Tuition Advice

[judb16]

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So, I just received my financial aid package a few days ago. It covers about 85% of tuition, and 0% of living expenses. I'll be going to a moderately price OOS school. My question is.. how am I supposed to come up with everything else? I know the answers are obviously get a job, save money, ask family members, get a loan, etc.

But I guess I'm wondering how likely this is (to only cover 85% of tuition), and what are some of the better loans out there to fill in the gaps?

Thanks!

 

[md-2020]

Is this financial aid all in grant form or are we just talking educational loans here?

 

[judb16]

Is this financial aid all in grant form or are we just talking educational loans here?

Just educational loans. Thats what I got from my FAFSA.

 

[TheRhymenocerous]

The package your school gave you probably just includes Direct Loans, then. I think the max per year is 20.5k (ish). You can take out the rest of your COA as GradPLUS loans, which are also through the government but have a slightly higher interest rate.

 

[phuynh94]

The package your school gave you probably just includes Direct Loans, then. I think the max per year is 20.5k (ish). You can take out the rest of your COA as GradPLUS loans, which are also through the government but have a slightly higher interest rate.

I think med students have a max of ~$47K per year, unlike other grad students...?

 

[TheRhymenocerous]

I think med students have a max of ~$47K per year, unlike other grad students...?

I will defer to you on that! Regardless, you can definitely take out the remainder of your COA as PLUS loans.

 

[sharpstickie]

I think med students have a max of ~$47K per year, unlike other grad students...?

I can sadly say for a fact that you can take out more than $47k.
Evidence: I accepted my loans last week

 

[judb16]

I can sadly say for a fact that you can take out more than $47k.
Evidence: I accepted my loans last week

More than $47k just in direct loans? or does that include GradPlus?

 

[Mansamusa]

The remaining 15% is what they calculated as your and your parent's contribution. So they give you the 85% loans as a recommended amount to take out. You can take out morenplus loans than they recommend up to the cost of attendance....unless you were just looking at the undsubsidized loans that they offered

 

[sharpstickie]

More than $47k just in direct loans? or does that include GradPlus?

Direct+GradPlus

 

[judb16]

The remaining 15% is what they calculated as your and your parent's contribution. So they give you the 85% loans as a recommended amount to take out. You can take out morenplus loans than they recommend up to the cost of attendance....unless you were just looking at the undsubsidized loans that they offered

So here's a screenshot. They're offering $45k in Direct Loans. So you're saying I could take up to the total CoA, but they'd be in Grad Plus loans?

 

[Mansamusa]

So here's a screenshot. They're offering $45k in Direct Loans. So you're saying I could take up to the total CoA, but they'd be in Grad Plus loans?

View attachment 204614

Yeah

 

[Mansamusa]

In good new, grad plus interest rate went down!

They went from 6.84 to 6.31% (It'll only save like $1K for every $10K in grad plus you take out this year, but still)

 

[judb16]

Yeah

awesome thanks!