Money & loan options

[Dentalbound]

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What options are available to those students who need loans that exceed the cap set by their school? Are they stuck getting private loans? Has anyone ever been able to sweet talk their financial aid office into raising the cap slightly or making an exception? Thanks

Dentalbound
CU class of 2008

 

[rsweeney]

What is this school cap you are referring to? I thought that the total amount one can get is $38,500 in stafford loans and no more. What am I missing? I thought I was SOL because the cost of UNC's tuition plus fees well exceeds $38,500. Will they give me more?! I should be OK because I will have in-state tuition spring smemster of D-1, but even then I will be cutting it close if I do not get more than $38,500 in loans. Please elaborate on the "school's cap."

-Thank you!!

 

[Dr.BadVibes]

Besides scholarships....the other options for loans include the Health Professionals student Loan (HPSL) of $15000. However, I was told by the financial lady at TUfts that it is really hard to get and you must demonstrate dire need.

Other than that and a few other small needs-based loans, you are basically stuck with private loans. Dental school is expensive and no easy walk in the park, but we already knew that, didnt we???

 

[rsweeney]

I was looking over some financial aid stuff from past interviews and found a better way to phrase this question. If a school claims that each student is guaranteed to get his/her "cost of attendance", how is this possible if the maximum stafford payout is $38,500. For example, I noticed after looking at the financial aid paperwork from OSU that the "cost of attendance" for a non-resident there is $54,570. If, as OSU states, "you can receive aid up to your cost of attendance," how are you supposed to get $54,570 if the maximum stafford payout is $38,500. Where does the extra $14,070 come from, assuming one can receive aid up to the "cost of attendace" without having to delve into the private loans or scholarships? The later two are need-based and a lot of us won't qualify for those either way because of what our parents make.

-Thank you!

 

[ItsGavinC]

The other monies that can be used to reach that "cost of attendance" amount can come from any other number of private loans. Access group loans are popular, and they have no service fees for disbursement (meaning you actually get what you apply for, with no extra fee added on to the amount you are requesting).

My school WILL raise the cost of attendance by a little, I think, if proof can be given that the typical COA isn't going to suffice. I've heard of this happening with people who have several children, etc. (heard this from the students at our med. school).

 

[rsweeney]

How does one get these extra loans? Does parental info matter to get these extra loans? With that in mind, even though my dad makes way too much for me to be considered in need, should I put his info on FAFSA?


-Thanks

 

[ItsGavinC]

My school gave me options for providers when it came to the extra loans. I'm fairly sure this is how it works at nearly every school. In fact, my school sent me all the paperwork for the private loans, and I basically had to only sign it. This makes sense, since the school doesn't want students to take out MORE than the Cost of living allowance, so they made sure everything was run through the financial aid office.

 

[rsweeney]

Ok, I see. So this is separate from FAFSA, therefore it dos not matter whether I update my FAFSA with my dad's info or not. I can just leave my FAFSA as it is [w/o dad's info] and when I get to school they will inform me that I can get more money from other providers that could care less what my dad makes. They will just hand me a form, I will sign it, and badabing I have more money. I was just worried that I would not be able to get more money w/o updating FAFSA with my dad's info, b/c my dad makes too much for me to be "in need." Thanks Gavin.

-Richard