Financing Pharmacy School

[babakpharm]

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Ok.. I am a little confused about how to finance pharmacy school. I filled out fafsa and I'm going to recieve $7500 financial aid. However, my tuition for the first year will be nearly $43000 (with housing) accoring to my school account. What would I need to do for the remaining amount?

 

[Passion4Sci]

Ok.. I am a little confused about how to finance pharmacy school. I filled out fafsa and I'm going to recieve $7500 financial aid. However, my tuition for the first year will be nearly $43000 (with housing) accoring to my school account. What would I need to do for the remaining amount?

Of that $7,500, what is the breakdown in terms of where it comes from? For example, is it a Perkins loan? A grant? Scholarship?

You should have the option of applying for up to, I believe, 20k-something for your first 2 years and then 30k-something (unsubsidized but still a federal loan) for your final two years of loans.

Then, whatever Stafford and Perkins federal loans don't cover, you will need to fill in with dreaded private loans.

But $43,000 is easy accomplished via finaid assuming your tax situation is such that you are eligible (i.e., you don't own 2 houses and 3 cars and have 150k in a savings account).

 

[babakpharm]

Of that $7,500, what is the breakdown in terms of where it comes from? For example, is it a Perkins loan? A grant? Scholarship?

You should have the option of applying for up to, I believe, 20k-something for your first 2 years and then 30k-something (unsubsidized but still a federal loan) for your final two years of loans.

Then, whatever Stafford and Perkins federal loans don't cover, you will need to fill in with dreaded private loans.

But $43,000 is easy accomplished via finaid assuming your tax situation is such that you are eligible (i.e., you don't own 2 houses and 3 cars and have 150k in a savings account).

I think it like 2000 unsubsidized federal loan and 5500 subsidized or the other way around.

 

[PharmPhanatic]

Did you fill out your fafsa as a graduate student? I was told by financial aid that the maximum amount of stafford loans that an undergrad student can receive is $7,500, but graduate students can receive up to $20,500, so you might want to look into that

 

[Passion4Sci]

Did you fill out your fafsa as a graduate student? I was told by financial aid that the maximum amount of stafford loans that an undergrad student can receive is $7,500, but graduate students can receive up to $20,500, so you might want to look into that

Correct - OP is definitely missing some funds.

J/W, what was your "EFC", OP?

 

[babakpharm]

You guys were right, I had my status as an undergraduate instead of graduate/professional. Do you guys think i will need to contact my school or will they make they adjustments themselves?

 

[pharmacygopher]

Don't leave it in the hands of others. You can update/correct your FAFSA on their site. Then let the school know as well.

 

[Passion4Sci]

Don't leave it in the hands of others. You can update/correct your FAFSA on their site. Then let the school know as well.

This.

Waiting for something to happen when it involves any government agency is a disaster waiting to happen (see what I did there?)

We had a phrase in the Army. "Good enough for government work."

So... definitely update your FAFSA via eFAN and call your school's FAO and also update them.

Cheers!

 

[babakpharm]

I made the adjustments on my fafsa already. The school will update my information as soon as they receive it, right?

 

[pharmacygopher]

Again, don't leave it up to others 🙂 Send the COP and financial aid office an email. Seriously, it takes 2 minutes. If there is an issue. I'd rather be trying to fix it in May versus September when money is tight.

 

[charfdorn]

I made the adjustments on my fafsa already. The school will update my information as soon as they receive it, right?

Are you sure you're eligible for graduate status? Some schools aren't. I think the difference is the number of pre-req credit hours required. If it's 60 (two years) you have to be undergrad the first year, so you might have had it right the first time.

 

[jasonbourne]

you better try all you can to get that money cuz pharm school tuition is ridiculous but it seems like we are not paid well enough to pay the money back. Thank God for the fact that my Dad is sponsoring my education.

 

[UAMShopeful]

Are you sure you're eligible for graduate status? Some schools aren't. I think the difference is the number of pre-req credit hours required. If it's 60 (two years) you have to be undergrad the first year, so you might have had it right the first time.

That's right. At UAMS they tell you very specifically that your status is undergrad the first year and then grad the next three. And..regardless of what your classification is if you made any money (>35k or so) then your going to be eligible for a lot less finaid.

 

[PharmPrincess]

that amount should change once your school realizes you're a graduate student, cuz that amount is for undergrads