Living Expenses

Started by nikale24
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nikale24

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10+ Year Member
My tuition is 13,000 per year for PT school. Im only able to borrow 20,500 max stafford loan per year. That obviously isnt enough to cover. How will my school determine my budget for cost of living, and when will I find this out?
 
nikale24 said:
My tuition is 13,000 per year for PT school. Im only able to borrow 20,500 max stafford loan per year. That obviously isnt enough to cover. How will my school determine my budget for cost of living, and when will I find this out?
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This is likely something you can figure out from your school's financial aid website, a phone call, or an email. You can get grad plus loans after your staffords up to the cost of attendance. If you've already done your FAFSA then you have to wait for the FA office to get back to you with an award package.
 
I am in the same boat..pt school around 13k..same stafford loan of 20500$ My school calculated the cost of living in my city included health insurance, rent, traveling, books..etc and estimated around 63,000 for the total year. This is the number they use when applying for the grad plus loan so you can take up to that amount minus the stafford loan out. They should have this number already pre-determined for your school so definetely call your financial advisor and ask them what the estimated cost of attendance is and then apply for the max on your grad plus loan as soon as possible(at least 60 days prior). At my school it goes out the same time as the stafford loan and is through the same company!
 
Ok, cause I havent recieved my award package. I will wait for that, but in the mean time I will call the FA office to see if they have a predetermined number for the total cost of attendence including living expenses. Thanks guys
 
nikale24 said:
It is University of Toledo. I didnt find it on the website. Maybe you know how??? www.utoldeo.edu Thanks!
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Mine wasnt on the website..they gave us a sheet at the interview, i would think it changes too much to keep it posted..but im sure some schools can keep up on it..i would just call!
 
I contacted my financial aid office today and they said awards would be offered in june. So, I have to wait but I started searching for private loans just in case federal loans are not enough. All of them state that the limit amount would be the cost of attendance minus any other award, and that the limit amount I can borrow is determine by the school. This may sound dumb but what does that mean? They say that money can also cover books, living cost, and personal expenses, but I'm confused by the "cost of attendance minus any other awards given" part!
HELP! please
 
Cost of attendance is your whole budget. You can get your $20,500 in Staffords followed by Grad Plus loans up to your cost of attendance. In other words, you can get as much grad plus as possible up to your CoA minus other aid. All this means is that your CoA-$20,500 is your grad plus limit unless you are getting scholarships, grants, or other aid. Then it would be CoA-20500-other aid is the amount of Grad plus you can take out.

FYI, private lenders are no longer giving out above the CoA loans so you might as well stop looking.
 
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