How much financial aid did you guys get?

[riskhk]

I got 8.5 K for staff/for loan sub and 22.5K for unsubsubsidized loan. I have to figure out how I can get enough money to cover the estimate cost of attendance ($52,000). Good thing only the first two years is that high. The last year it is 37.1K which includes 8K in living expense and Ill be living at home!

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[jason UCSD2000]

Hey riskhk,
I got the exact same amount. It must be the "UOP special debt package". I haven't looked into where all my other money is going to come from - you know, stocks, wealthy in-laws, the lottery, ...etc.
Just to let you know, I have already claimed the corner of Pacific Ave. and March lane for panhandling. Please don't let me catch you there this summer.

-jason

 

[riskhk]

no one else go aid. I m still pondering where I m getting the rest of the money.

 

[Triangulation]

Just to let you know, I have already claimed the corner of Pacific Ave. and March lane for panhandling. Please don't let me catch you there this summer.

Nice.

Why don't you guys tech this summer in Stockton, Davis, Sac?

You can always sell your soul for retail tuition payment programs. they only give you like $3K though (not even close to making it worth it to me.)

 

[Triangulation]

What was your EFC? Mine was 8327

 

[Brill]

How long after your FAFSA has been submitted and processed do you find out how much aid you're going to get? And how do you find out?

Oh, and this might sound like a silly question, but since we're on the topic of finanical aid, what would you do if you got too much? Like say you got X amount of dollars for living expenses, but you knew you wouldn't need all of it. Just pay it back immediately?

 

[Triangulation]

If it was unsubsidized, yeah, pay it back. If it was subsidized, I'd hold onto it. I know a lot of people who would take their subsidized, invest it and pay it back immediately went they finished their grace period. Whether this is ethical or not is a separate issue, but regardless I'd hold onto the subsidized loans and give back additional unsubsidized loans. Remember the rule of 70 from Econ 1: Divide 70 by the interest rate and you get the doubling time for the principal with compounding. Eg. 5% Int rate. The total amt if not repaid would double in 14 yrs. Yikes!!!!

 

[Brill]

That sounds like a good idea actually -- investing the extra loan money. The amount they're charging us for all this isn't exactly ethical anyway

 

[Triangulation]

I know the US is waaaay behind when it comes to paying for collegiate schooling. In Japan and most of western europe the gov't pays for you to go to college. I remember a few yrs back, they started instituting tuition payments in the UK and people went nuts. I have two friends that were arrested in France when the students rioted when they tried to charge tuition and all the best schools in Japan are completely free. Our priorities are way off as far as paying for education in the U.S.

Anyway....anyone else know their EFC?

 

[Amith]

Well mine is 3914, I don't understand how they expect me to cover tuition+living exps on 18k a yr, since thats the max for grad students. Geez why dont they classify PharmD's as med students? And I hate how they base efc on previous yr's income, true its the only way then can do it, but just seems so unfiar , I mean I might be going to school w/o a job, and they're assuming Im still earning last yr's income =)

 

[Brill]

My EFC is 0.

By the way, the max has been increased to $35,167 now. It was my understanding that we were under the same classification as med students -- they're both professional programs.

 

[Amith]

I'm pretty sure, that pharmD's are not considered as med students, since they do not fall technically under health care, although I will be deliriously happy if Im wrong. I think 18k a year is the max for stafford loans, I dont know about the other types of loans available....

 

[Brill]

Med students fill out the same FAFSA we do, and they check the same "graduate/professional" box that we do, so I always thought we were in the same boat as them. I could be wrong.

I received an e-mail from the financial aid advisor at Univ. of Houston saying that the max amount (for federal Stafford loans) had been increased from $18.5k to $35k.

 

[Amith]

oo thats good news...brill, is that for the 2003-2004 year that they've increased the loan limits? Are you admiited for this coming fall?

 

[Brill]

Yeah, according to her it starts with the '03-'04 year. I start this fall.

 

[riskhk]

EFC was 0 for me cause I worked only 600 hours last year at min. wage. The life of a tech.

 

[Triangulation]

What kind of tech makes minimum wage? You were doing something wrong my friend.

 

[dgroulx]

My EFC is $35,823, which still allows me to get unsubsidized loans.

 

[Triangulation]

How did you guys get a 0 EFC? I made crap last year, literally couldn't make rent at some points, and I didn't qualify for a zero EFC. Do you have to be unemployed to qualify? This sucks. I wanna learn how this works

 

[Amith]

Tri, I think it has to do with if your income is close to the poverty line or not, and how many dependants you have...my entire undergrad years I was forced to list my parents large incomes, even though I lived on my own, and kept getting crappy unsub. loans.

 

[jdpharmd?]

Originally posted by Amith
Tri, I think it has to do with if your income is close to the poverty line or not, and how many dependants you have...my entire undergrad years I was forced to list my parents large incomes, even though I lived on my own, and kept getting crappy unsub. loans.

Ditto, but once I enter the first "professional" year of pharmacy school (this fall), I don't even have to report my parent's incomes. Considering that I work part time for 9/hour, I should be well below the poverty line, and consequently can borrow something like $45,000/year for my program. From the forms that I filled out, PharmD students were eligible for lots more $ in loans than grad students, and maybe as much as the DOs or MDs.

Jd

 

[Brill]

I've heard some people say that if your income was under $15k then your EFC would be zero, but don't quote me on that.

 

[keiki]

what are some loans that you guys are applying for for pharm school? i think the one my school sent me a brochure on was sallymae or something like that.. any other suggestions?

 

[Monkeyguts]

I just received word I was getting $22,000 in fin. aid for next year. Not too shabby considering tuition is only 10,000.

 

[Amith]

that sounds about right, U of H estimated about 24k for me, since that is the estimated cost of living.

 

[Monkeyguts]

Yup, but I also have a familia. Thank god my wife is done with school. Hopefully she'll decide to go out and make some $$$ (fingers crossed)

 

[hmtran]

So for pharm school there's no grants or scholarships or anything of that sort? Just loans? How about if your EFC is 0? Cuz that'll definitely be me. Right now, I'm looking at making $6/hr part time, so prolly around 7k a year MAX. I have a single mom who makes around 11k, and 3 other siblings all in college too. But can I at least be assured that I'll get sub loans? Man, I would hate to work if I'm in pharm school but if I have to, I'll probably have to revert back to working in restaurants (something I had hoped never to do again, although it was an interesting experience...)

 

[phar]

what is EFC????

 

[Brill]

EFC = expected family contribution

http://www.ed.gov/pubs/collegecosts/handbkp11.html

"The EFC formula considers: family income; accumulated savings, the amount of taxes paid; family size; the number of children simultaneously enrolled in college; the age of the older parent and how close they may be to retirement; and the student's own financial resources."

It's basically how much you/your family is expected to pay. When you get federal aid the amount you are awarded is calcuted by substracting your EFC from however much money the college you are attending determines a student needs (based on cost of tuition, fees, books, housing, etc).

 

[Brill]

Originally posted by hmtran
So for pharm school there's no grants or scholarships or anything of that sort? Just loans? How about if your EFC is 0?

Most, if not all, of the funding you receive will be in the form of loans. There are very few grants available for professional/graduate students. I know Texas does offer what is known as TPEG (Texas Public Education Grant) that is available to both undergraduate and graduate/professional students, but it is need-based and there is very little of it to go around. The financial aid advisor at my school told me that most pharmacy students (as well as other health profession students) get little to no grant money because of the high wages upon graduation. I'm not sure what other states offer. There are a lot of scholarships that are offered through various organizations and companies (like Walgreen's) but the amounts are usually very small (at least at my school) -- usually not more than a few hundred dollars, but some of the ones that my school listed can get as high as $5k. I guess every little bit counts though.

 

[phar]

thanks brill.

 

[Triangulation]

There's a bunch of low intersest health service loans that you only qualify for if you submit parents information.

 

[riskhk]

should i take the initial offer that companies offer you while at pharmacy school or take the bonus you get during your first year of work...

 

[jdpharmd?]

Originally posted by riskhk
should i take the initial offer that companies offer you while at pharmacy school or take the bonus you get during your first year of work...

If it's retail (or anywhere really), just negotiate like there's no tomorrow. There are SO many jobs and so few pharmacists. I know people who have negotiated for an extra 3 or 4 dollars per hour or $10,000 in signing bonus money. I would shop around for sure before you accept any offer. I'm even thinking of getting an lawyer to go over my contract with me before I sign.

Jd