Funding school (and life!)

[pharmmom]

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So I just got word of my financial aid for the fall, and it sucks. I was awarded 18.5k for the year in stafford loans. From the searching I have done thus far this seems to be a popular amount for grad school loans. Problem is that after tuition and daycare fees I have $490 to buy book and put gas in my car for the year. This is not good!!! I am going to call the Fin Aid office this morning to see if I can get anything else...Anyone else run into this problem? What did you do?

 

[WVUPharm2007]

I got a job.

You can do pharmacy school and 20-25 hours a week at a job; usually at that point you are maxed out physically and mentally. The kid might cause a problem there, however.

Another option is a private loan through Wells Fargo or Citibank.

 

[pharmmom]

Yeah, multiply the "problem" of kid x2 and add a husband and a home and there physically isn't time for me to get a job. I thought more aid would offered. Did you get an intern job?

 

[Jeddevil]

Yeah, multiply the "problem" of kid x2 and add a husband and a home and there physically isn't time for me to get a job. I thought more aid would offered. Did you get an intern job?

You can go and get private loans on top of your stafford loans. They are not that bad of a deal.

 

[PMart]

pharmmom,

I am in the same boat as you (2 kiddies and a husband), and I attend a private school where out tuition is 18,000 a year, we do get offered a little bit more in loans but it is not enough. I commute to school an hour each way so you can imagine my gas bills. Anyway, this year I did indeed take out a private loan, because I was just too stressed out about my finances last year. I hate the fact that I will owe more money but for my piece of mind now, it is the only option I found. Good Luck! I am sure it will all work out in the end.


PMart 🙂

 

[bananaface]

Being married seriously impacts your financial aid. They expect the spouse to pretty much put you through school.

 

[elmoz]

Try looking for grants and low interest loans for women. One place to start is the P.E.O Sisterhood. There are some loans available for older women going back to school to pursue professional education. Your school may have some info on where to look but maybe not. I just know that my boss claims her sister put herself through med school with the help of loans and grants specifically for women returning to school.

 

[museabuse]

The max I think students at my school are allowed to get is around 35,000 in stafford loans. That barely leaves you any money to live on and pay bills. I am taking out additional $16000 in private loans for this year. I will use it to pay rent, car payment, bills, books, and food. I will also use it for other things due to the interest is low and much better than using a credit card or getting other loan for something else. I will have enough left over that I don't have to worry about money and can fly home and visit family. Also have money incase things come up like car needs to get fixed or medical bill.

 

[aaron31981]

The max I think students at my school are allowed to get is around 35,000 in stafford loans. That barely leaves you any money to live on and pay bills. I am taking out additional $16000 in private loans for this year. I will use it to pay rent, car payment, bills, books, and food. I will also use it for other things due to the interest is low and much better than using a credit card or getting other loan for something else. I will have enough left over that I don't have to worry about money and can fly home and visit family. Also have money incase things come up like car needs to get fixed or medical bill.

The $35,000 is the most the federal government allows a year.
Sadly, they made us submit our financial aid application before we knew what our tuition would be. So I guesstimated and took out less than tuition. I am working a little and I figure I will be fine.

To the thread starter, what does your husband do? Perhaps you should consider down-sizing the house, and trading in your car for a used Civic or Corola. Both get good mileage and shouldn't be too expensive for maintaince and insurance.


I just feel sorry for the D.O. students at my school. Stafford maxed out won't even cover tuition.

 

[pharmmom]

My husband works for SBC (union phone worker) and unfortunalty makes just enough to disqualify me from any type of grant or scholarship based on financial need.
To those who have posted saying that they were/are taking out private loans...How do you go about this? Do you recommend any particular bank?
Oh....and I already drive a 10 year old Geo Prizm (which I love!) and my hubby drives a 14 (YIKES!) yeard old Bonneville, so downsizing to cheaper automobiles isn't an option. Also we got a really good deal on our house and downsizing there wouldn't do much good either.

 

[museabuse]

To those who have posted saying that they were/are taking out private loans...How do you go about this? Do you recommend any particular bank?
.

I know a lot of people who use northstar. IT seems like a good company. It is really easy to apply. Fill out some personal info and they contact school and thats it! check it out. Here is the web site:
http://www.northstar.org/

 

[aaron31981]

My husband works for SBC (union phone worker) and unfortunalty makes just enough to disqualify me from any type of grant or scholarship based on financial need.
To those who have posted saying that they were/are taking out private loans...How do you go about this? Do you recommend any particular bank?
Oh....and I already drive a 10 year old Geo Prizm (which I love!) and my hubby drives a 14 (YIKES!) yeard old Bonneville, so downsizing to cheaper automobiles isn't an option. Also we got a really good deal on our house and downsizing there wouldn't do much good either.

Well, not knowing what kind of student you are makes this more difficult.
If you don't study much (I didn't need to study more than 90 minutes/exam until 4th quarter) then just get a job. Work in a retail pharmacy 4 hours every other week and take the tuition reimbursement. You will generally lose your sign-on bonus but the money is tax free. If you plan on working in a hospital, LTCF, or in a clinic, this will not work.
If you actually read the books, talk to some second year students and see if they will donate or sell you their books cheap. If you went to my school I would give you the books that I never used. Talk to upperclass students and see if you actually need to purchase anything.
See if your school has a daycare program. Major universities usually have some sort of discount for students.

I am in a completely different financial sitaution than you (no kids, not married, etc). But here is what my school says should be my budget and my reward:
Financial Aid Budget
Budget Item Amount
Tuition 28229
Student Activity Fee 275
Health Insurance Fee 2365
Disability Insurance 65
Books and Supplies 500
On Campus Rent/Utilities 8485
Food 3705
Travel Allowance 2890
Auto Ins. & Registration 1805
Personal Expenses 2685
Stafford Loan Fees 0
Photocopy Fee 50
Total Budget 51054


Financial Aid Awards
Aid Type Total Award
Federal Work Study - AZ 1000 - too lazy to do this with other work
Fed Sub. Stafford Loan 8500 2
Fed Unsub Stafford Loan 24300
Total Aid 33800

 

[pinkyrx]

Our school has extra loan money that they can give out once the semester starts and everyone has received their initial reward. I don't think they really advertise it as they save it for people who really need the help or find themselves in financial trouble midsemester.

Call your financial aid office, or better yet make an appointment to go see them in person. I'm sure they will be able to help you figure this out.

 

[ButlerPharm.D.]

Another option you can look into is a Signature Student Loan through Sallie Mae. Sallie Mae is the largest student loan corporation in the U.S. so that would be a safe bet.