When to begin the student loan process....

[kopitar]

Hey everyone I got my acceptance a few months ago and want to make sure I am staying on top of everything. That being said, I am unfamiliar with the way student loans for medical school work (or student loans in general) and was hoping to get some feedback on what steps to take and when to take them. So far I understand I am suppose to begin my FAFSA in March. Any thoughts/advice? Any feedback is greatly appreciated.

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[beckhunter116]

My only advice would be to do your taxes before March because you will need the info to fill out the FAFSA. And if you never have filled out a FAFSA before you may want to browse the site and I think you will need to apply for a government pin number...they tell you how on the website.
At least this (the pin) was needed a few years ago when I filled it out.

 

[BassCaster]

Would our undergraduate pin number (i filled out fafsa as an undergrad) be used again for medical school? Or do I need to apply for a new one after submitting 2010-2011 info? Thanks for any input.

 

[scummie]

Filling out the FAFSA ahead of time is a good idea. I think schools will start to forward information once it gets closer to the summer. Schools sometimes have the information available on their financial aid website about potential lenders and whatnot.

 

[Everglide]

I used my undergrad pin number no problem. Some people say filling out your fafsa this early is pointless because it will sit there until your tax info is official or schools don't look at them this early however I figure it can't hurt to fill it out early.

 

[kopitar]

besides the tax stuff what other inconvenient information does the FAFSA require? And I am asuming once it gets closer to loan time students begin dealing directly with the schools financial program? This is all very new to me. thanks for the comments

 

[marke]

Fafsa only ask for estimations...and you can make corrections anytime you want (u can make correction after submission deadline, but u can't submit a fafsa after the deadline) ...
at least for me, I want to get it over with so I don't forget..
I actually already filled my fafsa. (fafsa can be submitted starting 1/1/10)

 

[scummie]

besides the tax stuff what other inconvenient information does the FAFSA require? And I am asuming once it gets closer to loan time students begin dealing directly with the schools financial program? This is all very new to me. thanks for the comments

You'll probably need your parent's info if you're a dependent or your spouse's work info. This isn't usually available until W-2's are mailed out at the end of this month. But like someone said, you can send in estimates.

Some schools require you to send in copies of the W-2s and your tax returns.

 

[kopitar]

After you fill out the FAFSA then what? do you begin dealing directly with the school to coordinate the loan? Or do you begin working with a few different banks to find the best deal. When is your loan supposed to be finalized and do they send you a living expenses check the day you start or a few weeks before so you can have time to make arrangements>

 

[ChiDO]

After you fill out the FAFSA then what? do you begin dealing directly with the school to coordinate the loan? Or do you begin working with a few different banks to find the best deal. When is your loan supposed to be finalized and do they send you a living expenses check the day you start or a few weeks before so you can have time to make arrangements>

Once you are done filling out FAFSA you wait until the school send you an award letter. Majority of the time, you will only be approved for the CoA with subsidize, un-sub, and grad plus loans. (some students will get exceptional need scholarships, or perkins, ect).

Once you receive the letter, it will tell you to go to website ABC to choose your lender XYZ (although this may be changing with the government providing all the loans...I think I read thisl..but it may be a few years away still). Regardless, you want to choose the lender with 0 fees, 0% origination, ect.

During the summer, you probably should find housing to live in (talk to other students to see where they live) and sign your lease. You will have to get all this done BEFORE you see any loan money as loans are usually distributed a few weeks AFTER you start school. For example, we were back in school 1/4/10 and will not get our loan money till around 1/20/10.

Furthermore, you need to budget for 12 MONTHS while the CoA of school only budgets 9 MONTHS (while you are in school). Once you get to years 3-4, the budget usually goes close to 12 months.

Hope this helps.

 

[ChiDO]

You'll probably need your parent's info if you're a dependent or your spouse's work info. This isn't usually available until W-2's are mailed out at the end of this month. But like someone said, you can send in estimates.

Some schools require you to send in copies of the W-2s and your tax returns.

Once you get to professional school you are automatically classified as an INDEPENDENT student, however, majority of schools still require parents/guardians/SOs information so that they can distribute the need based, perkins, ect loans.

 

[kopitar]

So all I need to do is fill out the FAFSA and the Gov't decides my elegibility? Do they call to discuss the loans or just mail and award letter. Is there any good ways to "buff" the FAFSA? If you have a large amount of savings does this limit your eligibility? Out of curiosity what is a scenario where an individual is not elegible for loans at all? Thanks for the comments

C/O 2014

 

[ChiDO]

So all I need to do is fill out the FAFSA and the Gov't decides my elegibility? Do they call to discuss the loans or just mail and award letter. Is there any good ways to "buff" the FAFSA? If you have a large amount of savings does this limit your eligibility? Out of curiosity what is a scenario where an individual is not elegible for loans at all? Thanks for the comments

C/O 2014

Unless you parents make like 300k+/year or you have like 100k in savings, you will be eligible for the full CoA at school through subsidized and unsib stafford loans, as well as, grad plus loans. If your CoA is $70k, you will get $8500 (sub), ~$45k (unsub), and $20k (grad plus).

The school you are attending (the financial aid office) determines who gets scholarships and the "better" loans (ie. need-based, perkins).

So, just fill out the FAFSA and wait for the award letter from your school.

 

[beachblonde]

If you aren't waiting for parental or spousal info, and you're a student, you might as well go ahead and fill it out now. You can always estimate things and go back later to fix them.

I personally elected to not include parental info on mine, and even with a substantial amount of savings in my name I still got the standard distribution of sub/unsub etc loans. But if you think you might be eligible for underrepresented or needy type scholarships, you should include your parents' info. I wasn't going to be eligible for any of my school's scholarships so I just didn't bother, it didn't seem worth the time to bug my parents about it.

 

[ChiDO]

I personally elected to not include parental info on mine, and even with a substantial amount of savings in my name I still got the standard distribution of sub/unsub etc loans. But if you think you might be eligible for underrepresented or needy type scholarships, you should include your parents' info. I wasn't going to be eligible for any of my school's scholarships so I just didn't bother, it didn't seem worth the time to bug my parents about it.

Some schools REQUIRE parental information on the FAFSA, but I guess it's different for each school. Just check with your financial aid office in regards to what information they need.

 

[beachblonde]

Some schools REQUIRE parental information on the FAFSA, but I guess it's different for each school. Just check with your financial aid office in regards to what information they need.

Really? I find that surprising, given that as a medical student, you are considered to be independent. I don't see how they can go about requiring info if FAFSA doesn't require it.

 

[scpod]

Really? I find that surprising, given that as a medical student, you are considered to be independent. I don't see how they can go about requiring info if FAFSA doesn't require it.

There are some types of state, federal and institutional based aid that you cannot qualify for without your parents information. For instance, many primary care scholarship programs require that information. Institutional aid that is earmarked for the neediest of the needy requires that information. Why? Because they assume that if your parents are well to do, even if you are older and independent, that they might provide you things like a plane ticket home for Christmas or make payments on your car or make your insurance payments. If your parents cannot afford to do that.... then you qualify for that type of aid.

As a sidenote, FAFSA doesn't "require" it but they do ask you to check with your schools in case they do.

 

[beckhunter116]

grrr.

+1.

 

[kopitar]

clarify the following please:

Subsidized
Unsubsidized
Grad Plus


Thanks
C/O 2014

 

[beachblonde]

There are some types of state, federal and institutional based aid that you cannot qualify for without your parents information. For instance, many primary care scholarship programs require that information. Institutional aid that is earmarked for the neediest of the needy requires that information. Why? Because they assume that if your parents are well to do, even if you are older and independent, that they might provide you things like a plane ticket home for Christmas or make payments on your car or make your insurance payments. If your parents cannot afford to do that.... then you qualify for that type of aid.

As a sidenote, FAFSA doesn't "require" it but they do ask you to check with your schools in case they do.

Ok, ok, I give up, but I maintain my point that if I'm truly an independent student, then requiring my parents' info is a load of BS. my school gave me money without parental info, but clearly that doesn't work for everybody. and like I said, there were no need-based scholarships or grants in my future, so I didn't bother.

clarify the following please:

Subsidized
Unsubsidized
Grad Plus


Thanks
C/O 2014

really? you can't just use google?

 

[Cybii]

clarify the following please:

Subsidized
Unsubsidized
Grad Plus


Thanks
C/O 2014

This is how someone else on the forum explained it to me:

...

The limit for the subsidized federal stafford loan is 8,500/year and it does not accrue interest until residency; it has a 6.8% interest rate.

The federal unsubsidized stafford loan has a limit of 32,500/year I believe with a 6.8% interest rate; it DOES accrue interest immediately.

The Graduate plus loan is 8.5% and accrues immediately.

 

[kopitar]

Ok, ok, I give up, but I maintain my point that if I'm truly an independent student, then requiring my parents' info is a load of BS. my school gave me money without parental info, but clearly that doesn't work for everybody. and like I said, there were no need-based scholarships or grants in my future, so I didn't bother.



really? you can't just use google?

ok guy im perfectly capable of searching the internet but this is a forum for peoples opinions and that is exactly what I am asking for. cheers

 

[beachblonde]

ok guy im perfectly capable of searching the internet but this is a forum for peoples opinions and that is exactly what I am asking for. cheers

sorry, to me, "clarify" does not mean "supply your opinion."

what opinions are you looking for, specifically? I'm curious. the schools decide what you get, and you don't have to take all of it, but it's not really your decision how much you get for subsidized vs. unsub. it's pretty much the same for everyone.

 

[kopitar]

sorry, to me, "clarify" does not mean "supply your opinion."

what opinions are you looking for, specifically? I'm curious. the schools decide what you get, and you don't have to take all of it, but it's not really your decision how much you get for subsidized vs. unsub. it's pretty much the same for everyone.

Ill make sure and work on my verbiage for future posts. Specifically, I am looking for the experience and information of others regarding a subject with which I am unfamiliar (not specific at all). I have researched the topic, and have a good idea, but appreciate feedback from others. Thanks for the notes