Vet school student loans

[mlew18507]

I dont have much experience with student loans other than applying for my FAFSA. Assuming that that won't cover all of my student loans, what kind of other loans have fellow Veterinary students taken? Has anyone ever used discover? What should I look for when applying for other loans?

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[KCgophervet]

You should be offered enough in federal loans to cover your vet school tuition. Anything over I think 40K will be in the "Grad Plus" loan type which typically has a higher interest rate. Personally, I stayed far away from private loans because they do not come with the forgiveness options or income-based options that federal loans do.

 

[SkiOtter]

Yeah you’ll get offered whatever the total COA for your school is in federal loans. And I agree with KC to stay away from the private loans even if they have more tempting rates because you don’t get the same repayment options

 

[mlew18507]

Ohh okay!! For some reason and t michigan atate i feel like during our after interview lumcheon they told us fafsa wouldnt cover all of our loans. But also I w as s still freaking out about the interview so i may not have hewrd right lol.. what about for housing and such?? Do they cover that as well?

You should be offered enough in federal loans to cover your vet school tuition. Anything over I think 40K will be in the "Grad Plus" loan type which typically has a higher interest rate. Personally, I stayed far away from private loans because they do not come with the forgiveness options or income-based options that federal loans do.

 

[mlew18507]

What aboit for everything else ill need like housing and such?

Yeah you’ll get offered whatever the total COA for your school is in federal loans. And I agree with KC to stay away from the private loans even if they have more tempting rates because you don’t get the same repayment options

 

[JaynaAli]

What aboit for everything else ill need like housing and such?

Housing, transportation, books, etc are all factored into the cost of attendance (COA).

 

[mlew18507]

Ohh okay so the estumste costs of everything that they gave us wilk be all inckuded in that. That makes it easier for sure

Housing, transportation, books, etc are all factored into the cost of attendance (COA).

 

[JustPaws]

Ohh okay so the estumste costs of everything that they gave us wilk be all inckuded in that. That makes it easier for sure

You will be offered enough loans to cover everything, assuming you live within reasonable means. the Stafford loan cover the cost of tuition, and then we had a grad plus loan option that covered living expenses if you didn't have another income source you wanted to use instead.

 

[mlew18507]

Do you have any idea when i should get info abiut the loans? I filled out my fafsa about a month ago and havent heard anything

You will be offered enough loans to cover everything, assuming you live within reasonable means. the Stafford loan cover the cost of tuition, and then we had a grad plus loan option that covered living expenses if you didn't have another income source you wanted to use instead.

 

[JustPaws]

Do you have any idea when i should get info abiut the loans? I filled out my fafsa about a month ago and havent heard anything

Pm me

 

[JustPaws]

Do you have any idea when i should get info abiut the loans? I filled out my fafsa about a month ago and havent heard anything

I looked back in my emails, and I accepted my first set of loans in May last year

 

[MS2DVM]

I filled out FAFSA one week ago and my student loans were ready to be accepted on my account on my schools moodle page yesterday. The loan covered my complete tuition and cost of living. You should contact your schools bursars office of financial aid office if you have questions about that. I had to pull out a Discover loan for undergrad. Although the customer service is great, the interest is very extremely high and I would urge you to steer clear of any private loans. Federal loans interest, even GRAD PLUS loans, will have a lower interest than private loans.

 

[mlew18507]

What school?

I filled out FAFSA one week ago and my student loans were ready to be accepted on my account on my schools moodle page yesterday. The loan covered my complete tuition and cost of living. You should contact your schools bursars office of financial aid office if you have questions about that. I had to pull out a Discover loan for undergrad. Although the customer service is great, the interest is very extremely high and I would urge you to steer clear of any private loans. Federal loans interest, even GRAD PLUS loans, will have a lower interest than private loans.

 

[Vet2022-20224]

So I just got my offer letter and got an offer for a direct graduate plus loan and an unsubsidized loan. They both seem pretty sucky, which one is better to take more of ? I do not want to accept the whole offer.

Is it common to not get subsidized loans? I really thought I would get those or some kind of disadvantage/health professional loan.

Should I make my own thread for this question lol?

 

[SkiOtter]

They both seem pretty sucky, which one is better to take more of ?

The one with the lowest interest rate

 

[finnickthedog]

So I just got my offer letter and got an offer for a direct graduate plus loan and an unsubsidized loan. They both seem pretty sucky, which one is better to take more of ? I do not want to accept the whole offer.

Is it common to not get subsidized loans? I really thought I would get those or some kind of disadvantage/health professional loan.

Should I make my own thread for this question lol?

Did you fill out parent information on the FAFSA?

 

[Vet2022-20224]

Yes

 

[DVMDream]

So I just got my offer letter and got an offer for a direct graduate plus loan and an unsubsidized loan. They both seem pretty sucky, which one is better to take more of ? I do not want to accept the whole offer.

Is it common to not get subsidized loans? I really thought I would get those or some kind of disadvantage/health professional loan.

Should I make my own thread for this question lol?

Subsidized loans haven't existed since like 2008.

 

[MixedAnimals77]

So I just got my offer letter and got an offer for a direct graduate plus loan and an unsubsidized loan. They both seem pretty sucky, which one is better to take more of ? I do not want to accept the whole offer.

Is it common to not get subsidized loans? I really thought I would get those or some kind of disadvantage/health professional loan.

Should I make my own thread for this question lol?

Your Direct Unsubsidized you'll want to take the most of as that has the lower interest rate of the two. The second one is Direct Unsubsidized Plus loan which has a higher interest rate. Example last year loan was 6.6% and plus loan was 7.6%

HPSL seems more rare to get than what's percieved. I put my parents information last year and this year and didn't get anything last year but my student loan balance was also $0. From my understanding the school gets awarded x dollars to award to students and there are certain criteria they use to pick which students are awarded it, of which the total awarded to the school is divided among the number of students chosen for it. If you are awarded it, it is usually a small portion of your overall cost. I was just awarded this for the upcoming year. I have ~78500 in student loans and am projected to have ~80000 more in student loans for this upcoming year (however WA lets you switch from OOS to IS so it'll be way less-knock on wood everything goes accordingly). My HPSL awarded was ~4500. This is a subsidized loan with a 1 year deferment period with 5% interest currently after the deferment period.

Like any loans you can reduce the amount you take out or flat out reject the total amount.

 

[Vet2022-20224]

It makes sense its rare, not sure why I thought otherwise. Wow. Thank you for all the information! Helps alot.

Your Direct Unsubsidized you'll want to take the most of as that has the lower interest rate of the two. The second one is Direct Unsubsidized Plus loan which has a higher interest rate. Example last year loan was 6.6% and plus loan was 7.6%

HPSL seems more rare to get than what's percieved. I put my parents information last year and this year and didn't get anything last year but my student loan balance was also $0. From my understanding the school gets awarded x dollars to award to students and there are certain criteria they use to pick which students are awarded it, of which the total awarded to the school is divided among the number of students chosen for it. If you are awarded it, it is usually a small portion of your overall cost. I was just awarded this for the upcoming year. I have ~78500 in student loans and am projected to have ~80000 more in student loans for this upcoming year (however WA lets you switch from OOS to IS so it'll be way less-knock on wood everything goes accordingly). My HPSL awarded was ~4500. This is a subsidized loan with a 1 year deferment period with 5% interest currently after the deferment period.

Like any loans you can reduce the amount you take out or flat out reject the total amount.

 

[ziggyandjazzy]

So I just got my offer letter and got an offer for a direct graduate plus loan and an unsubsidized loan. They both seem pretty sucky, which one is better to take more of ? I do not want to accept the whole offer.

Is it common to not get subsidized loans? I really thought I would get those or some kind of disadvantage/health professional loan.

Should I make my own thread for this question lol?

Subsidized loans are only available for undergraduate. As a grad or professional student, all the loans are unsubsidized unfortunately.
It would be a lot better if they were subsidized!!

Your Direct Unsubsidized you'll want to take the most of as that has the lower interest rate of the two. The second one is Direct Unsubsidized Plus loan which has a higher interest rate. Example last year loan was 6.6% and plus loan was 7.6%

HPSL seems more rare to get than what's percieved. I put my parents information last year and this year and didn't get anything last year but my student loan balance was also $0. From my understanding the school gets awarded x dollars to award to students and there are certain criteria they use to pick which students are awarded it, of which the total awarded to the school is divided among the number of students chosen for it. If you are awarded it, it is usually a small portion of your overall cost. I was just awarded this for the upcoming year. I have ~78500 in student loans and am projected to have ~80000 more in student loans for this upcoming year (however WA lets you switch from OOS to IS so it'll be way less-knock on wood everything goes accordingly). My HPSL awarded was ~4500. This is a subsidized loan with a 1 year deferment period with 5% interest currently after the deferment period.

Like any loans you can reduce the amount you take out or flat out reject the total amount.

holy bejeezus that many in one year?! I was trying to figure out if you added in an extra 0 😱

 

[battie]

holy bejeezus that many in one year?! I was trying to figure out if you added in an extra 0 😱

The joys of going out of state. I take out 63-65k every year.

 

[Ftwbatman]

I looked back in my emails, and I accepted my first set of loans in May last year

Should I be concerned that I haven't gotten anything about loans yet?

 

[JustPaws]

Should I be concerned that I haven't gotten anything about loans yet?

I didn't get any kind of email about it, but have you logged into stuinfo? That's where you need to check if you received financial aid.
I've already accepted my loans, so I would be surprised if it's not just waiting for you there, if you haven't logged in yet
Edit for clarity: the email I was referring to was acknowledging that I had accepted loans, not telling me I had loans I needed to accept

 

[Ftwbatman]

I didn't get any kind of email about it, but have you logged into stuinfo? That's where you need to check if you received financial aid.
I've already accepted my loans, so I would be surprised if it's not just waiting for you there, if you haven't logged in yet
Edit for clarity: the email I was referring to was acknowledging that I had accepted loans, not telling me I had loans I needed to accept

I've been checking stuinfo daily and there's nothing... Since I did my undergrad at MSU there's information for previous years but nothing for current or upcoming.

 

[SkiOtter]

I've been checking stuinfo daily and there's nothing... Since I did my undergrad at MSU there's information for previous years but nothing for current or upcoming.

Call the financial aid office on Monday.

 

[Ftwbatman]

Call the financial aid office on Monday.

Will do!

 

[DVMDream]

Subsidized loans are only available for undergraduate. As a grad or professional student, all the loans are unsubsidized unfortunately.
It would be a lot better if they were subsidized!!

Subsidized loans were cancelled while I was in undergrad hence my earlier post of they haven't been available since 2008. Unless they reintroduced them since then. I'll be pissed, I had two years of undergrad without subsidized loans.

Ok, I won't be that pissed just mildly annoyed.

 

[Caiter92]

Subsidized loans were cancelled while I was in undergrad hence my earlier post of they haven't been available since 2008. Unless they reintroduced them since then. I'll be pissed, I had two years of undergrad without subsidized loans.

Ok, I won't be that pissed just mildly annoyed.

They’ve had subsidized undergrad loans again since 2011 at least 😛

 

[Ftwbatman]

Will do!

Just an update: they made the loan information available this morning. There was some tweaking that had to be done and that's why there was a delay.

 

[DVMDream]

They’ve had subsidized undergrad loans again since 2011 at least 😛

Those bitches.

 

[ziggyandjazzy]

They’ve had subsidized undergrad loans again since 2011 at least 😛

Yep, that's why I mentioned subsidized loans lol. I knew they were a thing throughout my undergrad and I graduated in '18

 

[DVMDream]

Yep, that's why I mentioned subsidized loans lol. I knew they were a thing throughout my undergrad and I graduated in '13

I'm an oldie. They removed subsidized loans from the '08-09 year and the '09-10 year. Apparently they broughtthem back after. I got subsidized loans for '06-07 and '07-08. Damn Jerks.

 

[ziggyandjazzy]

I'm an oldie. They removed subsidized loans from the '08-09 year and the '09-10 year. Apparently they broughtthem back after. I got subsidized loans for '06-07 and '07-08. Damn Jerks.

I accidentally put '13 but meant '18 lol. I graduated from HS in 2013 then took a gap year.
I'm confusing myself today! Lol