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When do I get my money?!? :)

Discussion in 'Financial Aid' started by Ischemia, May 2, 2004.

  1. Ischemia

    Ischemia Member
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    Hey all,

    I'm relatively unfamiliar with the whole loan process, so I apologize in advance for the naive question. But, as the title says, when do I get my aid?

    The school I will attend has not contacted me with a package, despite my filling out the FAFSA and their form well over 3 months ago. Regardless, as my family and I are not wealthy, I am assuming that I will qualify for the $37,500 in Stafford loans, which should cover my total state school costs. How is this paid to me? Is it in one big chunk? Or, is it given evenly over a period of 12 months?

    The reason I ask is, I want to move into my apartment in about a month. My parents will loan me the money for the security deposit, but I'm gonna have to come up with about $1000-1200 a month for rent, which I can do for about a month by my job, but not much more than that. How will this be possible if I've not received any aid?

    I appreciate your help.
     
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  3. missbonnie

    missbonnie floating
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    a few things..first call your fin aid office and find out what the heck is going on.

    I believe the max stafford is 18,500/yr: ~ 8500 sub and 10,000 unsub. You will need to take out private loans for the rest of the amount.

    You can't get your money until you are a matriculated student..so forget about using the money for your apt in 1 month..unless your school starts in 1 month. Usually, the money gets disbursed in 2 chucks: one for the fall semester, the pther in psinrg - half each time. You cak talk to your fin aid office if you need more in the fall, I think. The fin aid office should supply you with all the forms you need to fill out for a loan and they get the money directly in most cases. Private loans, i think, you can get directly.
     
  4. Ischemia

    Ischemia Member
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    Hey, I should clarify that this is for medical school, not undergrad.

    As I said, though, I'm relatively new to this process, so I'm unfamiliar with the actual amounts. I was of the impression that 8500 sub and 30k unsub were approximately the amounts offered yearly, not to exceed a grand total of 189,125 for the course of education. And though the subsidized loan is need-based, I thought every medical student is automatically eligible for the 30k yearly unsubsidized amount.

    Please clarify.
     
  5. beriberi

    beriberi Senior Member
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    You are eligible for your "need" every year--that includes costs of attendence, room and board and normal supplies (based on the budget of the school). It is typically easy to get federal money up to your need (at some state schools, the cost is less than 38,500). It is more difficult, even with private loans, to go above the "need." My private lender will only give me loans above 38,5 if the school says I need them.

    The moral: someone going to a state school cannot necessarily claim 38,5. Someone going to Univerisity of Private, should be able to get 38,5 plus private with no problems. I may be wrong on the 38,5--I have heard on this board it has been adjusted upward. It is certainly not lower!

    At my school, the money comes in two chunks: one chunk about 10 days into the school year, and at the end of December. Many schools also have "emergency" loans that can tide you over until the real money comes--like $1000 that has to be repaid in 90 days.
     
  6. EM Junkie

    EM Junkie SDN Donor
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    Money is dispersed at the first class day. Sometimes they can stretch it a couple of days earlier if you have a required orientation day or something like that. Yes, it sucks.
     
  7. missbonnie

    missbonnie floating
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    The max stafford loan you can take out a yr is currently $18,500 (of which $8,500 can be subsidized, if you do not qualify for subsidized, then u may take out 18,500 unsub). Max aggregate loan amount is $138,500 (up to $65,500 may be in subsidized Stafford loans)

    **There's also a supplementary unsub stafford, up to 20K for 9 months (i..e first yr), up to ~ 26K for 12 months. I'm not sure how you qualify for this, ask your fin aid office. From what I scoured on the web, it seems hard to get this?? I really don't know.**

    If your school gives out the perkins loan (federal program but disbursed by school) then the max for that is $6,000 a yr. This is a subsidized loan.

    So generally, combined stafford + perkins is $24,500/yr. If you qualify for the extra unsub stafford, this obviously goes up.

    I'm no expert but I believe the above is correct.
     
  8. mpp

    mpp SDN Moderator
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    That is incorrect. Every medical student qualifies for $38,500 in Stafford loans of which $8,500 may be subsidized (eligibility for the the subsidized portion is need-based). No matter who you are (Bill Gates included), as long as you are enrolled in a U.S. Osteopathic or Allopathic school you can receive up to $38,500 in Stafford loans. The aggregate maximum for all Stafford loans (including those from undergraduate) is $189,125 for ostepathic/allopathic students. There is no qualification necessary...the money is not need-based.

    You are correct about the Perkins loans. They are need-based loans but not all institutions participate in the program. The interest rate is fixed at 5%, subsidized while you are in school.

    To the original poster, schools will have different procedures as when money is disbursed. It is often the first week or two of school. Definitely not before school begins. However, the school may offer a short temporary loan to students for 60-90 days for the purposes you mention. Ask the schools' financial aid office.
     
  9. k's mom

    k's mom Senior Member
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    :eek:

    NO!!!! This is not entirely true......my husband's MS1 disbursement came two weeks AFTER the start of classes, three and a half weeks after the start of orientation. This was similar for MS2. He will begin MS3 on July 1st, and will not recieve the first disbursement of the year until the end of AUGUST. If you are in campus housing and/or need to pay your health insurance upfront, your finaid office will usually wait to process rent/payment until the first disbursement (IF YOU ASK THEM). If you live off-campus, goodluck, although your landlord may be used to dealing with graduate students and may cut you some slack. I have even heard of some landlords dropping rent prices considerably if you pay for a full semester up-front, when aid arrives.

    Do not count on ANY money. Be prepared for this, because if money is late, you do not want to be stressing about that AND anatomy.
     
  10. meanderson

    meanderson Senior Member
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    I'm also not an expert but the above information is not correct. The max stafford loan/year total is 38.5k for DO and MD students.. This is pretty standard knowledge. 8500 of this is the mac for the sub. portion.
     
  11. hakksar

    hakksar Senior Member
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    missbonnie is confused in that graduate students can receive 18,500 in Stafford Loans. Medical students can receive 38,500 in Stafford loans (I have heard this was changed in the mid 90's when the "HEAL" loans were phased out). The Stafford Loan information on the web does not make this clear and is probably her source of confusion.
     

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