How does it work?

[beccala33]

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I was recently accepted into a pharmacy school for the fall of 2006. I applied to fafsa in March. I haven't heard anything about it since then. My EFC was a little over $6,000. My question is this, how will I know how much they are going to give me? Are they going to pay for everything? And how much will they give me for cost of living expenses? My school is $21,000 a year, it's pretty important that I get most, if not all, of that money. Should I start looking for private loans as well? How do I go about doing that? Any info would be really helpful, this situation is so stressful. Thanks!

 

[kilani]

Your school should send you an award package detailing the exact amount you can get each year, I'm pretty much sure you can easily get the maximum amount under Stafford loans to cover everything

I was recently accepted into a pharmacy school for the fall of 2006. I applied to fafsa in March. I haven't heard anything about it since then. My EFC was a little over $6,000. My question is this, how will I know how much they are going to give me? Are they going to pay for everything? And how much will they give me for cost of living expenses? My school is $21,000 a year, it's pretty important that I get most, if not all, of that money. Should I start looking for private loans as well? How do I go about doing that? Any info would be really helpful, this situation is so stressful. Thanks!

 

[DownonthePharm]

I agree about the stress! Its worse than the application process!

Your tuition is more expensive than average. I believe the max federal student loan amount is $38,000/yr. So unless you have someone else to pay the difference for your living expenses or you will be working enough to cover it, it looks like your looking at a private loan or two. The living expenses amount is usually calculated based on the government tables of standard of living allowances. It will be different in different areas. Your school may also list books/supplies, and computer seperately.

I estimate you are looking at about $50K needed for the school year. But your school will tell you for sure, and maybe even their website will have the table.

PS. Take out your private loans AFTER the federal, or it can screw up the amount they will award you.

 

[beccala33]

THANK YOU!!! This has been so helpful, I appreciate it.

 

[imprecious]

I agree about the stress! Its worse than the application process!

Your tuition is more expensive than average. I believe the max federal student loan amount is $38,000/yr. So unless you have someone else to pay the difference for your living expenses or you will be working enough to cover it, it looks like your looking at a private loan or two. The living expenses amount is usually calculated based on the government tables of standard of living allowances. It will be different in different areas. Your school may also list books/supplies, and computer seperately.

I estimate you are looking at about $50K needed for the school year. But your school will tell you for sure, and maybe even their website will have the table.

PS. Take out your private loans AFTER the federal, or it can screw up the amount they will award you.

What do you mean by atking out the private loans AFTER the federal? I had already received my award packet from UOP and I will be getting 31K/ year through the Stafford loan. I still need another 12K. Do I start looking at private loans for around 12K now? Thanks so much for your insight. This stuff is so new and confusing to me!

 

[imprecious]

I agree about the stress! Its worse than the application process!

Your tuition is more expensive than average. I believe the max federal student loan amount is $38,000/yr. So unless you have someone else to pay the difference for your living expenses or you will be working enough to cover it, it looks like your looking at a private loan or two. The living expenses amount is usually calculated based on the government tables of standard of living allowances. It will be different in different areas. Your school may also list books/supplies, and computer seperately.

I estimate you are looking at about $50K needed for the school year. But your school will tell you for sure, and maybe even their website will have the table.

PS. Take out your private loans AFTER the federal, or it can screw up the amount they will award you.

What do you mean by saying that private loans should be taken out AFTER the federal? I had already received my award packet from UOP and I will be getting 31K/ year through the Stafford loan. I still need another 12K. Do I start looking at private loans for around 12K now? Thanks so much for your insight. This stuff is so new and confusing to me!

 

[heech]

Yep, you've got it right. After you've taken care of your Stafford loans (which you should always take to the max), you can start looking into private loans.

And your first option in private loans should be the ones which require certification by your schools... these are the lowest rates. You're literally going to have to fill out a form that your school's financial aid office has to sign off on (or, possibly even file through them). So, might as well get in touch with the financial aid office and ask'em now.

I'm taking a stab at listing some of these options at my blog, below.