List of schools with significant need based aid

[breakintheroof]

If a student with exceptionally wealthy parents has a greater EFC than the cost of attendance, then at the end of FAFSA, the government might say that you are not eligible for any federal loan.

It is my understanding that all students can borrow using Grad PLUS up to the full cost of attendance, minus aid received, regardless of EFC. (Unless they have an "adverse credit history," more on that here.)

The maximum loan amount is the student’s cost of attendance (determined by the school) minus any other financial aid received.

I learned a lot from your posts in this thread, you should deliver a seminar series on this topic, @FriendlyFH!

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[justadream]

When parental or student contribution (calculated according to the school specific formula) is deduced from the student's entire cost of attendance, the rest is called "unmet need". Schools that have money to spare for need based grant or scholarship will help their students with those unmet need, but only if the student first borrow some money themselves and this amount is termed unit loan.

A wealthier school or school with more budget dedicated to need based scholarship can afford to set the unit loan lower. For any students who has unmet need after EFC deduction it'll be good to have a low unit loan. This does not affect wealthier students who might have such a great EFC (which may not be justified in all cases, since not all children born to rich family will actually have the help from their parents, it's not like the school can force the parents to give the students money), they won't have any unmet need, so they just have to borrow. The amount of federal loan they are eligible to borrow are determined according to their parental income. If a student with exceptionally wealthy parents has a greater EFC than the cost of attendance, then at the end of FAFSA, the government might say that you are not eligible for any federal loan. (I need second opinion on the last point I made from @breakintheroof @ProbablyAPenguin @hellanutella @onceawolverine )

Unit loan is composed of various type of loan and it's institution specific. At Yale, about $14k of the $27k unit loan comes in the form of alumni loan, about $4.5k comes as Perkins and another $8.5k as federal unsubsidized direct loan. Cornell has a similar breakdown except overall unit loan seems slightly higher. Some other schools I'm sure all unit loan are just federal loan. So for higher income student, it doesn't really matter the unit loan amount, what matters is the type of loan they are eligible to receive in that specific institution given their parental income and the cost of attendance

I must stop myself, but I really can go on and on about Fin Aid.

Are these "alumni loans" usuallly at a lower interest rate than the Federal ones?

 

[OscarWao]

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[Flintwire]

Another one of the preferable types of loans are the Perkins loans. Only some schools offer Perkins loans, and they're only given to students with need. They are usually for smaller amounts, subsidized, have no fees, a 9 month grace period after graduation, and only a 5% interest rate.

The problem is that it's looking like the government will be closing the Perkins loan program down. This might be the last year we can get them - so even if your school gives you Perkins loans for '15-'16 ... you might not be able to get them for the rest of the 3 years of medical school.

Why, government? Why???

 

[FFH]

Another one of the preferable types of loans are the Perkins loans. Only some schools offer Perkins loans, and they're only given to students with need. They are usually for smaller amounts, subsidized, have no fees, a 9 month grace period after graduation, and only a 5% interest rate.

The problem is that it's looking like the government will be closing the Perkins loan program down. This might be the last year we can get them - so even if your school gives you Perkins loans for '15-'16 ... you might not be able to get them for the rest of the 3 years of medical school.

Why, government? Why???

I'm not sure Perkins' loan is the best, I read the clause, it looks like unlike the staffer loan, you can't have it waived after 10 years of working as a healthcare worker in a non profit?

 

[Flintwire]

I'm not sure Perkins' loan is the best, I read the clause, it looks like unlike the staffer loan, you can't have it waived after 10 years of working as a healthcare worker in a non profit?

If I remember correctly you could have it waived with even less time ... I'll go look it up again to be sure, you could be right.

Either way I feel like a subsidized loan without fees at only 5% is a very good deal. Many people won't be utilizing PSLF for personal, financial, or logistical choices (and there is talk of the plug being pulled on PSLF as well, btw), but definitely knowing you're not accruing interest for 4 years (and will be fixed at a relatively low interest rate afterwards) is pretty solid imho.

EDIT: So this article explains you can have 50% of it waived in three years, but the language doesn't refer to doctors specifically ... We'll have to do some more digging.

 

[Togethern]

Add wake forest to the list. Full, half, and 10,000 scholarships are offered.