How does loan work?

[ejk4eva]

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?

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[gotmeds?]

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.

 

[G.O.A.T.]

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.