HPS Loan?

[Bifenthrin]

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So according to NYU's website, I could receive up to $40,500 annually from Federal Stafford Loans. After some research, I have discovered that I can have $224,000 maximum in Federal Stafford loans. I already have $40,000ish out from undergrad and grad.

So I'm assuming I'll need a Grad PLUS loan as well.

But what I'm wondering is this: what is the Health Profession Student loan? How much is the amount, generally speaking?

I want to know if it's worth it to include my parents' information on FAFSA, seeing as how I am an independent and this past year have had my own full time job and everything.

Also, will I still be eligible for it and have to fill out parental information after I get married between D1 and D2?

 

[Bifenthrin]

NYU's financial services page talks about this loan though. So I think they do participate..

 

[Bifenthrin]

5% is definitely better than the 7.9% of the Grad PLUS.

Guess I'll provide my parents' information after all.

 

[tommyinVA]

So I'm assuming I'll need a Grad PLUS loan as well.

Yes, you'll definitely need additional financial aid, be it GradPlus or private or personal.

But what I'm wondering is this: what is the Health Profession Student loan? How much is the amount, generally speaking?

I want to know if it's worth it to include my parents' information on FAFSA, seeing as how I am an independent and this past year have had my own full time job and everything.

Also, will I still be eligible for it and have to fill out parental information after I get married between D1 and D2?

HPSL, like you said, is "need-based." Meaning unless your parents are dead or live in a pup-tent by the river, it won't cover your additional needs. In fact, unless their EPC (expected parental contribution) is less than $10k, you won't qualify. Having said that, it's still worth it to include their info. Won't hurt. As I understand it, any student entering a professional program is considered to be an independent with regards to federal student aid, so your parents' info will have no bearing on what you're eligible for in Stafford loans.

Your marital status also has no bearing on your eligibility for HPSL. Again, it's need-based and completely dependent on your parents' EPC. Hate to say it, but the best case scenario for you getting a considerable amount of HPSL is if they're dead. Then their EPC is 0.

But if you don't qualify for the HPSL, you may qualify for a Perkins loan. Same terms. 5%. Didn't your financial aid advisor go over any of this when you interviewed?

 

[Bifenthrin]

I didn't meet with a financial aid advisor during my interview. I didn't realize people did...

 

[tommyinVA]

I didn't meet with a financial aid advisor during my interview. I didn't realize people did...

In all 3 interviews I went to we were given a presentation about financial aid by the head of the DS's financial aid dept. I thought this was common practice. To me it would seem horribly irresponsible for the school to present themselves and what they offer as a dental program without even mentioning how much you're going to spend or how to pay for it if you're accepted....

 

[Bis-GMA111]

there was no formal financial aid presentation at nyu.

for me it was: interview-->classroom for informal Q and A--->tour-->lunch

i mean, they briefly touched on scholarships and i remember someone asking about loan repayment..but there was no literature or anything of the sort to describe the process.

of all the interviews i went to, this was the only school that didn't have it. oh well. at the end of the day, it shouldn't make or break one's decision about attending the school. you can always call the financial aid office.

 

[Bifenthrin]

Yeah, it was interview, classroom, tour, and lunch. Nothing really about financial aid.

I mean, I'm still attending regardless of how much it's going to cost me. I just want to get as much information as I can about the different sorts of loans available.

 

[tommyinVA]

Yeah, it was interview, classroom, tour, and lunch. Nothing really about financial aid.

I mean, I'm still attending regardless of how much it's going to cost me. I just want to get as much information as I can about the different sorts of loans available.

Wow. That's really surprising (aid disappointing) given the enormous amount of funding you're going to have to secure. It's kind of scary to think they wouldn't bother to give you any direction or suggestions on how/where to get it.

In that case, you should go to your NYUCD's financial aid page. They should have all the info, or at least links to all the info you're looking for. Given the amount of paperwork the financial aid office most likely has right now for processing new D1's, I have a feeling that calling with a question like, "Can you explain my financial aid options please?" will get you a not-so-courteous response. Or worse, an incomplete response.

You can also read my post here on a similar topic, and I think that pretty much sums it up.

Basically, this is what you're looking at:

1) Take all the Stafford loans you get.

2) Include your parents' info. Like I said below, if their EPC is low enough (which at <$10k is REALLY low) then you'll qualify. Otherwise, you might qualify for a Perkins loan. Basically the same thing. Both have the same rate. You get one or the other. Maybe neither. Never both. Take every bit of what's offered.

3) Whatever else you owe after that is up to you. Ask your parents and relatives for money if they're in a position to lend. Given that you're entering dental school, you're just about as sure a thing possible when it comes to ROI.

If that's not an option, then you need to look at either GradPlus or private financing. The benefit of GradPlus are the federally-backed payment options. The downside is that at 7.9%, they're probably the highest rate you'll find anywhere. If you have a co-signer with good credit, you can possibly secure a private loan at ~6.9% fixed, or ~4.5 variable if you want to take that chance (which given the current and forecasted state of the economy might not be a bad idea).

Anyhow, that's how I see it. Certainly not gospel, but I think it's pretty straightforward.