Student Loans--How do they work?!!

[FutureRX]

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I just got accepted to Midwestern CPG and am trying to figure out financial aid.



What is the first step? Should I apply to FAFSA first?

Getting loans from private companies...does it take a long time for the process to go through? What should I be looking for?

 

[WVUPharm2007]

A FAFSA is a good start. I'd find out where the Financial Aid office is at your school and give them a visit/phone call. They'd help you better than any of us can.

 

[BiOGoly]

What is the first step? Should I apply to FAFSA first?

Yes. Like four months ago.

 

[WVUPharm2007]

^ But it's not too late. I didn't apply until June prior to entry, either and I got enough to attend, talk to your financial aid counselor.

 

[RachGator]

I put my FAFSA in by Feb. 1 and have come to find that one school won't even begin to look at/ put together incoming P1's fin. aid packages for a few MORE weeks. This makes it really hard (as an out of state student who may need private loans but for anyone too) to plan if you can even afford to attend.

I will say Purdue was the most on the ball. They had my award letter (fully funded with loans, grants, etc.) to me before I could even send in my letter declining admission.

Get that FAFSA in ASAP and call, call, call. Good luck !

 

[pokey83]

Like everyone said get your FAFSA finished as soon as you can. I was done months ago....however my school does not actually start looking at them till end of june...early july. So, as soon as you can, i would get my FAFSA completely. Then keep calling the school to find out if there is anything else that needs to be send. My school required mine and my parents full copy of tax return and their W-2 forms. If you call them you can have all this done and ready by the time they are ready to review your file. If not they will just send you a letter one by one for everything you need.
So FAFSA and then keep on calling to make sure that your file is completely finished. Nothing missing!!!!!!!
Good Luck

 

[gimpsd]

Like everyone said get your FAFSA finished as soon as you can. I was done months ago....however my school does not actually start looking at them till end of june...early july. So, as soon as you can, i would get my FAFSA completely. Then keep calling the school to find out if there is anything else that needs to be send. My school required mine and my parents full copy of tax return and their W-2 forms. If you call them you can have all this done and ready by the time they are ready to review your file. If not they will just send you a letter one by one for everything you need.
So FAFSA and then keep on calling to make sure that your file is completely finished. Nothing missing!!!!!!!
Good Luck

Is it worth getting the unsubsidized loans from the goverment? Are there any public banks that offer a better interest rate?

 

[michele_107]

Is it worth getting the unsubsidized loans from the goverment? Are there any public banks that offer a better interest rate?

Usually the government loans are at a much lower interest rate than those from banks. Also, the goverment loans have a capped interest rate, and the private loans usually do not. Also, there is a graduate student PLUS loan coming out this year which would be something to look into, I think you can apply the first of July for that.

 

[UTCPharm]

I just found out how much of a loan I have been awarded, but I'm still confused about how it works. Do they just deposit that much money into your account, or is there some fund they put it into so you can get it as you need it (for living expenses)? How does that work?

 

[michele_107]

I just found out how much of a loan I have been awarded, but I'm still confused about how it works. Do they just deposit that much money into your account, or is there some fund they put it into so you can get it as you need it (for living expenses)? How does that work?

They will first apply it towards your tuition, etc. and then whatever is left over you will get a refund check that you can use for living expenses.

 

[pokey83]

Once again like everyone said the government loans will be at lower interest rates then some private banks. BTW side note...students who already have loans...you know come july 1st the interests increases by 2 percent, so consolidate your loans. This applies to people who have finished undergrad and used loans for them.
Back to this forum....yea fafsa loans will be at lower interest rates then most of private banks loans...if not all. i think on your orientation they will have you sign a paper which has your tution on it. If any amount that you accepted is left over after paying tution..then you will given a check for the remaining amount. So for people who need it for like apartment, i don't think you will get the money in time for your first deposit or month or so. You will have find outside source for that.
I just got my letter today also. I got twice as much unsub then sub. That totally sux...interests are going to adding for all four years.

 

[sna]

I currently have undergrad sub loans thru US Bank-Brazos/ACS at 5.3%. Could/Should I consolidate and if I do, with who? I'm already being deferred since I'm entering pharm school. Can you consolidate during deferrment??

 

[meow004]

I currently have undergrad sub loans thru US Bank-Brazos/ACS at 5.3%. Could/Should I consolidate and if I do, with who? I'm already being deferred since I'm entering pharm school. Can you consolidate during deferrment??

Hey sna, did you file for deferment prior to actually entering pharm school? I'm currently paying off my undergrad loan now, but i don't know when to defer since i'll be entering pharm school in august.

 

[pokey83]

hey guys....if you have been accepted to pharmacy school...then the place you have your loans from will help you with options of defering it. If not you can always call them and ask for deferment. But if you do have loans...i would call them and see about consolidation. After july 1st the interested are going up by 2 percent. So, if you have 5.3...you might go upto 7.3. I got a phone call from some loand education advisor asking me about my loans. AFter that i contacted sallie mae...that is where i have my loans. They told me that my loan interest would increase by two percent...unless i consolidated right now. So i went ahead and filled out the forms for that.
I would find out who you have your loans from and contact them. If you don't know...then call the mail student loan advisor people...they will tell you who you have loans with that. If you can't find that...just call some bank like wachovia and say you want to consolidate your loans. I call them and they said you have loans from sallie mae and you should call them about that and they also gave me the phone number.
So contact the company who gave you the loans and do it ASAP. July is coming around and you should really find out if you are in danger of having your interest go up or not.

 

[sna]

Hey sna, did you file for deferment prior to actually entering pharm school? I'm currently paying off my undergrad loan now, but i don't know when to defer since i'll be entering pharm school in august.

I actually didn't file for deferment. I went on their website to file for deferment and found out that I was already being deferred til 6/2008. I don't know how they beat me to it. Maybe the obtained the info from FAFSA or the school???

 

[sna]

tried to consolidate but my loans were under $7500 and it's in deferment and it said something about losing my grace period....anyone has any ideas about what I should do??

 

[feist80]

Anybody else already receive some loans, but not as much as was expected?

 

[Shovingit]

Anybody else already receive some loans, but not as much as was expected?

yes, got 5500/year...
tuition is ~24000

 

[pokey83]

tried to consolidate but my loans were under $7500 and it's in deferment and it said something about losing my grace period....anyone has any ideas about what I should do??

Well the grace period ends for everyone once your 6 months are up. If you are going to be starting pharmacy school in august then your loans should be deffered as you said. Once you get accepted, they get the info from fafsa and they automatically defer your loans.
I don't know what else you can really do. I did read the you have to have more then 10,000 in loans to consolidate your loans right now. I had just couple hundred more over. So i got very lucky. You can call them and see what other options you may have. But if it is defer then you really don't have to worry about it. I would call them and get all the questions answered and all the info.

 

[sna]

Is it a good idea to take the GRAD plus loan? The interest is high (7.6%) and there is an origination fee (4%).... And it's not subsidized right?? so have to pay that high interest through out school. Anyone taking this loan or know what's better to do??

 

[pokey83]

Is it a good idea to take the GRAD plus loan? The interest is high (7.6%) and there is an origination fee (4%).... And it's not subsidized right?? so have to pay that high interest through out school. Anyone taking this loan or know what's better to do??

Well if the interest is that hight, have you tried to look into unsubsidized loans that you can get from the government. The interest for those should be lower. Also, you can try to go talk to your bank or some other banks in person. Tell them about your situation and the school and they might be able to get you a good interest on your loans. Before going for the grad plus, i would try to contact some banks and check out the government unsubsidized loans. That is if you some time before the tution is due. Just keep looking and asking around. I have heard wachovia has pretty good loans and so does chase. You can try them. There are also many others you just need to ask around.
Good Luck

 

[kkelloww]

Well if the interest is that hight, have you tried to look into unsubsidized loans that you can get from the government. The interest for those should be lower. Also, you can try to go talk to your bank or some other banks in person. Tell them about your situation and the school and they might be able to get you a good interest on your loans. Before going for the grad plus, i would try to contact some banks and check out the government unsubsidized loans. That is if you some time before the tution is due. Just keep looking and asking around. I have heard wachovia has pretty good loans and so does chase. You can try them. There are also many others you just need to ask around.
Good Luck

Gradplus are only available after all other Federal loans are taken. There are Gradplus loans where the origination fee is rebated (T.H.E., Edamerica) after a certain amount of time. Wachovia and Chase need cosigners unless you have a good income already. Going to the bank in person is useless unless you meet their criteria or have a cosigner who does. It's not like you can talk them into it because you went in person.

 

[michele_107]

Is it a good idea to take the GRAD plus loan? The interest is high (7.6%) and there is an origination fee (4%).... And it's not subsidized right?? so have to pay that high interest through out school. Anyone taking this loan or know what's better to do??

I am taking the grad plus loan because I am already receiving the full amount for government subsidized and unsubsidized. So, I will only be taking out about $10,000 a year in the grad plus loan. I felt like this was the best option for me because I didn't want a private bank loan with a variable un-capped interest rate, and I am already getting loans that are not subsidized so the interest will accumulate while I am in school anyway. However, you do not HAVE to pay the interest while you are in school... you can if you want to, or you can just wait and pay it when you start paying off all of the loans. Hope this makes some sense 🙂