how do loans work?

[icevermin]

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I just got my "award" (loans aren't really an award imo) letter from my school. If my tuition is (hypothetically) 10k/year, but I was given lets say 4k, 4k, 4k (fall, spring, summer), can I only take out 8k and then the remainder 2k must come from thin air? Or how does this work? I'm so confused...

 

[MJS4878]

The remainder would come from other loans like GradPLUS. But if you got 4k,4k,4k isn't that 12k?

 

[NCOldie]

The remainder would come from other loans like GradPLUS. But if you got 4k,4k,4k isn't that 12k?

I am wondering this as well...
I think the OP must have made a mistake or just didn't explain their worry in a way that we can understand.

 

[icevermin]

So meaning, tuition is 10k per year (not including summer), loans are spring: 4k, fall: 4k, summer: 4k... are you allowed to take out all 16k or only 8k for fall and spring? And what are GradPLUS loans and where can I know more about them??

 

[Chillywilly]

So meaning, tuition is 10k per year (not including summer), loans are spring: 4k, fall: 4k, summer: 4k... are you allowed to take out all 16k or only 8k for fall and spring? And what are GradPLUS loans and where can I know more about them??

I'm going to give you realistic numbers:
Your school determines a COA (which includes your tuition for fall/winter/summer). Let's say it's 85,000.
Your Direct Unsub loans is determined by your COA and what your family can contribute.
Let's say your Direct Unsub loans are 63,000.
In order to make up the difference between your COA and what Direct Unsub gives you, that's where the Grad PLUS loans come in.

The maximum you can borrow from Grad PLUS would be 85k - 63k = 22k.

You can't apply for Grad PLUS until April 1st. But keep in mind they do a credit check. And sometimes you'll need a co-signer.

Also keep in mind the COA is an overestimate. You need to borrow money up to the 85k, but if you have more money than what's needed, then give it back to the loan service after the school year is over.

To answer your original question, the answer is Yes. You're borrowing all the money that you need for one school year (including Summer I).

 

[icevermin]

Ok that makes sense. Thanks Chillywilly. Also your numbers are eerily close to my actual numbers

Can you apply to GradPLUS if you're out of the country?

 

[MJS4878]

I think they are close because we all are going to Nova... Am I right?

 

[icevermin]

Wow that's weird. I am going to Nova yeah. Lol, kind of funny actually

 

[Chillywilly]

Wow that's weird. I am going to Nova yeah. Lol, kind of funny actually

yup all Novas 😉. idk about international students, you can check their website for requirements. If anything, you will definitely need a co-signer from someone of US citizenship

 

[icevermin]

yup all Novas 😉. idk about international students, you can check their website for requirements. If anything, you will definitely need a co-signer from someone of US citizenship

I am a US citizen. I won't be in the US from Monday until July 1

 

[Chillywilly]

I am a US citizen. I won't be in the US from Monday until July 1

Lol okay so you can still apply

 

[happypremed1]

I'm going to give you realistic numbers:
Your school determines a COA (which includes your tuition for fall/winter/summer). Let's say it's 85,000.
Your Direct Unsub loans is determined by your COA and what your family can contribute.
Let's say your Direct Unsub loans are 63,000.
In order to make up the difference between your COA and what Direct Unsub gives you, that's where the Grad PLUS loans come in.

The maximum you can borrow from Grad PLUS would be 85k - 63k = 22k.

You can't apply for Grad PLUS until April 1st. But keep in mind they do a credit check. And sometimes you'll need a co-signer.

Also keep in mind the COA is an overestimate. You need to borrow money up to the 85k, but if you have more money than what's needed, then give it back to the loan service after the school year is over.

To answer your original question, the answer is Yes. You're borrowing all the money that you need for one school year (including Summer I).

Have you gotten your Nova financial aid yet? How are we notified? I just submitted my FAFSA last week.

 

[Chillywilly]

Have you gotten your Nova financial aid yet? How are we notified? I just submitted my FAFSA last week.

Yeah if you submitted just a week ago, give it time. You also need your NSU Authorization form (on Webstar).
I filed mine back in January.
You are notified via your nova email address & on Webstar.

Grad PLUS loans are open April 1st

 

[happypremed1]

Yeah if you submitted just a week ago, give it time. You also need your NSU Authorization form (on Webstar).
I filed mine back in January.
You are notified via your nova email address & on Webstar.

Grad PLUS loans are open April 1st

OK, thanks for the info.

 

[BestDoctorEver]

Will everyone get that $40,500 un-subsidized or it is school specific? That is the amount the my school says I can get. The remaining (if needed) will be from GradPlus. What is the max one can get from GradPlus?

 

[Dr. Zombie]

Are loans given AFTER the school year or before?

 

[hallowmann]

Are loans given AFTER the school year or before?

Your disbursement check usually arrives 1-2 weeks into the school year (may vary by school, but this is how our school and others I know do it), so you should have it in time for bills (credit cards till then). The checks go straight to the school, they take out what you owe for tuition, then they cut you a check for the rest. Also, you will be getting it every semester, so it'll be half of your total.

 

[sisko]

Your disbursement check usually arrives 1-2 weeks into the school year (may vary by school, but this is how our school and others I know do it), so you should have it in time for bills (credit cards till then). The checks go straight to the school, they take out what you owe for tuition, then they cut you a check for the rest. Also, you will be getting it every semester, so it'll be half of your total.

What about books and lab supplies? Is it like undergrad, meaning you can get books and supplies at the school book store (with no out of pocket cost) and they will just subtract that amount from your eventual financial aid refund check?

 

[hallowmann]

What about books and lab supplies? Is it like undergrad, meaning you can get books and supplies at the school book store (with no out of pocket cost) and they will just subtract that amount from your eventual financial aid refund check?

Uh, not at my school. A handful of people bought books ahead. We only needed like 2-3 (Gray's for students, a histo, and an embryo book) in the beginning. Honestly out of those 3, we only needed Gray's in the first 2 wks.

Ask students at your school what books you actually need to buy ahead of time. Sometimes it's nothing. Same with supplies. We literally had to buy nothing until after Anatomy (mid/late Oct). We also got a stethoscope at the white coat ceremony, so no need to buy that ahead of time either. It might vary by school, but I think most people are given a stethoscope.

 

[67552931811]

Uh, not at my school. A handful of people bought books ahead. We only needed like 2-3 (Gray's for students, a histo, and an embryo book). Honestly out of those 3, we only needed Gray's in the first 2 wks.

Ask students at your school what books you actually need to buy ahead of time. Sometimes it's nothing. Same with supplies. We literally had to buy nothing until after Anatomy (mid/late Oct). We also got a stethoscope at the white coat ceremony, so no need to buy that ahead of time either. It might vary by school, but I think most people are given a stethoscope.

What kind we talkin' here...?

 

[ortnakas]

What kind we talkin' here...?

Littman Cardiology II.

 

[cliquesh]

First aid + brs physiology + pathoma + usmle world is all you need.

 

[Prncssbuttercup]

I don't think I honestly used any text books besides Robbins. The review books can help though...

 

[hallowmann]

What kind we talkin' here...?

Most are Littman Cardiology III, but some people get the Littman Classic II SE

 

[67552931811]

Littman Cardiology II.

Most are Littman Cardiology III, but some people get the Littman Classic II SE

Sweeeeet deal. Hopefully my school does this. One less thing to budget..

Thanks for the responses, peeps.

 

[hallowmann]

Sweeeeet deal. Hopefully my school does this. One less thing to budget..

Thanks for the responses, peeps.

Very solid scopes. We apparently get ours donated by our state osteopathic medical association, but I know sine people get it straight from their school.

Worst case scenario, if your school doesn't give you one, you can find a deal for the Classic II SE. I snagged one as a backup for ~$50.

 

[67552931811]

Very solid scopes. We apparently get ours donated by our state osteopathic medical association, but I know sine people get it straight from their school.

Worst case scenario, if your school doesn't give you one, you can find a deal for the Classic II SE. I snagged one as a backup for ~$50.

I got ya. It's a ballin' donation, for sure!

O, wow, that is a deal. The lowest I've been able to find, via random internet searching, is low 70's. Do you remember where you bought it from?

 

[hallowmann]

I got ya. It's a ballin' donation, for sure!

O, wow, that is a deal. The lowest I've been able to find, via random internet searching, is low 70's. Do you remember where you bought it from?

It was Staples of all places. There was a coupon for like $20-some off of "medical supplies". You should be able to find some deal website or coupons on retailmenot that could probably make it more affordable, but wait until you know whether your school gets one.

 

[67552931811]

It was Staples of all places. There was a coupon for like $20-some off of "medical supplies". You should be able to find some deal website or coupons on retailmenot that could probably make it more affordable, but wait until you know whether your school gets one.

Lol, staples is awesome; but, I will admit, that is quite random. Thanks for the insider information, though!

^Exactly exactly, I'm currently investigating...