Brendan12tennis

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Has anyone chosen a lender yet? I don't know how to choose, I called the fin aid office and they said it doesn't matter, it is all the same. I don't see how this can be true, can anyone offer any insight? Which is the best lender, why?
 

daact

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i am going to nycom this year....starting 8/2004....so i just finished filling out the fin. aid stuff.....there should be a pink NYCOM fin. aid sheet inside your fin. aid packet they sent you...and on the back of it..there are the preferred lenders.....i chose AAMC Med Lender...i think this is the lender everyone chooses...i hope that helps...maybe when school starts we can chill.....new school, new friends....PM if you have more questions...
 

mrbob719

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I am also filling out the fin. aid papers and have a question:

Does the fin. office fill out the paper work and all we do is choose a lender?
 
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Chrisobean

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i am soo confused with this process... every time i call places i get different answers, and i have no idea what is going on.
 

daact

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two answer both of you....

1. fill out that packet they gave you...its like 3 sheets...and then fill out the fasfa....

2. when you call the fin. aid office...you will ALWAYS get their answering machine...so just leave a message and they will call you back in a few minutes....

i hope that helps...pm if you have more questions....
 

mrbob719

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I understand we have to fill out those three papers. After I find a lender to I fill there application or NYCOM does that for you?

I am confused too.
 

nucat03

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Hi,

I just filled out and sent in the paperwork. This is what I did:

1. Filled out FAFSA online.

2. Filled out paperwork sent to me from NYCOM (Authorization Statement, Application, SDS/PCL form, and one other).

3. Visited the webpage given on the blue instruction sheet to sign Master Promissory Note. I chose Student Loan XPress, because it does not charge any origination fees.

4. Sent in NYCOM paperwork to NYCOM financial aid office (they did not provide a return envelope).

5. Sent in Master Promissory note printed from webpage directly to the lender.

Hope that helps.
 

Chrisobean

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yeah i asked about origination fees. the one you did and MedFunds dont have them.
but apparently their repayment plans are "not as good" whatever that means. so basically, you arent really saving much, if anything at all, and you get screwed either way. i think i am going with MedLoans, the AAMC one.
 

Kry

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crap i still haven't gotten the financial aid package. guess i'll have to call them.
 

Chrisobean

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i called them right after i sent in my deposit, thats why i got it so quick. they still havent cashed my deposit check...
 
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1max2nv

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i chose medpreferred..even though they charge u an origination fee, you get 4% back and another 10% as long as u make 48 payments on time...so all in all u are saving the most...thats what i got out of reading up on all of those... no idea of wut their reputation etc is wht the school though
 

MED123

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Hi everyone,

I thank all of you as your posts as I had the same concern/questions that you did regarding the financial aid package. You nucat03 did a great job in explaining step by step how to proceed with the financial aid process.

But I need help on the private loan part. How much do you guys think one can borrow on private loans (ALP). Is it like as much as I want or the school set limit to how much I can borrow. For example, I got pre-approved for $35,000, the maximum from the lender: studentloansxpress. I certainly don't plan to borrow that much in private loans.......but, I was thinking of buying a car with my loan money and I wonder if that would be possible.

Can anyone please explain to me how the private loan works and how do I proceed. Do I have to sign a separate MPN?

Thanks so much.

Med123--NYCOM class of 2008.
 

daact

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privates loans are loans you can get at any bank...it has nothing to do with the government loans..therefore you can get as much as you want....but i am assuming the interested rate is higher or it is a fixed. Go visit the bank you are a preferred customer at. I hope that helps...
 

MED123

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daact said:
privates loans are loans you can get at any bank...it has nothing to do with the government loans..therefore you can get as much as you want....but i am assuming the interested rate is higher or it is a fixed. Go visit the bank you are a preferred customer at. I hope that helps...
Thanks Daact for clarifying the private loans.
Have you received the financial award letter yet from NYCOM........I don't know how much more money I would need from private loans caz I did not get the award letter yet. But I guess we can estimate. Is it like guaranteed that we will get $38,500 from stafford loan even if there is some family contribution ( i mean about EFC: $6000 on the fafsa form).
Does anyone know exactly what the tuition is for NYCOM?

Thanks
 

Chrisobean

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we are allowed to get more than the 38500 in our stafford for our first year, in the packet there was this blue paper that said the limit we were allowed this year (it was a little over 40g). i was told to apply for that stafford amount. the reason it is higher than the 38500 is because its determined by the amount of time we are in school. (i got this information from the fin aid office)


tuition is 29000 with fees, and more if you need to get their health insurance (31000). so you will probably have almost 10g left over. thats how much i estimate my rent will be per year. i am getting help from my parents on the rest (lucky me!)

i hope this made sense!
 

MED123

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i hope this made sense!


Certainly, thanks Chrisobean for your information. I called the financial aid just now and found out that how much Alternative Loan a student can take must be approved by the school. So, basically, as first year med students, we are guaranteed to get about $40,000 from the government loan. The school will make a budget for the year (they haven't yet for next year). Last year it was something like $56,000. So, the remaining outstanding balance can be borrowed by Alternative loan programs (ALP). Also, financial aid person told me not to do anything about the ALP yet until they send us the budget. So, I guess I should just wait for the award letter/budget letter. I guess it gives me some time to select which lender I want for my ALP.....any ideas?

Thanks
 

happiness4me

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I went to Nycom today, and Thomas Reilly, he was great helped me out. I woudl def recomend just going yourself if you can because it makes it a lot easier. He can explain everything. Bring your packets and just fill em out there. Best of luck. He also gave me an email. if you have any questions, its : [email protected]
 

kg002i

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If you haven't found it already...you can search for it on the FAFSA website. I remember seeing a link right next to cell where we enter the school code and selecting the school. btw. any of you guys have received ur package already...I am still waiting...Thanks!!
 

IzzyB

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For those who have already completed and sent their financial aid packet, have you received your award letter from the fin aid office yet? If so, what's the next step? Also, do you guys have any info on how to obtain grants? Also, apart from the list they gave us in that pink sheet of websites to go to, any info on scholarships? Thanks !!! :oops:
 

DrDaisy

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Hi:

How did you singn you MPN? I read someone else who chose MedPreffered as their Stafford loan lender and I just wanted to know if they signed their MPN yet? If you where did you get the MPN form from? I went the the web address on the blue sheet that NYCOM sent and send a request from for Medpreffered to send me a MPN but have not gotten one yet? Please help!

Thanks.
 

Chrisobean

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the mpn is online. i have filled everything out, applied for my fafsa, signed the note online, almost 2 months ago and havent heard a peep.
 

kg002i

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I called NYCOM - FINAID office and I was told they have not sent out the financial aid packages. I was expecting them about a month ago, so I can search for other founding sources based on the package but.......
havent heard a peep.
 
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