Wingate financial aid update

[Gizmo]

Hey Wingaters,

I called the financial aid office today, and they said that the pharmacy school may be changing P1 status to graduate status for financial aid purposes. As you guys know, right now we are considered 5th year undergrads for financial aid. The bad thing about that is that with undergrad status we are only eligible for about $10,500 in Stafford loans for the year. But as graduates, we are eligible for about $18,000 for the year 🙂

The school should know by the end of the month whether they will change our status. If so, they will send each of us updated financial aid packages. I don't know about you guys, but trying to come up with $10,000 in supplemental loans has been hard for me, so I'm excited that we may be able to get more aid.

Hope this helps!

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[RxRob]

The pharmacy school has been telling us that this change is "imminent". It had better be because it is the only way I will be able to continue since CFNC has raised their credit criteria from last year to a range that precludes me AND my surety.

The change will also include a change to "medical status" which will entitle you to borrow up to roughly $35,000 in guaranteed loans.

Under the undergrad status, you were ALSO entitled to another $4,050 in the PELL grant and $2,700 between the NC legislative grant and the NC incentive grants, so a change to only $18,000 would not be significant and ALL of it would be borrowed instead of a portion being gifted to you.

 

[beccala33]

So here's a question, how do I go about getting together the rest of the money? Private loans? I don't even know how to apply for them. What company should I go with? I don't have the greatest credit so I want to start early. Does anyone know how I go about looking into this?

 

[Gizmo]

don't have the greatest credit so I want to start early. Does anyone know how I go about looking into this?

Yeah, I started looking early for this same reason. I've been applying anywhere and have been rejected everywhere because I have bad credit. My husband has bad credit, too, so he's being rejected as a co-signer. Hopefully you have a co-signer with good credit. Wingate suggested applying with salliemae. They said that salliemae is usually good about qualifying those with not so good credit, although they rejected me. Just go to their website and follow the steps.

As for me, I don't have anyone else to ask to co-sign for me. My dad used to be my co-signer, but he passed away. My mom is a widow and does not have credit. My inlaws are in the process of buying a house and don't want to ruin their chances of qualifying, so they will not co-sign. All of my relatives live in Mexico, so I doubt that they would qualify 😛

Good luck!

 

[Gilmore2B]

So here's a question, how do I go about getting together the rest of the money? Private loans? I don't even know how to apply for them. What company should I go with? I don't have the greatest credit so I want to start early. Does anyone know how I go about looking into this?

Wingate has a list of recommended lenders on their financial aid website. The only one I can remember off hand is SunTrust. They all have different incentives, such as your rate goes down to prime minus X% after so many on-time consecutive payments. I haven't yet evaluated which is 'the best.' As far as timing, the earliest you can apply for these loans I’ve found to be 90 days prior to when you need the money.

 

[RxRob]

You will need to hope for the status to change to graduate medical status. Then and only then will you be able to borrow up to the entire cost of education ($22,000 tuition plus $13,000 living expenses) without a credit check in guaranteed student loans.

Otherwise, you and/or your parents will have to come up with another $7,000 in cash for the tuition balance while you work full time to cover your rent/utilities etc... Its a terrible and probably impossible way to try to go through pharmacy school.

You need impecable credit to get an Extra or PLUS loan, and if you don't qualify, the standards are even higher for the co-signer. I was able to get approved with a co-signer last year but they raised the beacon credit score from 600 last year to 650 this year, out of my co-signers range, and they are NOT grandfathering-in whom they loaned last year. They dont' care whether you can finish or not and still want last year's loan back either way. I'm furious about it. I'm under the impression this change in status WILL occur, in which case you don't have anything to worry about either. Otherwise, keep in touch so we can chat about how we almost became pharmacists that one time....

All of this applies to CFNC.org which is the ONLY institution that was willing to issue the loan. All the other options, Suntrust, Wachovia, Bank of America said not EVEN with a co-signer period. The week prior to starting school last year I was certain I would not be able to go to grad school because of this, and I was very thankful when it came through. It never occured to me that I'd have to go through the stress AGAIN after starting and every year thereafter. In my opinion, it's the school's fault for not classifying us as what we are in the first place.

 

[Gizmo]

The pharmacy school has been telling us that this change is "imminent". It had better be because it is the only way I will be able to continue since CFNC has raised their credit criteria from last year to a range that precludes me AND my surety.

The change will also include a change to "medical status" which will entitle you to borrow up to roughly $35,000 in guaranteed loans.

Under the undergrad status, you were ALSO entitled to another $4,050 in the PELL grant and $2,700 between the NC legislative grant and the NC incentive grants, so a change to only $18,000 would not be significant and ALL of it would be borrowed instead of a portion being gifted to you.

The changes sound good. I hope it happens.

The financial aid office said that I was only entitled to what I received, which is $10,500 for the entire year. This includes $5500 Stafford and $5000 additional unsub stafford, so a change to $18,000 would be very significant for me.

 

[Gizmo]

The week prior to starting school last year I was certain I would not be able to go to grad school because of this, and I was very thankful when it came through. It never occured to me that I'd have to go through the stress AGAIN after starting and every year thereafter. In my opinion, it's the school's fault for not classifying us as what we are in the first place.

Yikes!!!!! 😱 Maybe I shouldn't find a place there to live just yet.

 

[Gizmo]

RXRob,
Which loan program did you use last year with CFNC?

 

[RxRob]

I am over 25, thusly emancipated, so the PLUS loan was not an option, I had to get the Xtra (Extra?) loan.

Depending on your fafsa EFC score, you should have also been eligible for up to $4,050 in the PELL grant.

EFC stands for EXPECTED FAMILY CONTRIBUTION. In other words, in our society, if your parents make a certain standard in living, they are EXPECTED to contribute to your education by virtue of taking on the responsibility of having kids. SO if your EFC was anything other than 0, that's the amount they are mandated to contribute.

This will need to be impressed on them if they are reluctant, since the law prohibits you from being eligible for more money based on this simple truth.

This is harder than it sounds because for most people over 45 or so, it used to be that you could work over a summer and save enough money (if you buckled down) to pay for college that year. I read an article recently, I think on CNN.com that pointed out that education costs have risen over 6 times faster than inflation and this is no longer achievable, however, you may get it rubbed in your face anyway as simply being a slacker for not doing that way on your own.

 

[Gizmo]

Well, I am 28, married, have no children, and my EFC was calculated as $19,000 (yeah right!!! 😡 ). Maybe this is why I didn't get the Pell. I did ask specifically if there was anything else I qualified for, and the financial aid office said no.

 

[RxRob]

OUCH! Harsh...well technically you're supposed to be able to afford it, at least for a year... if you have to quit work to go to school then next year that figure will drop since they always run a year behind... that part of it for sure is not fair in my opinion.

 

[DownonthePharm]

Me and my husbands EFC was set at $24K this year. Sorry, but that is only a few hundred short of my ENTIRE take home for the year. Since we are both going back to school there is no way this is even possible. Unless we lived for less than $5000 last year how could they think we would have that much saved??

I cant believe your school still lists P1 as undergrad. That is like a slap in the face with how much they charge in tuition.

Thankfully Im going to a pretty cheap school. But not as cheap at UF apparently. 🙂

 

[RxRob]

www.vondizzle.com/FAS.doc

I uploaded the survey that Wingate sent to us for the classification change. The chart at the bottom outlines the differences you can borrow based on the status. I believe it applies to anyone anywhere regardless of school. Just click the link and then SAVE the document somewhere you can find it.

 

[Gizmo]

www.vondizzle.com/FAS.doc
QUOTE]

This looks very good! You probably mentioned this before, but is this certain to happen for this coming fall? (If so, then my husband will be able to move with me to NC 🙂; otherwise he stays in TX) Should incoming students call the pharmacy school to give our opinions on the issue?

 

[RxRob]

In my mind, it is definitely happening, though I am likely protecting myself from the prospect of having to "off" myself at some point in the future lol...

You're actually considering a 4 year phone marriage??? This is the stuff of Hollywood marriages and I just don't see it working all that well. I would encourage you to consider yourself as a single family unit for the sake of your future!

We actually have a couple older guys in the class that left a wife and kids back home, as if they were going off to Iraq or something.. it's like.. "grow up strong kids"... I can't even imagine. Getting into pharmacy school just meant that now we have to move to Monroe NC as far as my family was concerned.