Not Enough Money

[rexosaurus]

---

Members do not see this ad.

So,
I'm listing every possible bill and expense I could have while in vet school and playing around with the numbers that CSU gave me for my budget. I find that I will need about $5,000 more than what I'm getting in student aid 😱!

How many of you came across this before you started school? What did you do to make up the cash? I'm pretty sure it's my beast of a car that is the most frivolous expense on the list, but it's an expense none the less. So how do I create 5K out of thin air?!?!?!?!

 

[veggirl]

Hey. I am in a similar boat and I am worried about the expense as well. I just thought I'd add a little tidbit that may or may not help you out...

I just found out that my school will allow you to take out up to an extra $2500 to buy a new computer. You do have to show a receipt to get that extra money, but if you've already bought one, and it is included in your budget, it may help to take out the extra cash in order to pay it off. You may want to check with your school if you also have this extra bill to worry about.

As far as suggestions for saving money....for what its worth, I am getting a roommate, buying used books from a friend, and building a garden in my backyard to help with some costs. I know it'll still be tight, but every little bit helps!

Also, as much as you may love your car, it may be worth it to sell it for a cheaper option if that is a possibility...or even a consideration.

Good luck to you!

 

[CookieBear]

So,
I'm listing every possible bill and expense I could have while in vet school and playing around with the numbers that CSU gave me for my budget. I find that I will need about $5,000 more than what I'm getting in student aid 😱!

How many of you came across this before you started school? What did you do to make up the cash? I'm pretty sure it's my beast of a car that is the most frivolous expense on the list, but it's an expense none the less. So how do I create 5K out of thin air?!?!?!?!

I took several extra thousand out on the GradPLUS loan. It was traditionally offered to *parents* - but it's now available to grad students like us. I just went through SallieMae with mine because that was what was offered, and I just did it that way.

I think they do run a credit check, not sure. I did mine individually and did not have any co-signer. I think you can also do them with co-signers, such as parent, etc.

To my knowledge, the GradPLUS is better than a private loan, because, after school, you can consolidate your federal loans and the GradPLUS. Private loans cannot be consolidated in the same manner, as far as I know.

The GradPLUS wasn't offered on my finaid package. I think I did it by going to SallieMae's site. Google "GradPLUS" and I'm sure you'll get some info.

 

[chris03333]

private loans should cover any extra you need.

 

[ratbandit]

Don't forget you can still work, I made about 3K so far by doing part time throughout the school year.

 

[rexosaurus]

Thanks, everyone, for your helpful responses. I know I will get a job in the summer, but am not sure if/how much I will be able to work during the semester. I may just wait it out until second semester to get a job. I don't want to overwhelm myself!

 

[cyrille104]

.

 

[ratbandit]

Yeah, having a job during the school year really sucked, I worked about 16 hours a week and then towards the end of the year did 20 or more. I would definitely NOT do it again but I needed to having at least a certain amount of Missouri taxable income to get residency and cut my tuition in half! I wouldn't work if you don't have to, even though my grades were fine the stress was just not worth it.

 

[Monkey85]

As someone else suggested, the GradPlus loan is an easy way to get the extra money. I took one out for this coming year for $7000. You can complete everything online and the terms of the loan are better than a private loan.

As Cyrille said, you should definately work on getting the loans quickly so you will have the money in the Fall (I think some loans need to be applied for by July 15th to be distributed in early September)

I don't want to be negative, but this will be an on-going problem for the next 4 years of your life. Last year I was able to survive (barely) on just my financial aid package but I have insanely cheap rent and my parents live close and spoil me with food. This year, Penn's tuition went up $3,000ish in tuition and my financial aid package decreased by $2,000. So I ended up $5,000 short of last year which I barely made it through. So be prepared to rack up lots of loans; its really the only way to get the large amounts of money needed for school/living expenses

 

[Nexx]

I don't know how your school is working it... but you -shouldn't- be able to take out GradPlus loans as an extra source of money. Basically GradPlus loans are supposed to be good up to the cost of attendance minus any other aid you receive.

*shrug* Private loans are an option since they are not sent directly to the school for verification. But if your school will let you get extra under the GradPlus scheme, go for it.

 

[Electrophile]

If you can help it, try not getting a job until you get into the swing of things AND if it's real flexible. I have two jobs (and a dog behavior consulting business on the side), but one of them I had for about 5 years before starting vet school, so I knew how much flexibility I had. I'll probably have to quite during clinical years though. 🙁

 

[rexosaurus]

Thanks, everyone, for the input! I was really trying to be clever and find a way not to take out extra loans, but it looks as though that is the way I will have to go. Like some said, I could sell my SUV. The thing is, I don't own it outright, and there is no demand for it right now. Hence, I will have to sell it for an extremely undercut price and still have a pretty decent sized payment for a "cheaper" car. I plan to ride my bike as much as possible in school, but there is still a need for a car for such things as groceries, going to the airport, etc. The way I look at this, it won't work out for me any way but to take out supplemental loans 🙁
Thanks again for all the help!

 

[CookieBear]

I don't know how your school is working it... but you -shouldn't- be able to take out GradPlus loans as an extra source of money. Basically GradPlus loans are supposed to be good up to the cost of attendance minus any other aid you receive.

*shrug* Private loans are an option since they are not sent directly to the school for verification. But if your school will let you get extra under the GradPlus scheme, go for it.

The KSU financial aid package covers me for tuition and some fees only.

If I want to live and eat, beyond paying for my tuition, I need to get money from somewhere.

I personally do not understand why someone would opt for a private loan instead of the GradPLUS, if it's for this reason (survival vs. "extra"). It's consolidate-able (is that a word) after graduation, which I've been led to believe is a HUGE issue. Unless you can't get approval for a GradPLUS, and you have no other choice, I see that as a way more viable option.

The finaid office told me, last year, that that was the best way. If there's something I'm missing... (other than about $10k/year.. heh!) please share.. I'm all ears.

 

[sheep girl]

I don't know how your school is working it... but you -shouldn't- be able to take out GradPlus loans as an extra source of money. Basically GradPlus loans are supposed to be good up to the cost of attendance minus any other aid you receive.

*shrug* Private loans are an option since they are not sent directly to the school for verification. But if your school will let you get extra under the GradPlus scheme, go for it.

Yeah, that is what my school informed me. I am in the same boat. I have accepted all of the money offered in Sub and Unsub Loans. LSU said that I can not get a GradPlus loan because I have met my limit. (But for my first year, I will be needing more... I have figured that I will not even need all the amount of money offered based the FASFA next year)

They told me that I have to look into Consumer Direct Private Loans....

Has anyone recieved money this way????

What companies do you suggest????

Help

 

[LucyLoo]

Yeah, that is what my school informed me. I am in the same boat. I have accepted all of the money offered in Sub and Unsub Loans. LSU said that I can not get a GradPlus loan because I have met my limit. (But for my first year, I will be needing more... I have figured that I will not even need all the amount of money offered based the FASFA next year)

They told me that I have to look into Consumer Direct Private Loans....

Has anyone recieved money this way????

What companies do you suggest????

Help

Yes, I've gotten direct private loans for the last year through Chase. They gave me pretty decent rates, but it depends on you're individual credit. There is a little more paperwork involved (ie you have to prove that you are actually enrolled for the semester via tuition bill etc) but they are very fast cutting the check once they have the info. The only thing is you have to apply for it each semester or you can just try and take out enough to get you thru both.

 

[wi girl]

After reading the replies, it just amazes me how different the schools are with regard to aid and such. For WI, my cost of attendance included about 200/mo for food and 500/mo for rent, as well as a misc. amount of about 2000 for transportation and such. Yes, I did take out the whole amount offered (31K) and I hope to not do that next year, but I can't imagine needing to find alternate "income" sources just to EAT!?!

Needless to say, while I have nothing worthwhile to say, my heart goes out to you, because that's just TOUGH!

 

[VAgirl]

It is interesting (from a third party point of view, I guess) that the offered aid package does fall short of the estimated financial need. I just got my financial aid packet today and while the estimated budget is around $57K, the offered aid is around $53K. Fortunately, this is not an issue for me because I have savings and am not planning on taking out the full amount of loans I've been offered anyway, but it's not something I would have thought about previously.

Also, to return to a previous topic that has come up several times (not necessarily in this thread), the amount of unsubsidized loan money offered to professional students (i.e. vet med students) is $32K, not $20K. At least, my Federal Direct Stafford Unsub loan amount offered is $32K. Just as an aside.

 

[CookieBear]

Yeah... I'm allowed to borrow about $55k total this year. I guess the Financial Aid office does things with a purpose: my aid package (staffords and HPSL) came to about $42,900 I think, but we're allowed to borrow up to about $55k (say, via GradPLUS) in order to cover living expenses. That $42k is just tuition/fees.

 

[sheep girl]

Thanks, Lucy... That was the type of advice I was looking for! 🙄

 

[OSJ]

With the chase loans, do you need to start paying them right away? I think I need something like that.
I have all the maximum amounts through the school (including grad plus.) I really don't want to drain my savings ( i need it there for peace of mind/emergencies.)
Thanks!