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How does loan work?

Discussion in 'Financial Aid' started by ejk4eva, May 15, 2007.

  1. ejk4eva

    ejk4eva 2+ Year Member

    48
    0
    Nov 9, 2006
    I filled out FAFSA and sent the info to med schools. what happens next? do I have to fill out loan application? how does loan work?:confused:
     
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  3. gotmeds?

    gotmeds? 5+ Year Member

    994
    2
    Oct 9, 2006
    Once you get accepted, your school will send you a proposed budget and financial aid offer. They'll tell you how much you need to borrow. Usually, you just pick a lender and sign some paperwork and your school takes care of the rest.
     
  4. G.O.A.T.

    G.O.A.T. New Member 10+ Year Member

    66
    14
    Apr 12, 2006
    usually next the school will send you how much money you are approved for (tuition plus their estimate of cost of living) and a list of lenders. you choose a lender, the lender sends you promissory notes, you sign them and send them back, then lender sends your money to the school, the school takes thier cut, you get a check with what's left over, you go to the store and buy ramen noodles.
     

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