How does the financial aid process work

[HopeIsStrength]

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I have some money saved up and I would like to apply it to paying for med school next year. I am wondering how it works if I still need financial aid but don't need the entirety of it. Does it automatically pay off the entire tuition or a portion of it? Can I pay half of the tuition and all of my other expenses and get loans to cover solely the other half of tuition?

 

[AnonymousDoctorGuyPerson]

I have some money saved up and I would like to apply it to paying for med school next year. I am wondering how it works if I still need financial aid but don't need the entirety of it. Does it automatically pay off the entire tuition or a portion of it? Can I pay half of the tuition and all of my other expenses and get loans to cover solely the other half of tuition?

When taking out loans you can say how much you'd like to take out. If you want loans for half the tuition, you request that much.

Fun tip for anyone reading this, if you're taking out loans right now and the rate is lower than previous loans I think it's beneficial to take out full CoA and using the extra you don't need to pay off older loans, it's essentially the same as reconsolidating at a lower interest.

 

[deleted688779]

With loans you can take as little or as much as you want (up to cost of attendance)

 

[jhmmd]

There should be a page on your financial aid website where you can pick out how much you receive in grants, loans, etc. It's up to you.

 

[HopeIsStrength]

Thanks y'all! So to just to solidify, a school won't automatically take tuition from a financial aid award