Loan Question

[Der]

Hey,

I am planning on applying to the 6-year Pharm.D program at SUNY Buffalo. I know I want to go here and that I will get the best education here to become a pharmacist. The only problem is that my parents don't know if they want me to go so far away from home. I am living in North Carolina and Buffalo is in New York. I will need to take out loans and if I don't have a cosigner I don't know if I will qualify for loans. Are there any ways to at least lower the amount of private loans I take out (like federal loans) or is there another way for me to get loans without a cosigner and no credit?

Thank You

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[binghamkid]

Hey,

I am planning on applying to the 6-year Pharm.D program at SUNY Buffalo. I know I want to go here and that I will get the best education here to become a pharmacist. The only problem is that my parents don't know if they want me to go so far away from home. I am living in North Carolina and Buffalo is in New York. I will need to take out loans and if I don't have a cosigner I don't know if I will qualify for loans. Are there any ways to at least lower the amount of private loans I take out (like federal loans) or is there another way for me to get loans without a cosigner and no credit?

Thank You

If you go to pharmacy school, you will be considered a graduate level student and therefore an independent (if you're in a 6 year program, I believe that kicks in after the first two years but check with your school's program). You will always be able to get enough loans to cover your educational costs unless your parents make boatloads of money, in which case this question probably woulnd't come up anyway. Seeing how I already owe my undergraduate institution about 10,000 and had no problems getting aid for about 50k....i don't think you'll have a problem =)

 

[bananaface]

Moving to Financial Aid for best response.

 

[Der]

Well, SUNY Buffalo actually considers the first professional year as an undergrad year so you only pay the undergrad tuition. After Professional year 1 then I become a graduate. I would be an undergrad for 3 years and professional for 3 years. So, as a graduate going to pharmacy school I can take out whatever I need and not have to worry about a cosigner or anything? But as an undergraduate would I get enough federal aid to fund the entire tuition? The question is if I can get enough aid without my parents having to sign or cosign anything.

 

[Der]

Come on guys, need some help here please.

 

[Doctor Bagel]

Well, SUNY Buffalo actually considers the first professional year as an undergrad year so you only pay the undergrad tuition. After Professional year 1 then I become a graduate. I would be an undergrad for 3 years and professional for 3 years. So, as a graduate going to pharmacy school I can take out whatever I need and not have to worry about a cosigner or anything? But as an undergraduate would I get enough federal aid to fund the entire tuition? The question is if I can get enough aid without my parents having to sign or cosign anything.

If your credit is fine, you should be able to take out as much as you need in staffords and GradPlus loans without a cosigner when you're classified as a graduate student. The credit requirements for GradPlus loans are very minimal -- you'll only be required to have a cosigner if you're done something like defaulted on a loan, had a tax lien or filed for bankruptcy. It sounds like you're pretty young, so you probably haven't had much time to really ruin that credit.

The undergraduate years are going to be more tricky because schools have to look at your parents' income to determine how much you can borrow for federal loans or get in grants. If your parents have pretty low income, it's possible you'll get enough in federal loans and grants to cover the whole deal. However if your parents are at least middle class, they will be expected to contribute something, and schools can't disregard parents income or ability to pay even when parents are unwilling to pay. The GradPlus option isn't available for undergraduates -- instead your parents would be able to take out Plus loans in their own name to pay for your tuition and living expenses, which it sounds like they won't do. I understand there are some private loans for undergrads, but the terms aren't great and you might need a cosigner to get anything approaching doable interest rates.

Honestly you'll probably have to work something out with your parents. If SUNY Buffalo is really the best deal for you, you need to convince them of that. And I don't know anything about pharmacy schools, but I'd be surprised if there's not a school as good or better in NC, where you'd probably get cheaper tuition anyway.

 

[Lesley]

I think in order to find out what financial options you may have during your undergraduate years, you and your parents should fill out a FAFSA when it becomes available, January 1st, 2008. Sometimes the more expensive the school, the more generous the package. Obviously, you will be able to borrow from the unsubsidized Stafford regardless of your families financial circumstance. If you are applying to a PharmD program some merit money may also come your way. I would suggest that you apply to Buffalo, I hope you get in as it's your first choice, and some other PharmD programs. When you fill out the FAFSA, direct that your information be forwarded to all the schools you applied to. Compare financial aid "awards" and go from there. Most schools can recommend specific loan programs their students use, including private ones. Good Luck!

 

[Der]

Ok thanks. Maybe if I get enough loans federally then my parents wont have to really cosign for a large amount and its also only 2 years of undergraduate so they wont have to cosign for 4-6 years. I will see what happens later on and I'm actually applying for the spring 2008 semester so I already filled out a fafsa form last January. Any other help is greatly appreciated.

 

[Lesley]

There are not that many 0-6 PharmD programs and less that have the option to start spring semester. Hopefully, when you get your acceptance, Buffalo will provide you with some good aid and insight regarding your financing options. My son's in his second year of an 0-6 PharmD program and is very sure and happy with his decision. Apply as early as possible, if you haven't already. Good Luck!

 

[Der]

Alrighty thank you for your help!