Other OT-Related Information Grad Plus Loan and COA

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OT3

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Hi!

I wanted to ask anyone who is getting started in a program or is in a program if they are or have gone through same issues as I am with the financial part of getting in to school.
I filled out the FAFSA and am receiving an unsubsidized loan for school, that is 20,500 for the year and am also receiving a scholarship of 1,500 for the year. But programs are super expensive. I was approved for the Grad Plus loan which is supposed to cover the full cost of attendance -- not only tuition. The school I'm going to provided a breakdown of the first semester cost of attendance at $32,669 including tuition and fees, room and board, personal expenses, transportation, etc. And then I was told by my advisor that once my grad plus loan is processed and added to my account my total aid will be $47,000 divided among 3 semester: Fall, winter, and summer (which begins in May for them). However $47k divided among 3 semesters is only $15,666 a semester, which only covers my school's cost of tuition and doesn't at all consider the cost of attendance like the Grad Plus loan should.
I have talked to about 3 different people in my school's financial aid Dept. Who don't seem to have any sort of answer for me. It's been extremely frustrating because the Grad Plus is supposed to cover cost of attendance but it seems like it's only covering tuition and no one seems to have answers.
If anyone out there could give me some sort of insight I would greatly appreciate it! I am suppose to be starting this program in September and moving out there in mid August, but I don't see how it can happen without getting the financial side figured out.

Thank you!

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are you sure it's $32k per semester?? that seems extremely high. numbers make a lot more sense if that was per year... maybe double check that??
 
are you sure it's $32k per semester?? that seems extremely high. numbers make a lot more sense if that was per year... maybe double check that??
The cost of attendance is $32k for the semester. Tuition is $15k for the first semester
 
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The cost of attendance is $32k for the semester. Tuition is $15k for the first semester

I understand what you're saying but what I'm asking is, are you sure cost of attendance isn't per year? take out the tuition and you still have $15k- that seems really high for room and board, books, and personal expenses for 1 semester.

I know all this stuff is really really confusing.
 
Yeah, the school provides a breakdown of the cost of tuition, fees, transportation, personal expenses, room and board, books and supplies, etc broken down for the semester. I'm sure it is for the semester and not for the year because it gives tuition for the semester, and the cost they have for room and board is only about 3,000 which wouldn't be enough for the whole year but would make a lot more sense for a place for 3 months (one semester) since their housing costs that much per semester as well
 
Yeah, the school provides a breakdown of the cost of tuition, fees, transportation, personal expenses, room and board, books and supplies, etc broken down for the semester. I'm sure it is for the semester and not for the year because it gives tuition for the semester, and the cost they have for room and board is only about 3,000 which wouldn't be enough for the whole year but would make a lot more sense for a place for 3 months (one semester) since their housing costs that much per semester as well

I believe @proapplicant is correct, $32k per semester is incredibly high. I did a quick search on Davenport's OT program and it says the approx. cost for 1 year is $29,087. So I am not sure where you are getting your numbers from? You could probably use the link as your reference point for financial aid numbers.
 
I believe @proapplicant is correct, $32k per semester is incredibly high. I did a quick search on Davenport's OT program and it says the approx. cost for 1 year is $29,087. So I am not sure where you are getting your numbers from? You could probably use the link as your reference point for financial aid numbers.
Yeah I know what form youre talking about. But that's not including housing, transportation, etc. My numbers are coming from the financial aid section when I log in to Davenport as a student and click on the financial aid link. It gives me how much aid I will be receiving per semester and gives a breakdown. Those numbers on the form you looked at don't match up with then ones they provide once you log into their system
 
we're not doubting what you're seeing, just saying to check if it's correct. $29k for year 1 tuition and you having $47k makes since you will have the difference as your living expense money.

for example, you're saying per semester tuition is $15k then $3k for housing plus lets say $1000 for food and $1000 for books (last 2 are way too high but whatever)- we're at $20k. is transportation and personal expenses really going to be $12k more?
 
So, I don't know if this is the problem, but maybe you are just supposed to take out Grad Plus for Fall/Spring? That is how mine was: August to May, then restart June to May to include Summer 2018.

So you have $23,000 through your program in financial aid for August 2017-May or August 2018 (I'm assuming...)
The max budget they gave you was $32,669 to include books, cost of living, etc. per semester
x2 = $65,338

If you're looking at fall and spring only, you have $42,338 to cover through Grad Plus and other sources of funding. (Total budget [$65,338] minus financial aid/ unsub [$23,000])
The school or Studentloans.gov should tell you the max you can borrow. I believe it is somewhere around $25,000 through Grad Plus.


The biggest thing I didn't realize was that I request the amount I want. So, if you calculate your own budget and compare it to the one provided by the school ($32,669), you might be able to cut back. For example, mine suggested $900 for room/board, but I will be sharing with a roommate, so it will be 3/4 that monthly estimate at most. You can create your own budget for living expenses then add in tuition, unsub loan fees, and books/supplies and then multiply by the number of months this loan is for (9, in my case). This is the amount of money you request. You can do this by going to Studentloans.gov and using your FSA ID login to apply for Grad Plus loans. You fill out an online form and they will do a credit check before approving your request.

If I were you, I would ask what period of time the loans are supposed to cover. This was really confusing to me when I was trying to sort all of this out. I emailed my financial aid office and they were helpful, but I know they have a lot of students that have questions about Grad Plus. I hope you can find someone to answer your questions!
 
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So, I don't know if this is the problem, but maybe you are just supposed to take out Grad Plus for Fall/Spring? That is how mine was: August to May, then restart June to May to include Summer 2018.

So you have $23,000 through your program in financial aid for August 2017-May or August 2018 (I'm assuming...)
The max budget they gave you was $32,669 to include books, cost of living, etc. per semester
x2 = $65,338

If you're looking at fall and spring only, you have $42,338 to cover through Grad Plus and other sources of funding. (Total budget [$65,338] minus financial aid/ unsub [$23,000])
The school or Studentloans.gov should tell you the max you can borrow. I believe it is somewhere around $25,000 through Grad Plus.


The biggest thing I didn't realize was that I request the amount I want. So, if you calculate your own budget and compare it to the one provided by the school ($32,669), you might be able to cut back. For example, mine suggested $900 for room/board, but I will be sharing with a roommate, so it will be 3/4 that monthly estimate at most. You can create your own budget for living expenses then add in tuition, unsub loan fees, and books/supplies and then multiply by the number of months this loan is for (9, in my case). This is the amount of money you request. You can do this by going to Studentloans.gov and using your FSA ID login to apply for Grad Plus loans. You fill out an online form and they will do a credit check before approving your request.

If I were you, I would ask what period of time the loans are supposed to cover. This was really confusing to me when I was trying to sort all of this out. I emailed my financial aid office and they were helpful, but I know they have a lot of students that have questions about Grad Plus. I hope you can find someone to answer your questions!

When I first posted this last night, I didn't factor in that it was $32,669 per semester. That does seem awfully high per semester. I would try contacting a few current students or the department itself. You are definitely not the only student who has had these questions. Ask for a breakdown of where all the money should be coming from and where it will be going. Email and call.

Also, remember you can take out private loans. I would say that is definitely a last resort because it is risky and has numerous drawbacks, but it is an option if you are dead-set on attending school this fall.
 
Hey! I'm not sure of your exact situation, but those numbers don't sound too far off.

For the 2017-2018 AID year (3 semesters), my estimated cost of attendance is $60,136 for an East coast urban school. Any government financial aid package I could be offered could only add up to that amount, total.

Your cost of attendance for the full year would be $69,000 according to my reading of your post. $20,500 unsubsidized stafford + $1,500 scholarship + $47,000 GRAD PLUS = $69,000 offered by the government. No government loan would be issued above that total; however you could seek to supplement it from various private sources if you could not live on that amount.

Here's how my school broke down my total cost of attendance - did you get something similar? And, as others have mentioned, these numbers seem very comfortable. Between scholarships, an assistantship and personal choices, I will be under in most categories (and relying on savings).

Books & Supplies
$660.00
Departmental Fees
$900.00
Fees
$890.00
Loan Fees (est)
$219.00
Miscellaneous Expenses
$1,250.00
Room & Board
$15,970.00
Transportation
$1,910.00
Tuition
$38,337.00
Total:
$60,136.00
 
Hi!

I wanted to ask anyone who is getting started in a program or is in a program if they are or have gone through same issues as I am with the financial part of getting in to school.
I filled out the FAFSA and am receiving an unsubsidized loan for school, that is 20,500 for the year and am also receiving a scholarship of 1,500 for the year. But programs are super expensive. I was approved for the Grad Plus loan which is supposed to cover the full cost of attendance -- not only tuition. The school I'm going to provided a breakdown of the first semester cost of attendance at $32,669 including tuition and fees, room and board, personal expenses, transportation, etc. And then I was told by my advisor that once my grad plus loan is processed and added to my account my total aid will be $47,000 divided among 3 semester: Fall, winter, and summer (which begins in May for them). However $47k divided among 3 semesters is only $15,666 a semester, which only covers my school's cost of tuition and doesn't at all consider the cost of attendance like the Grad Plus loan should.
I have talked to about 3 different people in my school's financial aid Dept. Who don't seem to have any sort of answer for me. It's been extremely frustrating because the Grad Plus is supposed to cover cost of attendance but it seems like it's only covering tuition and no one seems to have answers.
If anyone out there could give me some sort of insight I would greatly appreciate it! I am suppose to be starting this program in September and moving out there in mid August, but I don't see how it can happen without getting the financial side figured out.

Thank you!
Is the graduate plus loan at 47,000 on top of the 20,500 for the unsubsadized loan? If so, your total would be 67,500 dollars for the entire year. if this is so then 67,500 divided between three semesters would be 22,500 per semester.
 
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