How do dental students pay for things?

[sillyquestion1]

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Made a throwaway account because I feel like this is a silly question... but how do dental students pay for things?

Based on my interviews, we complete our FAFSA and are given a loan each year equal to the school's estimated cost of attendance (tuition+boarding, etc). Let's say the COA for your school is $94k a year.

Do you just get that full $94k deposited into your bank account before the start of the semester? Do they regulate what you spend, or just say "here is the money, give back whatever you didn't spend at the end of the year."?
I haven't had much dealings with large sums of financial aid in undergrad, so I am unsure how this works. Thank you all for your input!

 

[XtrasDental]

You can take out personal loans as well. You always want to take out more than you will need because as a dental student, it is hard to have a job at the same time.

So yeah the extra unused money can be used in situations such as food,commuting etc

 

[Advance]

Made a throwaway account because I feel like this is a silly question... but how do dental students pay for things?

Based on my interviews, we complete our FAFSA and are given a loan each year equal to the school's estimated cost of attendance (tuition+boarding, etc). Let's say the COA for your school is $94k a year.

Do you just get that full $94k deposited into your bank account before the start of the semester? Do they regulate what you spend, or just say "here is the money, give back whatever you didn't spend at the end of the year."?
I haven't had much dealings with large sums of financial aid in undergrad, so I am unsure how this works. Thank you all for your input!

In that COA amount there's a set amount for living expenses,transportation etc. That gets sent to your bank account when loans are disbursed.

 

[cacajuate]

They give you about half each semester, you can spend it on whatever you want, and good luck having any left over.

I haven't had much dealings with large sums of financial aid in undergrad, so I am unsure how this works. Thank you all for your input!

This is exactly the reason they get away with charging $94k a year.

 

[Charles_Darwin]

good luck having any left over.

probably very anecdotal, but at my interview for UNLV, the financial aid rep. said sometimes students gave back ~20k in unused loans. But I assume they could have been part of a family or have had money saved!

 

[sillyquestion1]

In that COA amount there's a set amount for living expenses,transportation etc. That gets sent to your bank account when loans are disbursed.

Is the money usually received before or after school starts?

 

[Advance]

Is the money usually received before or after school starts?

Before. For us it was disbursed during orientation week.

 

[Alpha Centauri]

Can you give back extra loan money? Say they give me 50k for my first semester and I dont use 30k of it (purely numbers out of my rear), will I be able to give that back and have the full 30k credited to my loan?

 

[Advance]

Can you give back extra loan money? Say they give me 50k for my first semester and I dont use 30k of it (purely numbers out of my rear), will I be able to give that back and have the full 30k credited to my loan?

Intrest starts to accrue immediately after the loans are disbursed but you can give it back I think. At my school you can choose how much loan money you want to take out for living expenses if you don't want to take out the maximum amount.

 

[toothdoctor123]

It is obviously safer to over-borrow than to risk under-borrowing. But the best thing to do is to try to borrow the exact amount you need...it does not make financial sense to have interest accruing on extra cash sitting in your bank account at the end of each semester.

 

[Carbohydrates]

That's what rich husband is for

 

[acesofseven]

Any sugarmommas looking for some young blood?

 

[FanOfCostco]

probably very anecdotal, but at my interview for UNLV, the financial aid rep. said sometimes students gave back ~20k in unused loans. But I assume they could have been part of a family or have had money saved!

are you sure its not winning big at the poker table??

 

[Ashish]

When do you fill out FASFA? Will the dental school financial aid office help us deal with it? I have never dealt with FASFA so I don't know anything. I do have a FSA ID that I just created.

 

[Carbohydrates]

When do you fill out FASFA? Will the dental school financial aid office help us deal with it? I have never dealt with FASFA so I don't know anything. I do have a FSA ID that I just created.

Fill it out now. ASAP.
Add the school that you will be attending, and submit it. They will process it and send to the school and the school will notify you

 

[whaleofatale]

Made a throwaway account because I feel like this is a silly question... but how do dental students pay for things?

Based on my interviews, we complete our FAFSA and are given a loan each year equal to the school's estimated cost of attendance (tuition+boarding, etc). Let's say the COA for your school is $94k a year.

Do you just get that full $94k deposited into your bank account before the start of the semester? Do they regulate what you spend, or just say "here is the money, give back whatever you didn't spend at the end of the year."?
I haven't had much dealings with large sums of financial aid in undergrad, so I am unsure how this works. Thank you all for your input!

Your school will include the following in your Cost of Attendance, which you can borrow to cover each year:

- Tuition & fees
- Living costs
- Transportation (to & from school, and possibly one round-trip home each year)
- Regional & national exams
- Other associated costs (like books & supplies)

Each year, your loans will be applied directly to your billed costs FIRST. Any overages (for example, if you decide to borrow to cover living costs) will be released directly to you from the school each semester. Most schools use direct deposit these days, but it is possible that you will be receiving a paper check.

 

[whaleofatale]

When do you fill out FASFA? Will the dental school financial aid office help us deal with it? I have never dealt with FASFA so I don't know anything. I do have a FSA ID that I just created.

The 2017-18 FAFSA is available now. Your school will likely require submission of other application requirements as well. Check with your financial aid office. Every school has a different deadline and different requirements.

 

[Ashish]

Fill it out now. ASAP.
Add the school that you will be attending, and submit it. They will process it and send to the school and the school will notify you

Thank you.

 

[lemoncurry]

Made a throwaway account

FYI, making duplicate accounts is prohibited by the Terms of Service.

 

[youraverageasia]

Fill it out now. ASAP.
Add the school that you will be attending, and submit it. They will process it and send to the school and the school will notify you

What if I haven't decided which school I want to attend? Can I fill it out for both schools im deciding on?

 

[ncide]

I think you have 30 days or something like that to return some of the loans without an interest penalty. At my school we get half of the amount in the first semester and half the next semester.

 

[whaleofatale]

What if I haven't decided which school I want to attend? Can I fill it out for both schools im deciding on?

Yes. Complete the FAFSA and include every school you are interested in. You can list up to 10 schools.

 

[whaleofatale]

I think you have 30 days or something like that to return some of the loans without an interest penalty. At my school we get half of the amount in the first semester and half the next semester.

14 days via a school-completed return, 120 days to do it on your own.