Loans...eek!

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RxyBrtn

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  1. Veterinary Student
I was accepted into the inaugural class at UT state (partnered w/ WSU) for this coming fall. Unfortunately being an OOS applicant, I am in a situation where I will have to pay OOS tuition for all four years at both schools. So I'm looking roughly at $50,000/yr...I have been fortunate enough to make it through my undergrad and grad school debt free and thus am 100% inexperienced about taking out a loan. Does anyone have some pointers, do's and dont's, suggestions, etc.??? My lack of knowledge about this is kind of freaking me out and causing unnecessary stress (on top of the stress of trying to finish my thesis in a month...). Anything helps!
Thanks!
 
Hit up your financial aid office or even admissions if you need reassurance, but chances are all that info should be coming your way in the next month. Each school does things a tiny bit differently, so that's your best bet.

If your school has institutional aid, you'll prob need to fill out a school specific form. If you want to apply for the health professions loans, you'll need your parent's info and tax return (if you want more info on this someone else will have to fill you in because I don't qualify and dunno much about it because my parents didn't do us taxes this year) Otherwise, it's NEVER too late to apply for federal loans on the fafsa website up to the cost of attendance. It's straight forward and easy peasy as long as you have last year's tax return in front of you. Once you fill it out, the info gets sent to your school, some magic happens, and voila tuition paid and money appears. (well at some point you electronically sign promissory notes and decide how much of the eligible amount you actually want to take out, but you'll be contacted when you're at that stage). Just make sure you have it done a couple weeks before tuition is due and/or you need the cash. Thank goodness tuition wasn't due until a month after school started for me. Being the slow poke I am, it didn't even occur to me to do any of this until a week AFTER school started. Oops. So really I'm probably the last person who should be feeding you info in retrospect. But hey, at least I can tell you that no matter how much you screw up, you can indeed get your tuition paid and have money to live on (you might just miss opportunities for extra money and/or lower interest rates on a portion of your loans)

If you actually want info on the types of loans and interest rates and all that jazz, google, school website and SDN forum searches are your best friend.
 
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