School/Housing Payment?

[IRxOCPharm]

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Hi everyone, I'm new here even though I have been reading a lot of what everyone has to say since last summer (all very helpful 🙂). Now that I am accepted and gearing up for the fall I really need some advice and answers. I tried searching so that I didn't bombard anyone with a repeat question, but didn't find a clear cut answer.
I'll be entering as a Pre-Pharm student with an undergrad BS, and moving to the schools location which is about 1 hour away from my home. I have a list of the things I have to take care of by the summer, but need to figure out how most people go about paying for everything.
My Mom and I are in the process of finishing FAFSA (should finish tomorrow). Should I be applying as an independent? (I assume I do). Also, I have already been accepted into the Pharmacy program based on my completion of the Pre-Pharm portion. So for right now I am an undergrad, but in two years I'll change to professional, is that correct? How does this change things anyway?
Finally, I need to rent an apartment off campus, and need a down payment/several months rent as well as a down payment for a car. Should I apply for a separate loan since any financial aid will only kick in around school time? Don't most loans require you to begin paying them back shortly after they are taken out? What have you guys done? I just want to make sure I have enough to cover everything, and will need it rather quickly. Any help would be great. By the way I'll most likely just be getting loan money, not actual financial aid from the state or what not (also not eligible for a Pell grant since it is considered my second undergrad. Thanks!

 

[Markovnikov]

This is from wiki so take it with a grain of salt:

http://en.wikipedia.org/wiki/Student_loans_in_the_United_States

Private student loans made to students or parents: Higher limits and no payments until after graduation, although interest will start to accrue immediately. Private loans may be used for any education related expenses such as tuition, room and board, books, computers, and past due balances. Private loans can also be used to supplement federal student loans, when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of higher education.

 

[pearljam5a1]

I think the stipulation for claiming yourself as an independent is if no one else can claim you. If your mom claimed you as a dependent on their 2009 taxes then you aren't independent. It may also depend on how much of your living expenses are covered by your parent. Generally you follow what you put down for your taxes for 2009, this is part of the reason so many of the questions on the FAFSA pertain to tax info.

As far as using federal loan money for a car down payment... I'm not sure. I would think this is sort of a gray area since it sounds like you're going to need a car to get to campus but it's technically not an educational expense. I'm pretty sure the government would frown upon someone using a low interest federal loan to buy a car... but the government is usually frowning at just about everything.

You seem to be in a weird situation. I'm assuming you are in a 0-6 program even though you already completed a BS. Why did you go this route instead of just getting your prereqs and then applying? It probably would save a lot of money. Am I right in assuming you will be taking classes with recent high school grads? Regardless, good luck! 👍

 

[IRxOCPharm]

I think the stipulation for claiming yourself as an independent is if no one else can claim you. If your mom claimed you as a dependent on their 2009 taxes then you aren't independent. It may also depend on how much of your living expenses are covered by your parent. Generally you follow what you put down for your taxes for 2009, this is part of the reason so many of the questions on the FAFSA pertain to tax info.

As far as using federal loan money for a car down payment... I'm not sure. I would think this is sort of a gray area since it sounds like you're going to need a car to get to campus but it's technically not an educational expense. I'm pretty sure the government would frown upon someone using a low interest federal loan to buy a car... but the government is usually frowning at just about everything.

You seem to be in a weird situation. I'm assuming you are in a 0-6 program even though you already completed a BS. Why did you go this route instead of just getting your prereqs and then applying? It probably would save a lot of money. Am I right in assuming you will be taking classes with recent high school grads? Regardless, good luck! 👍

Thank you Markovnikov, I will browse through that in a bit.

I was claimed as a dependent by my parents all four years of my undergrad, but filed my own taxes as far as working is concerned. I worked a lot less this past year because school got quite hectic (my class schedule was awful in plain english), so even though I lived with them and was dependent I was not included in taxes. To be honest I'm very lucky to have had my Mom to take care of all these technical things for me, so I really am very unfamiliar with them. Regardless, I'll look into the matter more so and contact financial aid at my new school to get some solid information.
Secondly, the car thing is a school expense. Not looking to get a brand new car here or anything fancy (I'm a car girl so my taste in cars is quite different to begin with), just something that is new enough to be reliable and run well. Also, since my school is in a bad area I have to watch what I buy for that reason alone (nothing to flashy). I will be living about 20 minutes off campus because I'll be alone, and again the area is questionable (only the immediate campus is safe, and at night is not so great). Therefore I need a car that isn't my current Camaro (not very inconspicuous).
As for my situation in general, yeah it is a bit weird. I'll have BS with some basic science, but not enough to meet requirements for PharmD, this I knew when applying. I originally planned to just apply to schools (4 in total) to take those pre-reqs, and then apply in two years. However, I ended up getting into all the schools I applied to, and my backup (mostly a back up because it was the furthest) offered me an acceptance that I could not pass up. Instead of just taking a bunch of "random" classes and then applying they've accepted me as a first year Pharmacy student for the 0-6 program with acceptance into the PharmD program also once I finish. They've also given me a 6 year merit award that will take a big chunk out of my loans when you look at the grand scheme of things. Granted, I still will need a substantial amount of money because things aren't cheap, it is still worth it. Plus I was advised that just because I got into the school now, does not mean I would get in in two years. The other school closer by accepts 2% of transfer applicants so my chances were slim there even with great grades and a good PCAT. Maybe someone else would have chosen otherwise, but I felt like everything fell into place for a reason. I've had a very challenging upbringing and my family depends on me far more than I can continue to handle for much longer. I am 22 years old, have nearly raised my younger brother, and am a constant mediator in the family, so when this out of state school fell into place so easily I knew it was a calling so to speak. It is time for me to be on my own and start my own life. I know that I can't go to Pharmacy school, handle my own stresses in life, commute (if I was home it would still be a 45 minute drive one way), come home to a noisy distracting house, and help my family with their issues. It's too much, and my undergrad was tough enough doing it this way. So yea, kind of a weird situation, but I know it's the right thing to do in the end. Thanks so much for your help and advice, sorry to go into so much detail but I didn't think anything would make sense if I didn't.😛

 

[pearljam5a1]

Thank you Markovnikov, I will browse through that in a bit.

I was claimed as a dependent by my parents all four years of my undergrad, but filed my own taxes as far as working is concerned. I worked a lot less this past year because school got quite hectic (my class schedule was awful in plain english), so even though I lived with them and was dependent I was not included in taxes. To be honest I'm very lucky to have had my Mom to take care of all these technical things for me, so I really am very unfamiliar with them. Regardless, I'll look into the matter more so and contact financial aid at my new school to get some solid information.
Secondly, the car thing is a school expense. Not looking to get a brand new car here or anything fancy (I'm a car girl so my taste in cars is quite different to begin with), just something that is new enough to be reliable and run well. Also, since my school is in a bad area I have to watch what I buy for that reason alone (nothing to flashy). I will be living about 20 minutes off campus because I'll be alone, and again the area is questionable (only the immediate campus is safe, and at night is not so great). Therefore I need a car that isn't my current Camaro (not very inconspicuous).
As for my situation in general, yeah it is a bit weird. I'll have BS with some basic science, but not enough to meet requirements for PharmD, this I knew when applying. I originally planned to just apply to schools (4 in total) to take those pre-reqs, and then apply in two years. However, I ended up getting into all the schools I applied to, and my backup (mostly a back up because it was the furthest) offered me an acceptance that I could not pass up. Instead of just taking a bunch of "random" classes and then applying they've accepted me as a first year Pharmacy student for the 0-6 program with acceptance into the PharmD program also once I finish. They've also given me a 6 year merit award that will take a big chunk out of my loans when you look at the grand scheme of things. Granted, I still will need a substantial amount of money because things aren't cheap, it is still worth it. Plus I was advised that just because I got into the school now, does not mean I would get in in two years. The other school closer by accepts 2% of transfer applicants so my chances were slim there even with great grades and a good PCAT. Maybe someone else would have chosen otherwise, but I felt like everything fell into place for a reason. I've had a very challenging upbringing and my family depends on me far more than I can continue to handle for much longer. I am 22 years old, have nearly raised my younger brother, and am a constant mediator in the family, so when this out of state school fell into place so easily I knew it was a calling so to speak. It is time for me to be on my own and start my own life. I know that I can't go to Pharmacy school, handle my own stresses in life, commute (if I was home it would still be a 45 minute drive one way), come home to a noisy distracting house, and help my family with their issues. It's too much, and my undergrad was tough enough doing it this way. So yea, kind of a weird situation, but I know it's the right thing to do in the end. Thanks so much for your help and advice, sorry to go into so much detail but I didn't think anything would make sense if I didn't.😛

If no one claimed you then you should be fine but contacting financial aid will be your best bet. Sounds like you've got a plan and it is nice to know that you are pretty much pre-accepted to pharmacy school. That plus a grant is really something you can't turn down.

Oh, and as far as paying back the loans; as long as it is a federal loan you won't have to pay it back until you are done with school. The interest will accrue but there will be no payment due. What I had to do was take out a stafford loan to cover my tuition and then a Grad Plus loan to cover my living expenses. Both of these loans are federal and are then both payment deferred until after graduation.

 

[ArkansasRanger]

Unless your car is a clunker hang on to it for schooling. Save your money. Spare the loans. You'll be glad you did later. I have a new truck, but I've been working for the last seven years so I'm not speaking from student experience. I'm speaking from be proud of what you already own experience. The paid off vehicle is always the best vehicle, lol.

If it's safety you're concerned about then keep your head on a swivel, be ready to scream, invest in some pepper spray, take a women's self-defense course perhaps and be ready to gouge the freak's eyes out, or if you've got the brass get a handgun. I carry one. 😉 but then I'm paid to, lol, but would for free.

 

[SouthernBelle10]

I think the stipulation for claiming yourself as an independent is if no one else can claim you. If your mom claimed you as a dependent on their 2009 taxes then you aren't independent. It may also depend on how much of your living expenses are covered by your parent. Generally you follow what you put down for your taxes for 2009, this is part of the reason so many of the questions on the FAFSA pertain to tax info.

I would double check this with the school you are planning to attend just to be 100% sure. It was my understanding that the Dept. of Education and IRS definitions of independent had nothing to do with each other. I obtained this information from the financial aid office of my undergrad institution which also has a professional school. I am still considered a dependent by the IRS, but since I am starting pharmacy school, I can apply for financial aid as an independent according to the financial aid counselor I consulted. Good luck!