Paying for school

[gilch]

Hi everyone,
I was wondering how people planned on/payed for vet school. I've filled out FAFSA for undergrad, so I know those joys, but are federal loans enough to cover the average out of state cost, plus some living expenses? I know that some schools have small scholarships that are pretty easy to get, as well. I really don't want to sign my life away at bank!

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[dgm]

Unless you have savings, or someone is helping you pay for school, you are most likely going to need private loans as well. Perhaps some schools are less expensive, or you're better than me at eating cheaply, but I'm in-state at Penn, don't pay rent or utilities or have a car payment and I'm still going to need private loans to get me through the year.

 

[david594]

Unless you have savings, or someone is helping you pay for school, you are most likely going to need private loans as well. Perhaps some schools are less expensive, or you're better than me at eating cheaply, but I'm in-state at Penn, don't pay rent or utilities or have a car payment and I'm still going to need private loans to get me through the year.

I'm not sure why exactly you need private loans. But I am at OSU out of state with our 58,000 tuition, and paying for all of my living expenses off nothing but federal loans. The norm for us first years was to get ~$68,000 in federal loans + $10,000 school scholarship to cover our $78,000 first year cost of attendance.

 

[Adrift108]

I'm not sure why exactly you need private loans. But I am at OSU out of state with our 58,000 tuition, and paying for all of my living expenses off nothing but federal loans. The norm for us first years was to get ~$68,000 in federal loans + $10,000 school scholarship to cover our $78,000 first year cost of attendance.

Say no more david594...it..hurts...lol. jk. Wow I didn't realize the tuition was THAT much.

 

[dgm]

$68,000?! Yeah I could definitely get by on way less than that! My Stafford, Perkins & Health Professions Loans total up to $44,000.

...You know what, I think I had a brain fart and forgot that Federal Grad PLUS loans exist. Is that where the rest of your $68k comes from? I still have to figure out how much additional I need to borrow to get through the year, and I'm relieved to realize I haven't exhausted all my federal options. Whew. Thanks, David!

So, ummm... I take it back! You probably can't get by just on your Stafford loans, but may not have to resort to private loans.

 

[david594]

Yeah, staffords bring us to $40,500, and then we have another $28,000 in Grad Plus loans.

After our tuition and student health insurance were taken out we got ~$6,600 per quarter(x3 quarters) to cover the rest of our expenses which seems to be plenty to cover basic expenses.

 

[CookieBear]

Yes... unless you have outside/family help, get that pen ready to start signing alot of promissory notes.

I believe I should be able to graduate without taking out any additional non-federal loans (i.e., avoid private loans completely).

The package I get from the financial aid office covers my tuition, with SOMETIMES a tiny bit extra (less than $1k) - but, we had tuition increases, so, I don't think that was the case for me now, third year.

The remaining amount, the money I live on, all comes from the GradPlus loan (again, federal).

Federal loans are ideal vs. private, because, it's my understanding that, after you're all done, you can consolidate federal loans together, but not (or not necessarily) private ones.

KSU, I think I recall, packages in some amount of GradPlus on my initial package, but, I always complete one additional sheet of paper to request more - so that I have enough to live.

Off the top of my head, out-of-state tuition here is about $45k now per year, perhaps a grand or two less. I'd have to look for the exact figure.

 

[gilch]

Wow! Thanks for all the info!

Someone had told me that stafford loans cut off at 20 or 30 k, which obviously not the case for you guys. Are gradplus available at all schools or just some?

 

[ORvetgirl]

You're right the staffords don't cut off for professional students at the figures posted on the stafford website. I think all schools have the gradPLUS (I don't have one, so I'm not positive). I do know, however, that not all schools have the Health Professionals loan...we don't, and I sure wish we did.

 

[rileyroo]

and in order to be eligible for the GradPlus loans you HAVE to include parents info on the fafsa? i think i read that in another post before, but wanted to make sure that was correct or not.

 

[twelvetigers]

I think it's the health professionals one that requires parent information...

 

[david594]

and in order to be eligible for the GradPlus loans you HAVE to include parents info on the fafsa? i think i read that in another post before, but wanted to make sure that was correct or not.

Nope. But they are credit based, so if you have bad credit I think you might need them as cosigners.

 

[168135]

I'm not sure what I'll be doing... I have the type of parents that will "support me no matter what" but have already started hinting at me to go to the vet school in my area and not the Caribbean because of the costs. I was talking to my mom about this the other night, and if I do get accepted somewhere, I might defer acceptance for a year and work to pay off the debt I already have.

 

[rileyroo]

I was talking to my mom about this the other night, and if I do get accepted somewhere, I might defer acceptance for a year and work to pay off the debt I already have.

...if the school allows you to defer.

 

[168135]

I think the ones I'm interrested in do

Or else, I'll be forced to take out a loan, and that thought really scares me.

 

[marycatherine]

Do schools help you apply and get loans? Or is it basically you fill out the FAFSA and then it all falls into place?

I've never had to take out a loan (but will not be doing any private ones) and am a little nervous as to how things work. My parents paid out of pocket for my undergrad, but when I get to vet school everything will be on me, and my savings account is really lacking.

 

[dgm]

Penn pretty much held our hands throughout the Stafford/Perkins/Health Professions loans application process. They sent us tons of information about how to apply, and were available to answer our questions. We had to fill out the FAFSA, of course, and then Penn had another financial aid application for us to fill out. It was somewhat time-consuming, but not really hard. I imagine most schools should be able to basically walk you through it.

 

[sumstorm]

Fill out the FAFSA. Make sure you do it ON TIME. The deadlines vary by school. I had to fill mine out for several schools prior to acceptance.

Our IS tuition is a nice, low $10,649 and we get $28,367. That is about $9,000 a semester for expenses including books, parking, rent/mortgage, insurance, etc. I don't live a life of luxury, but I can have healthy meals, I drive a 2006 Prius, I can afford my books, even the 'recommended' ones. I also can manage travel home and back to visit with my husband. I also have high speed internet.

I don't go out drinking but some of my classmates do. I don't eat out very often, and we won't be visiting family for christmas. We gave up some of the things we previously paid for like gym memberships.

The hardest thing for us is maintaining two households and dealing with the loss of my income. But I can cover all the expenses from my place on my loans.

Oh, and I don't know about scholarships being easy to get. I wasn't able to get any, but I know some of my classmates have some. I have been advised that if there is a topic I am really into, like poultry genetics, I should ask those departments if they have any leads for me to pursue for scholarships.

 

[gilch]

I hate FAFSA and hate the idea of filling those out before I even know if I got in anywhere. I hate the idea of private loans even more! Obviously, if I get in my IS, I won't need as much as if I go OOS. As for scholarships, I know that at VMRCVM, my IS, just about the whole class got scholarships upwards of $1000 entering 2009. I've heard different things about different schools--I need to find out about scholarships/school specific financial aid for those. Good to know that most of you guys haven't been relying/don't plan to rely on private loans .

Anybody know a list of places that have Health Professional loans available?

 

[VAgirl]

I hate FAFSA

It's really not that bad.

Anybody know a list of places that have Health Professional loans available?

UC Davis doesn't have it.

 

[flyhi]

Are the stafford loans need based?

 

[VAgirl]

Are the stafford loans need based?

Not really. But there's $8,500 of the amount that everyone qualifies for that can be subsidized or unsubsidized, and the decision as to which it is seems to be need based.

Subsidized = gov't pays the interest while you're in school
unsubsidized = you will be responsible for the interest that accumulates while you're in school, but you don't have to pay it till after you've graduated.

 

[Ben and Me]

Not really. But there's $8,500 of the amount that everyone qualifies for that can be subsidized or unsubsidized, and the decision as to which it is seems to be need based.

I'm sure this varies from school to school, but everyone at Penn gets the full $8500 subsidized, regardless of need.

The whole financial aid thing was something that I stressed over, and really didn't need to. The schools make it easy. Trust me, not worth getting worked up about.

 

[david594]

The whole financial aid thing was something that I stressed over, and really didn't need to. The schools make it easy. Trust me, not worth getting worked up about.

Yeah, and the financial aid department can wield some magic powers too.

Me "How come I didn't get any work study funding"
Fin aid person "You made too much money last year to qualify for it."
Me "Oh."
Fin aid person "But we can just override that and add it on if you want?"
Me "Sure!"

 

[flyhi]

David, i am pretty sure it was you who had all of the numbers (limits) for international federal loans. does it vary from school to school? I'm attending UofE next year and do not anticipate taking out loans until perhaps my final year, but have no clue how the fin aid works since it's been a looong time since i had student loans. What are the interest rates and how often do they adjust?

thanks!

 

[sumstorm]

I'm sure this varies from school to school, but everyone at Penn gets the full $8500 subsidized, regardless of need.

The whole financial aid thing was something that I stressed over, and really didn't need to. The schools make it easy. Trust me, not worth getting worked up about.

I wonder how they over ride the federal income limits? or is it just that no one attending has a family income beyond the limits?

 

[david594]

David, i am pretty sure it was you who had all of the numbers (limits) for international federal loans. does it vary from school to school? I'm attending UofE next year and do not anticipate taking out loans until perhaps my final year, but have no clue how the fin aid works since it's been a looong time since i had student loans. What are the interest rates and how often do they adjust?

thanks!

What UPEI told me last years was that I could get the standard $20,500 of Stafford Loans at 6.9% (8,500 sub, 12,000 un-sub) available to grad students per year and that I would have to take out the remainder in Grad Plus loans at 8.5% up to my total cost of attendance.

At US schools being health professional students makes us eligible for an additional $20,000 in un-sub stafford loans at the 6.9%, but that wouldn't apply for me at UPEI. I never found out for sure though if that was how that extra 20k worked(or I guess didn't work) for all international vet schools, or if it was just a UPEI thing.

 

[Ben and Me]

I wonder how they over ride the federal income limits? or is it just that no one attending has a family income beyond the limits?

No idea. Don't really care. Magic. Maybe it has something to do w/ Penn's tuition being so high--though not as high as OSU's? Pretty sure I wouldn't qualify (my parents are both professionals) otherwise.

 

[Trilt]

I thought family income wasn't taken into regard for graduate/professional study?

 

[sumstorm]

I thought family income wasn't taken into regard for graduate/professional study?

Parents isn't for Staffords, but spouse is. Parents might be for Health professional.

 

[BlacKAT33]

decided to bump this old thread up instead of starting another one.

I know that i will need loans to attend Penn, but i was wondering if anyone knows if penn will let you apply for in state tuition after the first year (like some other schools)? I realize that in state for penn is still expensive but i would at least be able to save 10k a year if they allowed this.

thanks!

 

[flyhi]

there is an old thread from last year discussing which schools allow you to apply for in-state.

Maybe TT will save the day and post the link.....

 

[Crazy Hippos]

decided to bump this old thread up instead of starting another one.

I know that i will need loans to attend Penn, but i was wondering if anyone knows if penn will let you apply for in state tuition after the first year (like some other schools)? I realize that in state for penn is still expensive but i would at least be able to save 10k a year if they allowed this.

thanks!

http://forums.studentdoctor.net/showthread.php?t=691823

Looks like a no.

 

[flyhi]

http://forums.studentdoctor.net/showthread.php?t=595361

 

[GellaBella]

yeah it looks like Penn used to allow students to become instate after a year...I think class of 2012 was the last to be able to do that.

Now you're out of state the entire way.

 

[BlacKAT33]

thanks for your help everyone

 

[ckgilabert]

when do they disburse the loans? is it a week before school starts? or after they take out the amount of tuition?

 

[DickVetPlease]

I was wondering, does anybody know whether there's an advantage to filing FAFSA as dependent vs. independent?

 

[HopefulAg]

I think if you choose that you're going to a professional school (which vet school is), you're classified as independent no matter what. So I don't think it really matters.

 

[DickVetPlease]

Oh alright, that simplifies things. thanks

 

[sumstorm]

when do they disburse the loans? is it a week before school starts? or after they take out the amount of tuition?

When varies from school to school, and in my experience it is after tuition is taken out. Last semster we didn't get disbursement until after the semester was in full swing (week or two.) This semester, the deposits go out first day of classes, allow 3-5 days deposite time.