OOS Tuition/Financial Aid ?s

[BearKat17]

Advertisement - Members don't see this ad

I know I've probably read some of the answers to my questions before but I can't for the life of me remember where or what they were. I've never had any experience with financial aid and/or student loans during undergrad and there is a huge possibility that I may be going OOS. Now there is no way I'll have $200,000 upfront for tuition, or even 50,000 a year, so i'll probably have to get a loan. Even if I get into my IS, I'll probably need some help later on in vet school...

My question is, when applying for financial aid/student loans, is the loan by semester? As in, will it need to be extended each semester/year or is a certain amount paid upfront? Also, I've read somewhere that Financial aid, if you qualify, will include a certain amount each month toward living expenses. Is that true? If not, i'll probably need to find a night/weekend job while in vet school... 😕

 

[cowgirla]

I know I've probably read some of the answers to my questions before but I can't for the life of me remember where or what they were. I've never had any experience with financial aid and/or student loans during undergrad and there is a huge possibility that I may be going OOS. Now there is no way I'll have $200,000 upfront for tuition, or even 50,000 a year, so i'll probably have to get a loan. Even if I get into my IS, I'll probably need some help later on in vet school...

My question is, when applying for financial aid/student loans, is the loan by semester? As in, will it need to be extended each semester/year or is a certain amount paid upfront? Also, I've read somewhere that Financial aid, if you qualify, will include a certain amount each month toward living expenses. Is that true? If not, i'll probably need to find a night/weekend job while in vet school... 😕

My loans cover my tuition and all of my living expenses.
I fill out the FAFSA, the schools tells me how much money I'm allowed to have, and I accept what I need (this is usually done around July-August.) The amount I accept is then divided into two semesters worth and disbursed to my account at the beginning of each semester (minus what the school keeps for tuition and fees). Repeat yearly.

I still have a weekend job and a 2nd job, but those are more for "Fun" money and some incidental expenses.

 

[NittanyKitty]

The basic way I think it works is the cost of attendance (including living expenses) as reported by the school is given to the government and they base the offer of loans and financial aid to a student on that figure. They can then offer you up to that amount in the subsidized (which are going buhbye) and unsubsidized loans for each semester (though you file FAFSA only annually). However they can only offer you up to around $42,000 per year in these types of loans, so if you will need more money to live on you'll need to fill in the gaps with GradPlus or private loans or your own savings.

Basically, you file FAFSA and the government compares your information (presumably as a financially independent, penniless professional student) to the financial projections provided by the school. They come up with a financial offer, you accept it (or only part of it if you don't need the maximum amount offered), and money is given to cover your tuition and living expenses twice a year right when each semester starts. At NCSU the chunk of loan money first goes to the university and they take out the tuition and fees owed. The rest goes as a lump deposit into your checking account to be used by you for your own living expenses.

 

[BearKat17]

Ok, that clears a lot up. Thanks for your replies... Now I'm not AS terrified about possibly going out of state now that I know how it works.

 

[finnerma]

Has anyone done a GradPlus loan? How do those work compared to the unsubsidized gov't loans?

 

[Miss Kit E Cat]

Has anyone done a GradPlus loan? How do those work compared to the unsubsidized gov't loans?

I have not gotten one yet but it is just a higher interest rate (1.5-2% higher I believe)

 

[cowgirla]

I have not gotten one yet but it is just a higher interest rate (1.5-2% higher I believe)

Interest rate is higher, you have to sign different promissory notes, and I think there was a separate application type deal involved- nothing too indepth, but you basically have to request that loan, they aren't automatically offered to you.

 

[NittanyKitty]

Interest rate is higher, you have to sign different promissory notes, and I think there was a separate application type deal involved- nothing too indepth, but you basically have to request that loan, they aren't automatically offered to you.

For the first year that I was at NCSU I was still classified as an OOS student and needed about $2000 more for living expenses. I just filed for an additional GradPLUS loan in that amount, read and completed the necessary paperwork (all online), and that was it.