Med school financial aid package not enough?

[gandalfthegray]

So I received my financial aid package from one school and the amount of aid that they give (loans) is only half of the total tuition and fees. I was under the impression that they would give loans up to how much you needed. Can anyone clarify?

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[IL Pre Med]

You should call the financial aid advisors from your school.

 

[Silverflash]

^That's pretty much the only advice someone can give you; we can't really tell you what went on on their end. 😛

 

[gandalfthegray]

Ah so I assume this isn't a common occurrence. I thought it was 😛

 

[gravitywave]

Don't know how common it is, but if you see Staffords and no GradPlus, they just didn't put the GradPlus in yet. Maybe you don't qualify for GradPlus, but very few people find themselves in that position unless they haven't got citizenship/PR.

Yes, call them.

 

[galaxyx]

I second the grad plus not being included. Likely, the school has offered you loans to cover what's not part of your EFC as determined by the school. Grad plus loans are different, in that they have nothing to do with your EFC or "award" and you can take them out to cover the remainder of your COA "As a borrower, you may request up to the total unmet need listed in your financial aid award." Have you read all of your schools financial aid website yet? It likely tells you how to apply for grad plus, or you will get this information upon enrollment. Make sure your loan award also maxes out your stafford loan amount as well. You can borrow unsubsidized stafford loans up to the limit or your COA whichever is less and you should max those out before going the grad plus route.

 

[Ismet]

Don't know how common it is, but if you see Staffords and no GradPlus, they just didn't put the GradPlus in yet. Maybe you don't qualify for GradPlus, but very few people find themselves in that position unless they haven't got citizenship/PR.

Yes, call them.

I second the grad plus not being included. Likely, the school has offered you loans to cover what's not part of your EFC as determined by the school. Grad plus loans are different, in that they have nothing to do with your EFC or "award" and you can take them out to cover the remainder of your COA "As a borrower, you may request up to the total unmet need listed in your financial aid award." Have you read all of your schools financial aid website yet? It likely tells you how to apply for grad plus, or you will get this information upon enrollment. Make sure your loan award also maxes out your stafford loan amount as well. You can borrow unsubsidized stafford loans up to the limit or your COA whichever is less and you should max those out before going the grad plus route.

+1. It might be too early for the GradPlus to be included, but call the school and find out what's up. There is a max to the unsubsidized Stafford loans, I believe around $42,000/year or so, so if your COA is more than that, you'll need to dip into GradPlus if you qualify, or private loans.

 

[BuddyTheElf]

They only (usually) give you the amount in unsubsidized loans, not GradPlus loans. You can take out additional loans up to the COA. So if you received $42,000 in unsubsidized loans, and your COA is $72,000, you can take out an additional $30,000 in GradPlus loans. This is something that you have to apply for additionally (FAFSA does not apply for GradPlus loans for you). The school should give you some info on GradPlus loans. You should be able to go to www.studentloans.gov to complete an application for the GradPlus loans (this is also where you fill out your entrance loan counseling and the master promissory note).

Hope this helps!

 

[LaughingMan]

+1. It might be too early for the GradPlus to be included, but call the school and find out what's up. There is a max to the unsubsidized Stafford loans, I believe around $42,000/year or so, so if your COA is more than that, you'll need to dip into GradPlus if you qualify, or private loans.

Just for the record for anyone reading, I believe its $20,500 loans per year.

 

[Ismet]

Just for the record for anyone reading, I believe its $20,500 loans per year.

Thanks for the correction. I must have gotten in before the July 1, 2012 change because I have $40,000 in direct unsubsidized loans this year.

EDIT: Nope, just saw this: "Graduate and professional students enrolled in certain health profession programs may receive additional unsubsidized Direct Loan amounts each academic year beyond those shown above." Not sure if that applies to medical school, but that would explain the $42,000.

http://studentaid.ed.gov/types/loans/subsidized-unsubsidized

 

[nBeeDee]

Thanks for the correction. I must have gotten in before the July 1, 2012 change because I have $40,000 in direct unsubsidized loans this year.

EDIT: Nope, just saw this: "Graduate and professional students enrolled in certain health profession programs may receive additional unsubsidized Direct Loan amounts each academic year beyond those shown above." Not sure if that applies to medical school, but that would explain the $42,000.

http://studentaid.ed.gov/types/loans/subsidized-unsubsidized

No you're definitely right about it being ~$42k per year max for med students. I cant find the exact clause on the .gov website but Georgetown's finaid site does a good job of explaining the unsubsidized staffords and grad plus loans:

http://som.georgetown.edu/prospectivestudents/financialaid/programs/federaldirectloans/

 

[LaughingMan]

Thanks for the correction. I must have gotten in before the July 1, 2012 change because I have $40,000 in direct unsubsidized loans this year.

EDIT: Nope, just saw this: "Graduate and professional students enrolled in certain health profession programs may receive additional unsubsidized Direct Loan amounts each academic year beyond those shown above." Not sure if that applies to medical school, but that would explain the $42,000.

http://studentaid.ed.gov/types/loans/subsidized-unsubsidized

No you're definitely right about it being ~$42k per year max for med students. I cant find the exact clause on the .gov website but Georgetown's finaid site does a good job of explaining the unsubsidized staffords and grad plus loans:

http://som.georgetown.edu/prospectivestudents/financialaid/programs/federaldirectloans/

👍👍 for clearing that up for me! My mistake people!

 

[gandalfthegray]

Yeah I got a few thousand in Direct GradPlus loans according to this...that can't be right...