Money Question. How does it work?

[VetMed555]

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So...I'm new to loans. Never had a debt before. This is my question: VMRCVM states, that it will cost approximately $16,000/per year (JUST for tuition and fees--doesn't include books/supplies). If federal loans are $28,500, that leaves $12,500 for food/living expenses, which is slightly over $1000 per month. And that's assuming you max out federal loans. (I don't qualify for health student loan--no information about my parents, who live in Russia). How in the world can you afford to live on $1,000/month? If I have rent...let's say I get lucky and it's $600, medical insurance $250? Plus electric bills, car insurance, food....? Are these the only loans vet. students (in-state) normally take out? Where does the difference come from? I don't think it's realistic to work even part-time while in vet. school and still maintan sanity. I'm sorry if this question has been asked before, but I'm freaking out a little about the whole money issue.

 

[VAgirl]

http://more.studentdoctor.net/showthread.php?t=505999

Check out that thread. There are others, too, that you can search for. It's confusing stuff. You should also call VMRCVM's financial aid office. They can and should walk you through this process.

 

[WhtsThFrequency]

Hmm I don't have to much advice except that's what I live on.

Rent here in Blacksburg isn't bad. $600 for a single bedroom is VERY expensive. Average one bedroom is more around 450-500, depending on where you live. And if you have roommates it's much better.

I currently live on ~1000 a month, paying 530/mo for rent for a two-bedroom, and 566/quarter for health insurance (gah!!), and do fine.

 

[projekt]

Actually, it's a little different. You can only get federal loans up to your estimated cost of attendance (COA). That includes tuition, fees, and a meager but not mean living allowance. The amount is for each month you are in school, and so you only get 8 months of loans, until the 4th year when you're probably in school for 12 months.

If you live frugally, you will be able to take on fewer unsubsidized loans, and this is doubleplusgood.

 

[VAgirl]

If federal loans are $28,500

I don't understand where VMRCVM got $28,500 in Staffords from. I thought the other schools I'd talked to talked about professional students qualifying for higher Stafford loan amounts than that. We discussed this in the other thread I linked to at the top of this page. Can anyone clarify? I guess I'll have to go double check my notes from the other schools...

 

[projekt]

If you're going in-state, I doubt you'll even be borrowing 28.5 per year. Health professionals have several options to borrow larger amounts (at higher interest rates), if needed.

 

[VAgirl]

If you're going in-state, I doubt you'll even be borrowing 28.5 per year. Health professionals have several options to borrow larger amounts (at higher interest rates), if needed.

But on their website they don't say that # is for IS students only, that OOS students can borrow more. They just say one can get $28,500 in Staffords. And they do have OOS students; it that would be confusing to just talk about what applies to IS students, which leads me to believe that's not what they're doing.

 

[WhtsThFrequency]

I'm also not sure where they get the 28K figure. I'm offered 32-33 K per year as an in-stater.

 

[projekt]

http://studentaid.ed.gov/students/attachments/funding/PlusLoansQA.pdf

PLUS loans are for professional students who need to borrow more money than regular students. It's not a matter of IS or OOS, it's that OOS people are more likely to have a COA above $28,500/year. PLUS loans cover the rest. They also cover you after the $138,500 max in Stafford loans and $24,000-$40,000 max in Perkins loans. Their interest rate is higher than Stafford loans.