Student Loans - Confused

[Moabmad]

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So I recently got off the waitlist and decided to switch schools. At the previous school I had all my financial aid in order (fed subs/unsub. + Health professions loan). Just received my financial aid from the new school and I got the fed subs/unsubs loans but it said that I am still being considered for the health professions loan and if anything changes between now and the commencent of school I would be notified. What would change between the schools? This leaves me roughly 20K short of the estimated costs.... do I take out a personal loan? Or do I wait to see if I get approved for the health professions loan? Why wouldn't my approval at the other school transfer over? Just confused at this point.

Thanks in advance.

 

[reapply2007]

health professions loans are first come first serve and the total amount the school can offer is limited. you moved to the bottom of the list when you recently reprocessed your financial aid at the new school. As for the 20k it looks like you'll need a private loan-try to see if you can find a cosigner or look at hpsp. You should probably call financial aid before you get too crazy.

 

[Moabmad]

health professions loans are first come first serve and the total amount the school can offer is limited. you moved to the bottom of the list when you recently reprocessed your financial aid at the new school. As for the 20k it looks like you'll need a private loan-try to see if you can find a cosigner or look at hpsp. You should probably call financial aid before you get too crazy.

Good to know.. Thanks. I'll call them Monday to see what can be done or what I need to do. I can cover the 20K this year if needed but would rather not. Next year though, I should be good to go.

 

[DMD 4 Me]

what is this health professions loan?

I was only offered stafford sub and unsub and grad plus

 

[NovocainStain]

The Health Professions Loan is for students from financially disadvantaged backgrounds. At my school, you don't apply separately for it, but you do need to provide your parents' financial information on your FAFSA in order to be considered for it. Talk with your financial aid office if you think you might qualify. You can get more info about it on the US Dept. of Health and Human Services website: http://bhpr.hrsa.gov/dsa/hpsl.htm.

 

[Simiam]

health professions loans are first come first serve and the total amount the school can offer is limited. you moved to the bottom of the list when you recently reprocessed your financial aid at the new school. As for the 20k it looks like you'll need a private loan-try to see if you can find a cosigner or look at hpsp. You should probably call financial aid before you get too crazy.

Reapply2007, are you a dental student?

1) Private Loan... No!

2) HPSP... He/she most likely already considered this, and decided not to do it.

If you're school doesn't offer you the HPSL, then you can get the Grad Plus loan. It is another loan offered by the government for Graduate/Professional students should they not be able to cover CoA solely through Stafford loans. Contact your Financial Aid Advisers.

It boils down to Grad Plus loans covering additional need, Not Private loans. There is a huge huge difference between the two types of loans. Grad plus is a government loan that is nonsubsidized at 8.5% fixed, not requiring a cosigner. Private loans will be nonsubsidized at a variable interest rate, but almost always at a rate higher than 8.5%.

 

[watson138]

Reapply2007, are you a dental student?

1) Private Loan... No!

2) HPSP... He/she most likely already considered this, and decided not to do it.

If you're school doesn't offer you the HPSL, then you can get the Grad Plus loan. It is another loan offered by the government for Graduate/Professional students should they not be able to cover CoA solely through Stafford loans. Contact your Financial Aid Advisers.

It boils down to Grad Plus loans covering additional need, Not Private loans. There is a huge huge difference between the two types of loans. Grad plus is a government loan that is nonsubsidized at 8.5% fixed, not requiring a cosigner. Private loans will be nonsubsidized at a variable interest rate, but almost always at a rate higher than 8.5%.

The rate actually changed to 7.9% with the change over to the direct federal loans

 

[sassykat]

It boils down to Grad Plus loans covering additional need, Not Private loans. There is a huge huge difference between the two types of loans. Grad plus is a government loan that is nonsubsidized at 8.5% fixed, not requiring a cosigner. Private loans will be nonsubsidized at a variable interest rate, but almost always at a rate higher than 8.5%.

I know not everyone is lucky to have this kind of parental support, but my parents are taking private loans (equity) out for me. Way better than Grad Plus at ~3.5% (i can't remember the exact percent but it is less than 4). It's out there...