Loans: Where do I start?

[NervousWreck6]

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I know I sound snobbish and stupid, but I really don't mean to. My parents paid for my undergraduate so I've never taken out a loan. Where do you guys start? I know I have to do FAFSA when January hits. My understanding of student loans, private loans, etc are minimal. Where can I get information about them? The school I will be attending to has a cost of attendance of $80,000 for the first year.

I know I should do more research...

 

[Deranged Medic]

Fill out the FASFA and talk with the financial aid people at your school. They will take it from there.

 

[Conflagration]

If you're getting loans for the very first time from the federal government, you may be required to do what they call the Master Promissory Note. Don't worry, most people only do it once or twice. It's managed by the Student Loans portal the US government runs. It's essentially a 30-minute crash course on what the terms of your loans are- and some other technicalities.

It's actually incredibly informative, but it's got a lot of tedium to sift through. Just be mindful of that.

If you want to know more, click here.

 

[FalconSlice]

I know I sound snobbish and stupid, but I really don't mean to. My parents paid for my undergraduate so I've never taken out a loan. Where do you guys start? I know I have to do FAFSA when January hits. My understanding of student loans, private loans, etc are minimal. Where can I get information about them? The school I will be attending to has a cost of attendance of $80,000 for the first year.

I know I should do more research...

You do not sound snobbish or stupid. I am a person who worked through high school and college (luckily with many scholarships) to pay and get out scott-free of debt, therefore, I had to be familiar with this process (in case I didn't make enough). It was surprising to me how many people don't know the ins and outs of this financial crap we all have to deal with. Anyway, I am sure most people are like you and don't know where to start, but the best part is you are now learning to be independent and take care of yourself in all aspects including financially. And that can be scary, but the fact that you are doing it by yourself, being modest, asking for help, etc. makes me respect you.

 

[Deranged Medic]

If you're getting loans for the very first time from the federal government, you may be required to do what they call the Master Promissory Note. Don't worry, most people only do it once or twice. It's managed by the Student Loans portal the US government runs. It's essentially a 30-minute crash course on what the terms of your loans are- and some other technicalities.

It's actually incredibly informative, but it's got a lot of tedium to sift through. Just be mindful of that.

If you want to know more, click here.

^ There are steps like this you will need to take. However, if you have not done the whole financial aid thing before, I would let the financial aid people at your school help you wade through the process—it's what they are there for.

 

[NervousWreck6]

Thank you guys!

 

[AlteredScale]

Thank you guys!

80,000/year?! That's insane!

 

[Lucca]

The FAFSA is pretty self-explanatory once you start filling it out. Have ur most recent tax forms (W-2 is all I use essentially) and estate information (if you have any, I don't so I can't give you much info about this) handy and you can finish it in an hour or two at most.

The financial aid office at your school is most likely your best resource as the ones available online are generally not directed at medical students.

As for 80,000$ for your first year...ay dios mio

 

[NervousWreck6]

The FAFSA is pretty self-explanatory once you start filling it out. Have ur most recent tax forms (W-2 is all I use essentially) and estate information (if you have any, I don't so I can't give you much info about this) handy and you can finish it in an hour or two at most.

The financial aid office at your school is most likely your best resource as the ones available online are generally not directed at medical students.

As for 80,000$ for your first year...ay dios mio

When you said the financial aid office at my school, do you mean undergraduate or medical school? I'm asking this because since I don't matriculate until Fall, I'm not sure if I can ask them for help beforehand.

 

[dpmd]

When you said the financial aid office at my school, do you mean undergraduate or medical school? I'm asking this because since I don't matriculate until Fall, I'm not sure if I can ask them for help beforehand.

The school you will be going to. Once you fill out fafsa and once you put your deposit and officially accept the spot at the med school the financial aid office will send you a financial aid package (likely all loans but this is where any grants or scholarships from the school would go, plus some schools have other loan options that might get thrown in there too-like perkins and institutional loans). You then choose what you want/need to accept. Student aid.gov has some details about types of aid available for you to look over. The fact that you want to educate yourself about this rather than just wait for the financial aid office to tell you where to sign without knowing what you are getting into is a good thing. The school you are going to can also give you info, but they will be a better resouce for you after you look up the basics online and probably better after you see what financial aid offer they give you.

 

[dpmd]

Also, you don't have to take everything they give you (especially if you have cheaper housing and don't plan to buy all the books or whatever). If you find you need more later in the semester/quarter you can take some of what you didn't take initially. It isn't a fast process though so you have to plan ahead (or maybe your family can bridge the gap for you).

 

[NervousWreck6]

My medical school wants me to put my parents' incomes onto FAFSA, however, they are not contributing to any of my educational expenses. Will that affect how much aid I get? Is everyone guarantee some type of loans?

 

[ASD2019]

My medical school wants me to put my parents' incomes onto FAFSA, however, they are not contributing to any of my educational expenses. Will that affect how much aid I get? Is everyone guarantee some type of loans?

Schools are a little different, but my understanding is generally for most schools if you want to be considered for institutional aid (especially need based aid) then you need to provide your parents info. Without parent info the majority of applicants are in the exact same situation (broke) so it would be hard to assess need.

 

[dpmd]

My medical school wants me to put my parents' incomes onto FAFSA, however, they are not contributing to any of my educational expenses. Will that affect how much aid I get? Is everyone guarantee some type of loans?

That is pretty standard to ask about parental stuff. That will factor more for institutional aid (because pretty much every incoming med student will not have much but even if parents aren't going to pay they would rather give need based aid to the student whose parents actually can't pay). You can get loans even with high parental income and assets

 

[dpmd]

Schools are a little different, but my understanding is generally for most schools if you want to be considered for institutional aid (especially need based aid) then you need to provide your parents info. Without parent info the majority of applicants are in the exact same situation (broke) so it would be hard to assess need.

Ninja'd

 

[ASD2019]

This is a good place to get started:

https://www.aamc.org/services/first/

 

[Lucca]

When you said the financial aid office at my school, do you mean undergraduate or medical school? I'm asking this because since I don't matriculate until Fall, I'm not sure if I can ask them for help beforehand.

Medical school. They will probably be happy to help you whenever if you've already been accepted/accepted to go there.

 

[ASD2019]

Does anyone know if schools that only offer need based scholarships match other scholarship offers? Even though they might not do merit scholarships, they must have some recruitment money right?

 

[dpmd]

Does anyone know if schools that only offer need based scholarships match other scholarship offers? Even though they might not do merit scholarships, they must have some recruitment money right?

Never heard of that but i don't know what it would hurt to ask.

 

[NervousNerd]

My medical school wants me to put my parents' incomes onto FAFSA, however, they are not contributing to any of my educational expenses. Will that affect how much aid I get? Is everyone guarantee some type of loans?

How do you know this? I have yet to receive any notification of a financial aid packet

 

[Make Or Break]

Should we file our taxes first before filling out the fafsa?