Non-Traditional Students - What if the financial aid package isn't enough?

[IdahoFZ]

I have a question for the non-traditional students out there - what do you do if the financial aid package isn't enough?

I'm an incoming DO student at LMU-DCOM (in Harrogate, TN), and I have a wife and two kids. I recently received my financial aid award - after paying tuition & fees, we'll be left with about $20k a year to live on. We try to live as frugally as possible, but even so, I seriously doubt we can get by on just $20k a year.

The financial aid counselor told me she's sorry, but there's nothing she can do. I've already been awarded the maximum loan amounts (Direct Subsidized, Unsubsidized, and Grad PLUS) up to the cost of attendance for the school, and apparently you can't borrow in excess of that.

Are there any other sources of loans/scholarships? I've done quite a bit of searching, but can't seem to find anything!

Thanks in advance!

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[MrCheetah]

I have a question for the non-traditional students out there - what do you do if the financial aid package isn't enough?

I'm an incoming DO student at LMU-DCOM (in Harrogate, TN), and I have a wife and two kids. I recently received my financial aid award - after paying tuition & fees, we'll be left with about $20k a year to live on. We try to live as frugally as possible, but even so, I seriously doubt we can get by on just $20k a year.

The financial aid counselor told me she's sorry, but there's nothing she can do. I've already been awarded the maximum loan amounts (Direct Subsidized, Unsubsidized, and Grad PLUS) up to the cost of attendance for the school, and apparently you can't borrow in excess of that.

Are there any other sources of loans/scholarships? I've done quite a bit of searching, but can't seem to find anything!

Thanks in advance!

I know that my medical school allows you to take out more financial aid than is budgeted if you have children. are you sure you've tapped everything that can be given to you? And as far as other sources of loans/scholarships go... I don't think you'll be able to get anything else as far as fianancial aid through your SCHOOL goes... because if you get a scholarship that amount is just decudted from the student budget and would just have the effect of lowering the loans you have to take out anyway.

 

[Twitch]

Food stamps

 

[IdahoFZ]

I called & spoke with the Federal Government's student loan center and they suggested I ask my school about Perkins loans, which can be borrowed in excess of the cost of attendance.

I called the financial aid coordinator at my school again, and she said that Perkins loans are not available for professional or graduate students at my school, due to lack of funds. All of their perkins loan funding get used on undergraduate students for some reason. Bummer.

Are medical students eligible for food stamps? That would certainly help! I also wondered about medicaid, particularly for my wife & kids. Does anyone have any experience in these areas?

I'm still shocked by this unforseen obstacle. I mean, I knew that I'd be looking at ridiculous amounts of student loan debt, but I never even considered that I wouldn't be able to borrow enough to live on. Back to the drawing board I guess...

 

[7 Iron]

Is it possible to look at outside student loan funding? Try your local bank, since it sounds like the fin. aid coordinator at your school is completely unhelpful.

 

[Igor4sugry]

Its a difficult situation, and I feel for you. All schools set this arbitrary "cost of education" and then the government can only meet that loan amount.

You also need to be aware that your "living expense" budgets do not increase in pace with inflation. So for example just because your tuition will go up 5% or 8% next year, your living budget will stay mostly the same as the school tries to keep its tuition #s low. So this is another added factor to consider when you are budgeting not now but in subsequent years.

 

[CATrtb]

Try Wells Fargo, but you will have to begin payment straight out of school. Yes, go ahead and apply for food stamps, medicaid, WIC, etc. Student loans are not considered income.

You will have to keep going back to you FA office. Try to squeeze every dime from them. Keep writing letters and send them proof of your bills, car repairs, healthcare expenses, gas, etc. Also bring up the fact that your wife is providing childcare. Be persistent.

All they care about is being able to justify thier disbursments to you if a govt. auditor comes around. So give them justifications based on the federal rules.

I speak from experience. You have an uphill battle. The system is very arbitrary and not set in reality.

You may have to work, or your wife may have to work.