Tuition reimbursement, loans, etc.!

Started by starsweet
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starsweet

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I have a general question. I know that there's a lot of programs out there where if you commit to working in some type of less desirable / rural / military base type area, they will pay off your loans. Now obviously they will pay for the loans associated with school tuition fees, but what about the loans for just living expenses that you also get through financial aid??

Also, if I happen to have the money right now to pay for my 3rd and 4th years so I don't get any loans, will those programs also pay off my 3rd and 4th year school fees as well even if I paid myself?? I am just so confused.

There was also a thread about someone in TX who just signed onto the VA with one of these offers, does anyone have a link to that since I couldn't find it? Thanks so much.
 
A VA director told me that if you work for the VA, then they will reimburse your tuition for up to either 50K or 60K. I can't remember exactly. I think it's somewhere on the VA website too. They don't pay for all 50K or 60K at once. I remember him saying something about each year, there is a certain amount that they give you. They only pay for your federal loans, so if you take out private loans, then you're out of luck. I don't think they care what you did with the money, as long as it's federal and not private. If you can pay for it yourself, that means you are not taking out federal loans and that equates to no reimbursement.

P.S. I just went to the VA website and it seems like you get up to $10,000 a year for up to $60,000 lifetime
http://www.va.gov/jobs/job_benefits/continue_edu.asp
 
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It seems like this school is way too expensive. The COA is $50,000 per year and even if you get a $20,000 yearly scholarship... 6 years in school (average) will still be around $180,000 debt. With interest and stuff this doesn't seem worth it to pay off, unless theres something i'm missing.
 
Obama signed something into law not too long ago.......basically if you make 120 consecutive payments (10 years) towards federal loans (I believe Direct loans), your federal loan will be forgiven (I believe it's 100%). Of course there are many stipulations that need to be met. Check out the government's financial aid website to find out more.

I think IHS has some program where they pay up to 100K of federal loans. Check their website for more details.....\

But this can change.....major news stations are reporting about the debt ceiling, and whether the gov't should raise it or what..... I believe Geitner has stated that by August of this year, the U.S. will DEFAULT on all loans if Congress doesn't approve of the debt ceiling. If they don't the US and global economy will be utterly devastated. With news of the student loan bubble about to pop soon, it's hard to say if other loan repayment programs will sink or swim....
 
ChaiTea said:
Obama signed something into law not too long ago.......basically if you make 120 consecutive payments (10 years) towards federal loans (I believe Direct loans), your federal loan will be forgiven (I believe it's 100%). Of course there are many stipulations that need to be met. Check out the government's financial aid website to find out more.
Click to expand...

You absolutely cannot count on this program to pay off your loans. For one, it would devastate our economy if everybody going to school chose that route. For another, a government or non-profit job is far from guaranteed for the minimum of 10 years. I also heard a rumor it's not funded...which wouldn't be surprising, if it's true. Plan as if you're going to pay off your loans. If you get lucky, great, but do not plan for anything other than full payment.
 
ChaiTea said:
Obama signed something into law not too long ago.......basically if you make 120 consecutive payments (10 years) towards federal loans (I believe Direct loans), your federal loan will be forgiven (I believe it's 100%). Of course there are many stipulations that need to be met. Check out the government's financial aid website to find out more.

I think IHS has some program where they pay up to 100K of federal loans. Check their website for more details.....\

But this can change.....major news stations are reporting about the debt ceiling, and whether the gov't should raise it or what..... I believe Geitner has stated that by August of this year, the U.S. will DEFAULT on all loans if Congress doesn't approve of the debt ceiling. If they don't the US and global economy will be utterly devastated. With news of the student loan bubble about to pop soon, it's hard to say if other loan repayment programs will sink or swim....
Click to expand...

notice the bold underline above, CONSECUTIVE payments. that means if you have 1 month where you do a forbearance or deferment, or go back to school for even a semester, YOU LOSE OUT ON ALL YOUR PREQUALIFYING PAYMENTS

**** THIS
 
Tuition reimbursement at VA is no longer guaranteed. Because pharmacist is no longer a hard to fill positions, only positions that specify in their job posting qualifies, and those are pretty much the hard to fill/middle of nowhere VAs. You do still get remaining loans forgiven after 10 years of service.
 
PharmaTope said:
notice the bold underline above, CONSECUTIVE payments. that means if you have 1 month where you do a forbearance or deferment, or go back to school for even a semester, YOU LOSE OUT ON ALL YOUR PREQUALIFYING PAYMENTS

**** THIS
Click to expand...

This is incorrect. Do your research.

"Q16 Must the 120 required payments be consecutive?
A16 No. You must make 120 separate on-time, full monthly payments while you are employed by an eligible public service organization, but the payments do not have to be consecutive. (February 3, 2010)"

http://studentaid.ed.gov/students/attachments/siteresources/PSLF_QAs_final_02 12 10.pdf
 
I'd be careful with this law though. I believe it was signed a few years ago so no one has actually been able to collect on it just yet (I think 2016 or 2017 is the soonest anyone can) so we don't know how well this is going to go.

Besides, 120 consecutive payments to qualify means you are paying off a bunch of your loans anyway. If you manage your money right I would imagine that around year 8 or 9 you could have just about everything paid off. I'd live in a trailer for 5 years and pay back like 50-60k a year in loans if I had to since it's better than the interest and everything on 200k worth of loans.

Also, 50k COA for 6 years? Are you paying OOS tuition and living the good life in NY or something? Even then, for the 2 years undergrad that's ridiculous, even if it was a 0+6 program with guaranteed acceptance.

Here is what I'd do: Get a job part-time during undergrad and during pharmacy school. The pay increases in pharmacy school since you'd be an intern if in a pharmacy field. Either take that money and save it and get the full loans each semester or reduce the amount borrowed and use the part-time hours to furnish the rest. I'd personally take the money and save it just so if you can't work for a period of time you still have the loan money to live on. Once you are out of school, take that money saved (if applicable) and buy a cheap car and put the rest on a deposit for a cheap apartment near where you work. The rest of the money you get should be going right back to loans or credit card debt or whatever the highest interest loan is at the time.

And BTW, go talk to a CPA or CFP or something during undergrad. They would be able to help you find the best way to get some sort of residual money in while in school or at least lower the debt. If you take student loan money as a reserve for emergencies but invest it, you are technically lowering the interest rate on that money until you absolutely need it. Think of that as taking a loan out on your loan.

Of course, you can always go ahead and just build a residual income for school anyway. Some people do stocks while others try to open a small business or do something online. Heck, I new a pharmacy student who was a phone sex operator a few nights a week and pulled in some good money during "peak" season. That was a couple of thousand every semester and then more during the summer time. It's all about how you want to pay for things; most people have the time they just don't know how to sell it properly. I'd prefer to give up a few hours of my day (and for some, a shred of dignity as well) to reduce the debt+interest a few years down the line.
 
ChaiTea said:
Obama signed something into law not too long ago.......basically if you make 120 consecutive payments (10 years) towards federal loans (I believe Direct loans), your federal loan will be forgiven (I believe it's 100%). Of course there are many stipulations that need to be met. Check out the government's financial aid website to find out more.
Click to expand...

It was actually signed by Pres. Bush in 2007
 
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