Need help understanding loans!!

[panasonic52]

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I read some other posts about loans, but everyone's financial situation is different so it was still a bit confusing.

I was fortunate enough to have my parents fund undergrad, but they cannot afford to keep paying for medical school. Basically 100% of the costs are up to me to figure out how to pay. I was initially considering the military med scholarship because it sounded like such a sweet deal, but many said to not do it just for the money. Honestly, any idea of deployment scares the ---- out of me so I'm not doing it.

So now I've got to figure out how to take out loans. Can anyone refer me to an easy-to-understand/informative site about loans? Or can anyone do a quick breakdown of what to do?

I got accepted last week and I'll only be looking at in-state tuition. Do I just fill out the FAFSA right now and that's it? Do you think it will be enough to cover expenses? I'm single and don't have kids. Also, my dad is on disability right now, but he is getting full pay for the next 5 months. His salary is pretty good and I'm afraid that will affect the amount of $$ I get. Does it not matter that my parents are not contributing to what I need to pay? After filling out the FAFSA, am I guaranteed the ~$8k subsidized and ~$30k unsubsidized stafford loans?

Sorry for all the questions. I will be contacting the FA department at the school as well, but I wanted to hear some personal experiences as well. Thanks!

 

[randomusername]

I read some other posts about loans, but everyone's financial situation is different so it was still a bit confusing.

I was fortunate enough to have my parents fund undergrad, but they cannot afford to keep paying for medical school. Basically 100% of the costs are up to me to figure out how to pay. I was initially considering the military med scholarship because it sounded like such a sweet deal, but many said to not do it just for the money. Honestly, any idea of deployment scares the ---- out of me so I'm not doing it.

So now I've got to figure out how to take out loans. Can anyone refer me to an easy-to-understand/informative site about loans? Or can anyone do a quick breakdown of what to do?

I got accepted last week and I'll only be looking at in-state tuition. Do I just fill out the FAFSA right now and that's it? Do you think it will be enough to cover expenses? I'm single and don't have kids. Also, my dad is on disability right now, but he is getting full pay for the next 5 months. His salary is pretty good and I'm afraid that will affect the amount of $$ I get. Does it not matter that my parents are not contributing to what I need to pay? After filling out the FAFSA, am I guaranteed the ~$8k subsidized and ~$30k unsubsidized stafford loans?

Sorry for all the questions. I will be contacting the FA department at the school as well, but I wanted to hear some personal experiences as well. Thanks!

First, breathe. TCOM is just about the cheapest DO school there is. Don't do the military since you don't want to face deployment (and since TCOM is one of the cheapest DO schools out there...). Basically what you'll need to do is fill out the FAFSA and wait to get stuff from TCOM's financial aid department regarding your budget and whatnot. Also, you can always contact them about this kind of stuff as they WILL be your best source of information. Since this is graduate school you are considered an "adult" when applying and therefore your parents' income isn't a factor regarding how much loan money you can get, rather, the school's calculated COA determines how much you may receive.

 

[willen101383]

It is sort of a PITA to figure this stuff out. Your best bet is call the fin aid office @ TCOM. Youll need to fill out the fafsa for starters. From there youll have to do a MPN and the like. The office will talk you through it...and once you get closer to matriculation I am sure they will have a packet of info for you.

You will not have any issues covering things though. I have a 1900 a month mortgage/450 a month car loan, etc and they are paying it all so try not to worry too much. I was in your boat too..my parents (well a wealthy relative who passed away) left my sister and I enough money to cover undergrad and my grad school so I was freaking out too because id never dealt with fin aid before.

Youll probably need a stafford and grad plus loan to cover all your expenses because stafford only covers up to 40k a year IIRC.

 

[denco88]

When can you start filling out the FAFSA? I've never done one before!

 

[randomusername]

When can you start filling out the FAFSA? I've never done one before!

Already available:
http://www.fafsa.ed.gov/

 

[panasonic52]

Thank you both for all of the help! I plan on talking to the FA office to take me through the steps, but I want to do it in person. I'll be back up in Fort Worth on January 10th so I have to wait until then. In the meantime, I'll try to get my FAFSA in.
Do you guys know when the Stafford loans have to start being paid back?

 

[swimchick]

Thank you both for all of the help! I plan on talking to the FA office to take me through the steps, but I want to do it in person. I'll be back up in Fort Worth on January 10th so I have to wait until then. In the meantime, I'll try to get my FAFSA in.
Do you guys know when the Stafford loans have to start being paid back?

FAFSA is sooooo much easier to fill out than it used to be, don't worry about it.

You used to be able to defer Stafford loans for the duration of your residency, but now with the Income Based Repayment I think you have to start payments 6 months after graduation. The financial aid sites of most med schools have a presentation on loan repayment so I would check that out for the most recent info.

 

[panasonic52]

thank you swimchick 🙂 I'm glad it's gotten easier. I did one several years ago, and it was a pain!

 

[denco88]

Already available:
http://www.fafsa.ed.gov/

It says it is.. but when you go to fill it out it only has the 2010-2011 school year available.

 

[Dr Yiot]

Everyone who posted answered well but I just wanted to say you will be more than fine. I was nervous about loans for my post bacc program and It looks like I won't even need to pull out anywhere neer the amount I could

 

[randomusername]

It says it is.. but when you go to fill it out it only has the 2010-2011 school year available.

Eh, I'm not surprised, the government never knows what it's talking about. 🙄

 

[Bacchus]

Eh, I'm not surprised, the government never knows what it's talking about. 🙄

No. You don't. The FAFSA can't be completed before January 1st and most people don't fill it out then anyway because they don't have their finances in order. You can approximate earnings but its always easier to forget estimating and go with the W2s when they come in or wait for your income tax return to copy numbers from.

 

[panasonic52]

Everyone who posted answered well but I just wanted to say you will be more than fine. I was nervous about loans for my post bacc program and It looks like I won't even need to pull out anywhere neer the amount I could

Yeah I just talked to a friend at TCOM, and she said she didn't take out the full amount the school estimated and still got through just fine. Some others take out the max and use the extra money on vacations and whatnot, but I'd rather not build up the debt 🙂

 

[Tekar]

No. You don't. The FAFSA can't be completed before January 1st and most people don't fill it out then anyway because they don't have their finances in order. You can approximate earnings but its always easier to forget estimating and go with the W2s when they come in or wait for your income tax return to copy numbers from.

What Bacchus said. Don't bother filling out your FAFSA until after you and your parents have submitted your taxes for 10-11. If you're financially "independent" than wait until you fill them out. If you've never done it before, I'd see if you can get away with only including your personal information on the form.

my worthless two cents for you.

 

[panasonic52]

haha not worthless, but thank you! Someone above, and a few others in different threads, said that my parents' income doesn't matter for the FAFSA because I'm considered an "adult" at this point. Considering that, and the fact that they're not paying for med school, do I need their W2 info?

I worked til May 2009 and have been a full-time student since then. If I don't have to include my parents' info, do I fill it out after it opens up and put my info for 09-10?

 

[Bacchus]

Most if not all schools require parental information to make a decision on need based aid. You are "independent" by the FAFSA definition but most financial aid offices want to see parental information before they give out free money.

 

[panasonic52]

ok thanks! I'll wait til glorious taxes

 

[twocentnews]

I also have a question about this. So the OP here already has gotten into school, but I do not have a definite acceptance yet. Should I still go ahead and fill out a FAFSA as well? And is there still that deadline of March 15th?