General Admissions & OTCAS How much to take out for school

[lilbunnies]

I am trying to figure out how much to take out for my grad plus loan. I have my living situation worked out so I have a rough estimate of how much that will cost as well as I will have 2000 left over from my financial aid but I am lost on how much to borrow for a whole year. Is there a way to figure this out? How did you do it?

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[RUNNING_OT]

I didn't take out the grad plus loan but I did take out another loan from my bank. I took out an additional $30k to cover any rent, books, bills, and emergencies. So each semester I get $15k into my person bank account to cover me for 6 months. I basically calculated how much I was making while I worked full time and added a bit more to cover living expenses.

 

[nOTeworthy]

I'm wondering that too. I didn't this time. I don't think I will. I think I can scrape by the skin of my teeth with what I have saved. Next year, I'll have to. There's no way I can do it without help. I'm just trying to cut back on as much debt as possible. If I don't make it this year, I'll have to get a private loan. Boo.

 

[DreamingOT]

When are we eligible to sign up for the grad plus loan?

 

[nOTeworthy]

When are we eligible to sign up for the grad plus loan?

After you've received your reward letter. Contact your Financial Aid department on what to do next.

 

[DreamingOT]

After you've received your reward letter. Contact your Financial Aid department on what to do next.

Thank you

 

[occupationalguy]

Aim for taking out less than 50k for your OT degree. I know that's tight, but I know many who managed to do it.

 

[Ot1029126]

50k is a good number. Factor in undergrad loans, if applicable. Also, you can also take out a little more and return the surplus within a given time frame.