Guest Ucfstef84 Posted January 2, 2011 Share Posted January 2, 2011 Hi everyone, so I have been accepted to a PA program (yay!) but like many I am going to need to take out student loans. heres my issue: I am totally clueless as how to go about it, do I start applying now, do I go federal or private, do I wait for my school to give me information? I applied for fafsa a couple months ago once I started getting interviews, so is that the same as applying for loans? Sorry If these are silly questions, but I really have no idea. Any advice would be appreciated, thank you! Link to comment Share on other sites More sharing options...
flyingsquirrel Posted January 4, 2011 Share Posted January 4, 2011 I don't have any experience with financial aid for graduate programs, but I have a fair bit with undergrad programs. The first step for any financial aid is to file the FAFSA with your school code on it. Usually FAFSA isn't avaliable until January for the following school year, so you will want to make sure that you filed for the correct school year and that your information gets sent to your school. Your school may have a seperate financial aid application that you need to fill out as well. (Remember to reapply for year 2 also.) The next step is to contact the financial aid office at your school and set up a meeting with a financial aid counselor. They may suggest that you wait until they process your FAFSA in the spring. Your school will determine your eligibility for need based university and federal grants (don't have to be paid back) and federal loans. If you feel that your financial aid package is not adequate, talk to your financial aid counselor and they may be able to increase your subsidized loans (don't accrue interest while you are in school) or offer you unsubsidized loans (do accrue interest while you are in school). I would reccommend really staying away from private loans. Federal loans have low, fixed interest rates and you do not have to pay them back until you finish school. They also have much better terms, so you can defer them if you go back to school full time or sometimes for "financial hardship". There are some loan programs that can be forgiven if you work in certain high-need fields for a certain period of time, although most of these are undergrad loans. Private loans vary greatly in their terms. Almost all of them accrue interest while you are in school and some require payment on them while you are in school. They do not have student-friendly deferment options and are basically like car loans or any other loan from the bank. Be very careful if you decide to go this route. Private scholarships may or may not require you to file a FAFSA, but you are almost never "automatically" applied for them. Look for scholarships offered by your state or by professional organizations. Unions (if you are a member) and some employers sometimes offer scholarships if you are studying in a relavent field. Sometimes corporations offer scholarships for people studying in related fields. (Bound Tree Medical paid for a good chunk of my paramedic school.) Fastweb.com is a decent resource, but I've had much beter luck through the other sources I mentioned. I hope this helps. I would be happy to answer any other questions you (or anyone else) has about financial aid. It is a bit confusing unless you have been through the process. Link to comment Share on other sites More sharing options...
c0untingstars Posted January 4, 2011 Share Posted January 4, 2011 Also, if you are starting in May/June 2011 you will need to fill out a 2010-2011 and 2011-2012 FAFSA Link to comment Share on other sites More sharing options...
cdcd67 Posted January 5, 2011 Share Posted January 5, 2011 That was a very helpful post flyingsquirrel. Thank you. :) Link to comment Share on other sites More sharing options...
Guest Ucfstef84 Posted January 6, 2011 Share Posted January 6, 2011 Thanks for the informative responses! Link to comment Share on other sites More sharing options...
LOP Posted January 9, 2011 Share Posted January 9, 2011 Federal loans can be used to pay for rent,food and transportation while I am studying? I got accepted to a PA program too.:smile: Link to comment Share on other sites More sharing options...
flyingsquirrel Posted January 10, 2011 Share Posted January 10, 2011 The feds take the information you enter on the FAFSA and calculate your "expected family contribution" (EFC) which is the amount of money that you (and your parents if you're a dependent) are expected to contribute towards your education. Your school will determine the "cost of attendance" which includes tuition, fees, room and board, estimated book costs, travel allowance, etc. The cost of attendance minus your EFC is your financial need. If your school promises to meet 100% of your financial need then you will be awarded a finiancial aid package (scholarships, grants, and loans) that add up to this amount. If your financial need is greater than the amount you are actually billed for (ie tuition and fees) then you will get a refund that can be used for books, living expenses, travel, etc. The logistics of how and when these funds are dispursed vary from school to school. In short, all federal funds (grants and loans) are paid directly to the school. They will first apply these funds to your bill and if there is any left over (and the amount does not exceed your calculated financial need) they will be given to you. I hope this answered your question. Link to comment Share on other sites More sharing options...
LOP Posted January 17, 2011 Share Posted January 17, 2011 :wink: Thanks. Your answer is great. The feds take the information you enter on the FAFSA and calculate your "expected family contribution" (EFC) which is the amount of money that you (and your parents if you're a dependent) are expected to contribute towards your education.Your school will determine the "cost of attendance" which includes tuition, fees, room and board, estimated book costs, travel allowance, etc. The cost of attendance minus your EFC is your financial need. If your school promises to meet 100% of your financial need then you will be awarded a finiancial aid package (scholarships, grants, and loans) that add up to this amount. If your financial need is greater than the amount you are actually billed for (ie tuition and fees) then you will get a refund that can be used for books, living expenses, travel, etc. The logistics of how and when these funds are dispursed vary from school to school. In short, all federal funds (grants and loans) are paid directly to the school. They will first apply these funds to your bill and if there is any left over (and the amount does not exceed your calculated financial need) they will be given to you. I hope this answered your question. Link to comment Share on other sites More sharing options...
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