office and they can help you out. My advice is to take government loans, not private, because at least you can hold them if you're unemployed or something happens where you are unable to pay them back at that time. You can also go on income based repayment which lowers the monthly payment.

Be prepared to fight a beast!

 

[deleted797640]

Current PT here! I did this as well and max out my grad plus loans. The loans don't kick in until 6 months after you graduate PT school...so that's sort of a plus. Try to find side jobs during grad school and work during your time off to save as much as you can. There's only so much you can do when you're focused on your studies though. I worked as a photographer on weekends so I got some "living" money here and there while I was in school.

When your loans start kicking in, the 7% is scary with fed loans, but not as bad as it seems I guess... I paid off 10k of loans on my first year of working and I thought it was so good... made no effect on my principle. 2 months later my interest went up to 2k. I graduated with 125k principle in loans.

Look for scholarships...but most of the time you won't find much after getting into PT school unless you win awards or some type of recognition.

Talk to your financial aid office and they can help you out. My advice is to take government loans, not private, because at least you can hold them if you're unemployed or something happens where you are unable to pay them back at that time. You can also go on income based repayment which lowers the monthly payment.

Be prepared to fight a beast!

Being a PT now, what are your thoughts on managing loans? I was thinking of taking home health or travel PT positions which are not my interest at all just to be able to pay off loans faster. How is your QOL?