Paying for school?

[chemkitten]

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I will be starting pharmacy school at UNC Chapel Hill this August. I've never taken out a loan before--I had scholarships for undergrad and thankfully carry no debt. I am also married so living expenses are mostly covered and I will only need to borrow for tuition and fees. Anyone want to give a brief summary of the process?

I keep reading that I can borrow up to $33000 as a federal loan and the rest (if needed) will be private through my bank I'm guessing? How long does the application and approval process take? What else do I need to consider or better interest rates on loans?

 

[mbt285]

I will be starting pharmacy school at UNC Chapel Hill this August. I've never taken out a loan before--I had scholarships for undergrad and thankfully carry no debt. I am also married so living expenses are mostly covered and I will only need to borrow for tuition and fees. Anyone want to give a brief summary of the process?

I keep reading that I can borrow up to $33000 as a federal loan and the rest (if needed) will be private through my bank I'm guessing? How long does the application and approval process take? What else do I need to consider or better interest rates on loans?

As far as I know there are many options through the federal government. You will have to have your 2013 taxes complete and submit your FAFSA through https://fafsa.ed.gov/. You will have to list the school you are attending, or for others, you can also list schools you have interviewed at and waiting to hear from. Once you have completed the FAFSA, your school will be notified and you will be able to speak with your school's financial aid department about what loans and how much is available to you. It all depends on your income/expense ratio. I know that you can get Grad PLUS loans as well as unsubsidized loans. Your school may also offer grants, but you will have to speak with your financial aid department about those as they are specific to your school.

Hope that helps a bit. The Federal Government wants you to take out the money so they can get the interest on it...you will have enough to pay for school 😉