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questions on financial aid

Discussion in 'Pre-Medical - MD' started by SoCalM0, Apr 28, 2002.

  1. SoCalM0

    SoCalM0 Junior Member

    8
    0
    Apr 2, 2002
    I am still waiting for the financial aid packages from some schools I've been accepted at, and have a general question on financial aid. Are most med schools known to offer grants or scholarships, or do the majority of students just receive loans. To those that have already received their packages, I would greatly appreciate it if you would let me know what percent of your packages are loans.
     
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  3. rxfudd

    rxfudd 1K Member 10+ Year Member

    1,344
    4
    Feb 13, 2001
    Chicago suburbs
    I got my Rush fin aid package - about 75% loans...
     
  4. med student

    med student Senior Member 7+ Year Member

    322
    1
    Nov 6, 2001
    New York
    100% loans oh ya. <img border="0" alt="[Pissy]" title="" src="graemlins/pissy.gif" /> <img border="0" alt="[Pissy]" title="" src="graemlins/pissy.gif" /> <img border="0" alt="[Pity]" title="" src="graemlins/pity.gif" /> <img border="0" alt="[Pity]" title="" src="graemlins/pity.gif" />
     
  5. SoCalM0

    SoCalM0 Junior Member

    8
    0
    Apr 2, 2002
    Are most loans subsidized or unsubsidized?
     
  6. mpp

    mpp SDN Moderator Moderator Emeritus 10+ Year Member

    3,398
    15
    Jan 17, 2001
    Portland, OR
    The maximum amount for a federally subsidized Stafford loan is $8,500 each year with a total subsidized loan amount not to exceed $65,000 including undergraduate loans.

    All remaining loans would be unsubsidized unless there is a private or state funded subsidization program.

    Unsubsidized loan amount maximum is $18,500 each year with an total not to exceed $138,500 including subsidized loans.
     
  7. med student

    med student Senior Member 7+ Year Member

    322
    1
    Nov 6, 2001
    New York
    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by mpp:
    <strong>The maximum amount for a federally subsidized Stafford loan is $8,500 each year with a total subsidized loan amount not to exceed $65,000 including undergraduate loans.

    All remaining loans would be unsubsidized unless there is a private or state funded subsidization program.

    Unsubsidized loan amount maximum is $18,500 each year with an total not to exceed $138,500 including subsidized loans.</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">Actually your are right about the sub. stafford but for the unsub. stafford I think the numbers are a little of. I get $8500 sub stafford, ~35,000(I can't remember the exact amount) unsub stafford and the remainer is private loans.
     
  8. daisygirl

    daisygirl woof 15+ Year Member

    1,528
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    Nov 28, 2001
    perpetually cranky
    The unsub. numbers are off. Luck me will have to contribute 100% to my tuition and I just received an outline of loan options from a school. My school told me that I could take out ~33,000 in unsub. stafford loans for this year <img border="0" title="" alt="[Eek!]" src="eek.gif" /> .
     
  9. rxfudd

    rxfudd 1K Member 10+ Year Member

    1,344
    4
    Feb 13, 2001
    Chicago suburbs
    Max subsidized is $8,500/year and max unsubsidized is $30,000/year for a grand total of $38,500/year.
     
  10. med student

    med student Senior Member 7+ Year Member

    322
    1
    Nov 6, 2001
    New York
    Okay I looked it up on the school webpage. Here it is

    Due to recent legislative reprieve students entering the Second Year Class will be able to borrow up to $34,444 in Unsubsidized Stafford Loan. The combined total for Subsidized and Unsubsidized Stafford Loan for the year would be $42,944.
     
  11. c33

    c33 Member 7+ Year Member

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    Apr 18, 2002
    so anything over $38,500 will be from private loans? how do we get these private loans? does the school set these up for us? or do we have to go find out about these private loans on our own?
     
  12. med student

    med student Senior Member 7+ Year Member

    322
    1
    Nov 6, 2001
    New York
    The school sets a budget for what they expect you will need for the year and then they set up all the loans for you all you have to do is sign on the line.
     
  13. EMTgirl

    EMTgirl Member 7+ Year Member

    62
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    Oct 30, 2001
    my financial aid package is 100% loans as well. my school gave me the max amount of sub and unsub, and the remainder was a private loan. my grand total of loans for next year (including cost of living) is 48 grand. nice.
     
  14. trying2becomeMD

    trying2becomeMD Senior Member 7+ Year Member

    150
    0
    Jun 30, 2001
    Los Angeles, CA
    Guys, here's my dumb question... CMS sent me a package that contained application for loan along with their own application to be filled after filing FAFSA. I hesitated filling the packet, since the deadline in June and I didn't want my loan application to start getting processed in case I hear from waitlisted school.

    How are you guys getting the information about how much loan you'll be getting from the schools? Did you already fill out school's form/lender's form or was the information that the schools provided based on FAFSA? And if you were in my shoe, would you fill out the financial aid form that is provided by the school now or wait till May or June? Is there a way to getting out of loan process once you make the last minute decision to enroll in other school?

    Thanks for reading
     
  15. med student

    med student Senior Member 7+ Year Member

    322
    1
    Nov 6, 2001
    New York
    I think you can get out of the loans but call the school. If you are afraid of them getting upset just don't tell the finacial aid office your name.
     
  16. Doctora Foxy

    Doctora Foxy Meow 7+ Year Member

    5,368
    2
    Jan 28, 2002
    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by trying2becomeMD:
    <strong>Guys, here's my dumb question... CMS sent me a package that contained application for loan along with their own application to be filled after filing FAFSA. I hesitated filling the packet, since the deadline in June and I didn't want my loan application to start getting processed in case I hear from waitlisted school.

    How are you guys getting the information about how much loan you'll be getting from the schools? Did you already fill out school's form/lender's form or was the information that the schools provided based on FAFSA? And if you were in my shoe, would you fill out the financial aid form that is provided by the school now or wait till May or June? Is there a way to getting out of loan process once you make the last minute decision to enroll in other school?

    Thanks for reading</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">How long after you sent in your acceptance deposit did they send you this? I've been wondering about financial aid lately, but I only sent in my deposit last week. I thought to get $, the earlier the better, right?
     
  17. trying2becomeMD

    trying2becomeMD Senior Member 7+ Year Member

    150
    0
    Jun 30, 2001
    Los Angeles, CA
    DoctoraFoxy:

    I received the packet approximately 4 weeks after I sent my deposit. 1 month later, I got another package with same content...

    Anyway, it should come soon.
     
  18. brickmanli

    brickmanli Senior Member 7+ Year Member

    216
    7
    Jan 10, 2002
    While we're on financial aid, here's another dumb question:

    What are the interest rates for the subsidized and unsubsidized Stafford Loan, and the Perkins Loan?
     
  19. mpp

    mpp SDN Moderator Moderator Emeritus 10+ Year Member

    3,398
    15
    Jan 17, 2001
    Portland, OR
    The current loan rate for all Stafford loans is 5.39 percent while in school and 5.99 percent during repayment. This will change on July 1, 2002 and is based on the on the bond-equivalent rate of the 91-day Treasury Bill auction for the last week in May.

    The Perkins loan has always been fixed at 5 percent. They might change it as the Stafford loan rates for next year are likely to be less than 5 percent.
     
  20. Crazed

    Crazed Member 10+ Year Member

    80
    0
    Dec 2, 2001
    Okay, so I HAVEN't filed my FAFSA yet. When people write about "financial aid packages" from schools, what does that mean? Should I file my FAFSA before I know what school I'm going to, or should I wait until I know for sure?? What if I change my mind about where I want to attend?
     
  21. Crazed-- it can't hurt to file your FAFSA before you know what school you'll be attending. You can select multiple schools. The Profile costs money, so I wouldn't file unless you're down to 2 or 3 schools on the basis of money alone. I know financial aid forms for schools are typically due in April or some number of days after acceptance whichever is later. But, that isn't necessarily true for the FAFSA and Profile.

    Another idea is to call the fin aid offices of the schools you're interested in and ask them what they would recommend. They're the best place to start...
     

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