Western University

[mld]

Hey guys,

In the booklet they gave us on the interview day, it says Subsidized Stafford loan gives us upto 8500 dollars per academic year and Unsubsidized Stafford loan gives us upto 36,444 dollars. That is a total of 45,000 dollars. But the total cost of living is almost 80,000 dollars. What should someone do to pay for the rest of the cost of living (35000 dollars) if he/she has a good (but not excellent) credit score (i.e. 720)? Can he/she get a private or grad plus loan WITHOUT a co-signer?

Thanks in advance

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[Just Peachy]

Hey guys,

In the booklet they gave us on the interview day, it says Subsidized Stafford loan gives us upto 8500 dollars per academic year and Unsubsidized Stafford loan gives us upto 36,444 dollars. That is a total of 45,000 dollars. But the total cost of living is almost 80,000 dollars. What should someone do to pay for the rest of the cost of living (35000 dollars) if he/she has a good (but not excellent) credit score (i.e. 720)? Can he/she get a private or grad plus loan WITHOUT a co-signer?

Thanks in advance

The rest is covered by the Grad Plus loan. They should just give that to you as part of the financial aid package. It's got an 8.5% interest rate though - yuck.

 

[LNinlove]

8.5% interest rate though - yuck.

Oh CRAP! That sucks so bad! What are those rates based off of, does anyone know?

 

[mld]

The rest is covered by the Grad Plus loan. They should just give that to you as part of the financial aid package. It's got an 8.5% interest rate though - yuck.

True. But do I need a co-signer to get Grad Plus or Private loans if I have a 720 credit score?

 

[dmitriyivanov]

Co-signers are used if you want to have a lower percent, if you dont care or cant get a cosigner you could still get your private loan with a higher percent though. Check Chase or Citi bank for their rates. And you dont have you get a PLUS Loan why would you get your dept under your parents???

 

[mld]

Co-signers are used if you want to have a lower percent, if you dont care or cant get a cosigner you could still get your private loan with a higher percent though. Check Chase or Citi bank for their rates. And you dont have you get a PLUS Loan why would you get your dept under your parents???

I do not understand the last part you mentioned. Could you clarify it please? Thanks

 

[s2agrado]

Check if Western participates in the Health Professions loan program--its a government program through health and human services. Most dental schools do, this offers a 5% rate, however it is a need based loan and you will have to put in your parents income even though you are an Independent student.

http://bhpr.hrsa.gov/dsa/hpsl.htm

Be careful with private loans...make sure you read all the fine print. Grad plus is more than likely a better option than private.

Also, when you're dealing with Financial aid, make sure you get accurate info...typically, you'll get different responses from different people, so do your own research. Treat your education like any big purchase and ensure you're getting the best deal on your loans. Good luck!

 

[mld]

Check if Western participates in the Health Professions loan program--its a government program through health and human services. Most dental schools do, this offers a 5% rate, however it is a need based loan and you will have to put in your parents income even though you are an Independent student.

http://bhpr.hrsa.gov/dsa/hpsl.htm

Be careful with private loans...make sure you read all the fine print. Grad plus is more than likely a better option than private.

Also, when you're dealing with Financial aid, make sure you get accurate info...typically, you'll get different responses from different people, so do your own research. Treat your education like any big purchase and ensure you're getting the best deal on your loans. Good luck!

Thanks for the clever advices!