Pharmacy student loans

[DoctorRx1986]

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I was accepted into pharmacy school at NSU, but must now figure out how much I'm going to borrow in loans and when. I have no clue how to go about making massive student loans and would like to know how to proceed from here. I've never made loans before and figure that I first have to fill out a Fafsa application. For all those students accepted to Nova, do you know if we should list ourselves as graduate/professional students or as still undergraduates for the purposes of aid? How long does it take to receive the loans anyway? Fortunately, my mother will pay the $1,000 deposit at NSU, so I do not have to rush into the loan making process right away. Please provide as much information as you can, especially if you are planning on attending Nova, are a current state, or have already graduated. Thanks.

 

[ageldred]

Yes first fill out the fafsa. It's a little complicated, but not too tricky. I think at Nova you're a grad student, and if you have an undergrad degree or will be by the time school starts you will be considered graduate no matter what. When I was going to go to Nova before I got into UF I remember they had some scholarships to apply to also. They will receive your fafsa and then award you an aid package. The award package wasn't available last year on their online system to view and make changes to until late summer. It is up to you to decide how much money you want to take out. I recommend the full amount for the first year and then in the second semester or second year you can cut back if you feel you can.

 

[collegegirl247]

ok...so what do you do after filling out the fasfa application???

 

[redley]

After the FAFSA, fill out as many scholarship applications as you can. The government will send you and your school a Student Aid Report saying how much money you can borrow. Your school's financial aid department will do the actual borrowing. You choose how much you want to borrow and which lender (selected from a list) and usually they take care of the rest.

 

[collegegirl247]

I filled out my fasfa and received a copy of my SAR : student aid report....does this summary say how much I can get from loans?? thats the only thing that I have gotten since filling it out

 

[ageldred]

Your school will tell you how much you can get from loans. They will prepare an award package listing subsidized, unsubsidized loans. Also if you were awarded any scholarships through the school, etc. You probably won't get an award from the school for a while though. Deadlines to apply for aid are usually in March or later and it takes them time to process them.

The student aid report will list your EFC expected family contribution. This is what they expect you to contribute to your own educational expenses.

 

[think]

wud the loans cover for the housing and other expenses not related to pharmacy school?...is it better to get loans for living expenses or its better to work?

and anyone know how difficult it will be to pay off the loans after graduating?

 

[Pharmboy922]

Does anyone know anything about a loan called 'Health Professions Loan'? I'm accepted at Creighton and they said we needed to include parent info on the fafsa to be considered for it even though i'm married and 24 (making me independent). It is supposed to have a very low interest rate but I can't find any info on the FAFSA website...

 

[DoctorRx1986]

Your school will tell you how much you can get from loans. They will prepare an award package listing subsidized, unsubsidized loans. Also if you were awarded any scholarships through the school, etc. You probably won't get an award from the school for a while though. Deadlines to apply for aid are usually in March or later and it takes them time to process them.

The student aid report will list your EFC expected family contribution. This is what they expect you to contribute to your own educational expenses.

Wait a minute...so you're telling me the school will tell me how much i can borrow from student loans? I'm sorry, but that worries the hell out of me because what if, just what if, the amount the school decides I can borrow is
NOT ENOUGH TO COVER ALL MY EXPENSES, INCLUDING LIVING EXPENSES SUCH AS DORM AND EVERYTHING ELSE? Then what? I won't be able to pay the rest and i'll be screwed because I won't be able to attend. As for how much I'm suppose to contribute to educational expenses, I can't contribute a penny because I don't even work and live with my mother alone, she's having some financial hardships at the time. If I understood correctly, i believe this is bs if i'm told how much i can borrow without being able to have control over all of my needs. I want to borrow THE MAXIMUM to be able to cover everything. I'm worried sick now and that i won't be able to attend pharmacy school at nova. My plans might be crushed... Might as well not even be happy with any acceptance until i see that every single penny is paid for.🙁

 

[sunshine52871]

DrRX, dont worry whatever amount the federal government loans dont pay for, you can take out the difference from a private lender such as any bank or like ASTRIVE student loans... BUT you must get the full amount from the government financial aid first before you go to a private lender.. that is what I have been doing for the past 3 years... relax youll get it all paid for no worries..if you have any other questions about this process let me know i have been filling this stuff out for awhile now.. and by all means try and get as much scholarship money as you can because private loans have a high interest rate like 14% i think its up to now

 

[DoctorRx1986]

DrRX, dont worry whatever amount the federal government loans dont pay for, you can take out the difference from a private lender such as any bank or like ASTRIVE student loans... BUT you must get the full amount from the government financial aid first before you go to a private lender.. that is what I have been doing for the past 3 years... relax youll get it all paid for no worries..if you have any other questions about this process let me know i have been filling this stuff out for awhile now.. and by all means try and get as much scholarship money as you can because private loans have a high interest rate like 14% i think its up to now

Aren't federal stafford or perkins loans only for undergraduate students? As pharmacy students, I would think we have more options such as graduate school loans that allow you to borrrow up to $40,000 per year or more. I'm afraid the government is probably cheap and will provide me with very little, but then again, i may be wrong. Sorry for my ignorance in this matter, but i have never made student loans before and possibly having to make a loan of up to $160,000 is mind boggling. I've never even had close to $10,000, much less 16 times that. I also fear that even with a pharmacist's salary, i will have no life but to work, work, work only to pay those massive student loans for the rest of my life and not be able to afford a nice home, car, and a comfortable lifestyle because of overwhelming loans. What kind of future is that? Sure, I may be a "Doctor of Pharmacy" and flaunt my degree and everything, but without experiencing financial rewards. I honestly question financial returns i will have on investing 4 years and up to $160,000 in debt when i will be crushed financially for years to come to pay that, PLUS interest which might cause that debt to double to $320,000. This is the first time i've ever felt this way, and especially since I have to pay $1,000 already just to hold my seat. Jesus Christ, i'm going crazy. 😱

 

[RNtoPharmD]

Does anyone know anything about a loan called 'Health Professions Loan'? I'm accepted at Creighton and they said we needed to include parent info on the fafsa to be considered for it even though i'm married and 24 (making me independent). It is supposed to have a very low interest rate but I can't find any info on the FAFSA website...

You can't find on the website but it's asked on the application
Interesting!!.. I didn't put my mom's information on it. This was the first time I filled out FAFSA, and I saw that there is optional section for entering parents information. Do you know if I can go back and fill it out? Is this "Health Professional loan" specific to the state where Creighton U. locates? In that case, go to their specific website to look for it. In Georgia, we have also health professional loan for nursing, pharmacy, and other healthcare professional. (I don't know it is still available today) The max you can borrow for nursing was 7,500.. for pharmacy it was just a bit more. if you decided to work in Georgia for 2-3 years, you don't have to pay anything back..

 

[toscogo]

Hi DoctorRX1986,
You are freaking out!! Relax and enjoy this moment rather than getting your self worked up about loan.Remember there are others before you in similar situations who have no problem finishing school because there was no money to borrow.Yes you have Loan in the $150,000s but you will be making in the $100 to $120,000 in four years. You don't have to get a house , buy a car right after you graduate. If you live with your mom for 2 years after you graduate you could pay off $40,000 a year. That $80,000 in 2 years. If you set your priorities right you could be loan free in 5 years

 

[21PharmD]

this is an interesting thread, so do we have to know what school we are going to inorder to fill out the fafsa form? Should I wait until im certain that i am going to a particular institution? After filling out the fafsa should the school send the student additional financial aid forms?

 

[FLPharm2Be]

this is an interesting thread, so do we have to know what school we are going to inorder to fill out the fafsa form? Should I wait until im certain that i am going to a particular institution? After filling out the fafsa should the school send the student additional financial aid forms?

Nope, there is area for 10 schools on the fafsa, so as long as you are still int he running for no more than 10 schools, you can fill out the fafsa today. If you have more, I am not sure how that goes.

 

[21PharmD]

Nope, there is area for 10 schools on the fafsa, so as long as you are still int he running for no more than 10 schools, you can fill out the fafsa today. If you have more, I am not sure how that goes.

thanks for the quick reply, i also have been given financial aid applications from schools with which i have been waitlisted, should i fill in those applications just in case?

 

[FLPharm2Be]

thanks for the quick reply, i also have been given financial aid applications from schools with which i have been waitlisted, should i fill in those applications just in case?

I would, there is no harm in being safe in the event you are pulled off the waitlist.

 

[zn1988]

How about international students in Nova. Do you have any advice? Appreciate it.

 

[collegegirl247]

I was told today that you can fill out paperwork for student loans but you cannot submit that paperwork or receive loans until you are registered for your classes....

 

[moolman]

Everyone, just chill out....

You're not going to be living on the streets to pay for pharmacy school.

Lenders will be lining up to give you a loan. The reason is that school loans are not dischargeable in bankruptcy, so they know they will get their money. After you get the full amount available from any Stafford, Perkins or HPSL loans, you can get the rest from private loans.

The amount of loans is not unlimited. It's determined by the school. The school has an estimated cost of attendance that takes into account tuition, fees and living expenses. Living expenses are determined by what you put down on your Fafsa, ie. living at home, living on campus, living off campus. So lets say your cost of attendence is $35K, the regular loans get you $25K, the 10K balance can be borrowed by a Private loan. The only reason you'd have a hard time getting a private loan is if your credit is bad.

There is nobody ever that couldn't afford to go to pharmacy school, unless you are international and can't get loans.

And they give you enough money, seriously, if you need more money than that, you need to cut back and make a budget, stop going on ebay and buying crap.

 

[gendr777]

Aren't federal stafford or perkins loans only for undergraduate students? As pharmacy students, I would think we have more options such as graduate school loans that allow you to borrrow up to $40,000 per year or more. I'm afraid the government is probably cheap and will provide me with very little, but then again, i may be wrong. Sorry for my ignorance in this matter, but i have never made student loans before and possibly having to make a loan of up to $160,000 is mind boggling. I've never even had close to $10,000, much less 16 times that. I also fear that even with a pharmacist's salary, i will have no life but to work, work, work only to pay those massive student loans for the rest of my life and not be able to afford a nice home, car, and a comfortable lifestyle because of overwhelming loans. What kind of future is that? 😱

👍Here's some auspicious information, DoctorRx1986:
College Cost Reduction Act of 2007


House

The College Cost Reduction Act of 2007 (H.R.2669), sponsored by House Committee on Education and Labor Chair George Miller (D-Calif.), was introduced on June 12, 2007. It passed in the House on July 11, 2007.
The bill seeks to seeks to lower the cost of higher education by reducing lender subsidies by $19 billion and then investing those funds in programs that increase grant amounts to students, improve access to student loans, cut interest rates on student loans, provide for the repayment of parts of the loans through employment or service in areas of national need, and reward colleges for lowering costs to students.[1][2]
Main article: College Cost Reduction Act of 2007 Bill to lower interest rates on certain federal loans

House

On January 17, 2007, the House passed a bill amending the Higher Education Act of 1965 to reduce interest rates on certain federal loans. The final vote was 356-71.
________________________________________________________________

With a Demacratic "full house" becoming a very real possibility for the next 4 years, it is not inconceivable to see these and other education initiatives come to fruition.

Just remember, when you do graduate, if you are going to make "greater than monthly" payments on your loans, be sure to specify that the "extra" amount is to be applied to the "principal loan amount," not to "advanced monthly payments." The latter course may reduce your total monthly payments, but the lender will still get all of their interest! Suggests Steve Bucci of Bankrate.com: "When you pay more than is owed on a loan, it is always best to communicate to the lender that you want the additional payment amount to be applied toward the principal in order to save money on the interest. For those of you who are particularly fastidious, I suggest you send in two checks, one for the regular payment and the other for the extra, clearly marked that it is to be applied to principal. This can clarify your wishes beyond a doubt."

I hope this bit of info eases some of your anxieties. Do some research on the web. Ask somebody who has gone through the whole process. Then take your newfound knowledge to the... BANK! (pun intended)

 

[genesis09]

The interest rate reduction will only be for undergraduate student loans. Established loans will be unaffected by any change in the student loan laws.

 

[BayDamOU]

help... I have been accepted to OU pharmacy school so I filled out my fafsa and received my SAR report back but it says I'm not eligible for funds because I will have my bachelors at the end of this semester. I put that I was going to be working on a professional/graduate degree but it still stays not eligible. Has anyone else had this problem? What do I need to do? Now I'm freaking out😱

 

[BayDamOU]

?

 

[fiorio]

help... I have been accepted to OU pharmacy school so I filled out my fafsa and received my SAR report back but it says I'm not eligible for funds because I will have my bachelors at the end of this semester. I put that I was going to be working on a professional/graduate degree but it still stays not eligible. Has anyone else had this problem? What do I need to do? Now I'm freaking out😱

you are not eligible for any Grant, you still can borrow loan and other non-need based money.

 

[BayDamOU]

sorry not sure how I posted it twice but my bad😎

 

[BayDamOU]

you are not eligible for any Grant, you still can borrow loan and other non-need based money.

Am I not eligible because I am no longer an undergrad or could it be due to something else?

 

[genesis09]

Grants are only for undergraduates.

 

[BayDamOU]

Oh...okay. So then everything comes from loans and scholarships then? Now I am really nervous b/c what if it is not enough? Do you know if they consider out of state tuition and moving expenses and stuff like that? What is this GradPlus loan I hear people talking about? Is this what you get after all the federal loans and how do you apply for it? Sorry I have so many questions. I'm just scared I've made it this far and then not be able to afford it.

 

[genesis09]

Here's the link to the FAFSA page describing PLUS loans. http://studentaid.ed.gov/PORTALSWebApp/students/english/PlusLoansGradProfstudents.jsp
You get a PLUS loan after you run out of all other financial aid.

Your college will come up with a cost of attendence. Mine includes tuition, fees, housing, books, food, and other expenses. Your EFC will be subtracted from the total, and that will be your total need. The tuition listed will be your tuition be it in-state or OOS. You will get a sheet with what you've been awarded. You'll mail back the sheet and show if you have accepted, accepted with deductions, or decline the award. For me, the amount which I have received has been more than enough. I haven't had to go to the Grad PLUS loans. The PLUS loans don't have a maximum unlike the Stafford loans.

 

[BayDamOU]

Thanks for the info😳 That is a big relief to hear (or read I guess). Do you actually receive the funds before school starts or after? I'm a little worried about the cost of moving and finding a new home or apartment while still paying for the one I'm trying to sell.

 

[gendr777]

The interest rate reduction will only be for undergraduate student loans. Established loans will be unaffected by any change in the student loan laws.

Thanks for the heads up, genesis09!

Here is the detail regarding the new law:


"TITLE II - STUDENT LOAN BENEFITS, TERMS, AND CONDITIONS
Sec. 201. Interest Rate Reductions The bill gradually cuts interest rates on subsidized Stafford loans for undergraduate students in half according to the following schedule"

So why won't congress help out the graduate students as well? You would think graduate students have a somewhat lower financial "risk" and therefore could be offered a lower interest rate... at least as low as the undergrads. I believe a grad student contains a bit less "risk" simply because there is usually a positive correlation between education level and income, and higher income means more money to make loan payments - ergo less "risk". Then again, maybe this is exactly why the government will not lower rates for graduate students -less probability for default means they can get away with a bit higher interest rate. I guess we should count our blessings before they decide to hike up the already very attractive 6.8% interest rate!! 😎

 

[terse]

Everyone, just chill out....

You're not going to be living on the streets to pay for pharmacy school.

Lenders will be lining up to give you a loan. The reason is that school loans are not dischargeable in bankruptcy, so they know they will get their money. After you get the full amount available from any Stafford, Perkins or HPSL loans, you can get the rest from private loans.

The amount of loans is not unlimited. It's determined by the school. The school has an estimated cost of attendance that takes into account tuition, fees and living expenses. Living expenses are determined by what you put down on your Fafsa, ie. living at home, living on campus, living off campus. So lets say your cost of attendence is $35K, the regular loans get you $25K, the 10K balance can be borrowed by a Private loan. The only reason you'd have a hard time getting a private loan is if your credit is bad.

There is nobody ever that couldn't afford to go to pharmacy school, unless you are international and can't get loans.

And they give you enough money, seriously, if you need more money than that, you need to cut back and make a budget, stop going on ebay and buying crap.

👍 guys, just fill out your fafsa and turn in all the required paper work for your school. there will be no problems getting loans, so no need to freak out.

 

[PharmDsoflo]

I am confused about the financial aid aspect of NSU COP. are the pell grants available? what were the interest rates on federal aid loans?