Loans For Vet Students

[RackingHorse]

I am curious about what kind of loans are available to vet students. I get loans every year for undergrad, but it is barely enough to cover my tuition(most of the time it doesn't.) So, are the loans you get in vet school different than the ones that you get in undergrad?

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[cowgirla]

You are generally eligible for loans up to your cost of attendance- which covers tuition + expenses for the school year. There's federal sub/unsub to cover the big chunk, and then Grad Plus if more is needed. HPSL is also available but generally in pretty small amounts (plus you need to submit parental info to FAFSA and jump though hoops). It is lower interest than the others though.

I've heard of some schools only covering tuition, not sure how that works, but I think the vast majority specify a COA that will cover your living expenses and necessities.

 

[LetItSnow]

You are generally eligible for loans up to your cost of attendance- which covers tuition + expenses for the school year. There's federal sub/unsub to cover the big chunk, and then Grad Plus if more is needed.

As of next year, it's all unsubsidized, unless something changes between now and then (not very likely, I think).

Otherwise, Rackinghorse, cowgirla pretty much covered it. If the COA isn't enough for you, your next option is to find a job to bring in a little money and/or seek loans through private channels.

 

[katryn]

If you end up instate at UT, the federal loans cover approximately double what tuition is. Eg. current tuition is ~20k/yr, they offered me up to 40k. If the excess doesn't cover living expenses completely, its up to you to either go for private loans, find a secondary income, or find someone to mooch off of.

 

[libster06]

If you're in state the federal aid usually covers a lot more. A lot of people (including me) had to go through a private loan to cover the cost of living... which was nothing at all. You could a part time job as well, but for me that was not feasible, simply bc I couldn't handle it. But others do just fine. Still I can't imagine working one of the various odd part time jobs the schools offer would be enough to live off of without still taking out some money for living. Thus why everyone is broke and living on jack ****.

 

[jmo1012]

federal loans cover full cost of attendance for SGU (including tuition, fees, living expenses, travel)

 

[caligirl03]

federal loans cover full cost of attendance for SGU (including tuition, fees, living expenses, travel)

How much did you take out in loans for your first year at SGU??? Is it covering everything????

 

[jmo1012]

How much did you take out in loans for your first year at SGU??? Is it covering everything????

We could take out approximately $52k for this year (aug/jan terms). i took out about $30k because i have other financial factors, but most students took out full COA

 

[caligirl03]

We could take out approximately $52k for this year (aug/jan terms). i took out about $30k because i have other financial factors, but most students took out full COA

yeah I've been trying to save so my plan is to take only $40k per year tops hopefully it'll work out but i'm glad it covers everything.

 

[jmo1012]

yeah I've been trying to save so my plan is to take only $40k per year tops hopefully it'll work out but i'm glad it covers everything.

i think it's definitely do-able as long as you budget and plan smart. I dont expect to come near that $52k in total expenses this year.

 

[caligirl03]

i think it's definitely do-able as long as you budget and plan smart. I dont expect to come near that $52k in total expenses this year.

Could you always take out more later on if you need it??? Say you take 30k but then you need another 5k will they let you take it out later on in the year???

 

[jmo1012]

Could you always take out more later on if you need it??? Say you take 30k but then you need another 5k will they let you take it out later on in the year???

i have no idea-someone with more knowledge about the whole federal loans process will have to comment on that

 

[cowgirla]

Could you always take out more later on if you need it??? Say you take 30k but then you need another 5k will they let you take it out later on in the year???

As far as I know, the answer is no. I was told to take out more than I thought I'd need (ie, give myself a small cushion) because I wouldn't have the option to take more out at a later date (not even at the disbursement for the spring semester.). When you accept your loans before the fall semester (or whichever semester you are starting at if at SGU), they take that number and split it right down the middle, and half goes towards each semester that year. And that's all you get, once the deadline to accept has passed, you can't accept more. Not sure if there might be a loophole for emergencies or whatever, but at least here in the States its not easily done.

 

[bunnity]

i have no idea-someone with more knowledge about the whole federal loans process will have to comment on that

At least with grad plus loans at Penn you can ask for more. I did this partly into spring semester when my financial situation drastically changed. I'm not sure if you can do it at any given time but it seems pretty flexible here.

 

[bunnity]

As far as I know, the answer is no. I was told to take out more than I thought I'd need (ie, give myself a small cushion) because I wouldn't have the option to take more out at a later date (not even at the disbursement for the spring semester.). When you accept your loans before the fall semester (or whichever semester you are starting at if at SGU), they take that number and split it right down the middle, and half goes towards each semester that year. And that's all you get, once the deadline to accept has passed, you can't accept more. Not sure if there might be a loophole for emergencies or whatever, but at least here in the States its not easily done.

I'm wondering if it depends on your school then since it seems very different from OKSU to Penn.

 

[libster06]

I'm wondering if it depends on your school then since it seems very different from OKSU to Penn.

While I declined my Grad Plus Loans, I took out the full amount of the subsidized and unsubsidized Stafford loan. At this point, it doesn't show an option to take out any from Grad Plus, but like I said I initially declined it, so I don't know how it would look had I accepted a partial amount of Grad Plus as well. I also don't know if perhaps it's possible but it requires a lot of hoops to jump through and going through the FAFSA website instead.