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Am I really eligible for aid right now?


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This is my first time with FAFSA but I've done my best to comb through the FAFSA website and FAQs and from what I can tell, as a graduate student I should be eligible for up to $20,500/year in direct unsubsidized stafford loans regardless of whether or not I have a financial need. I currently have enough saved to pay for my first year of PA school (god bless in-state tuition) for sure on my own and some of the second but I don't want to drain all my savings since I'll need a nest egg to get started after graduation or to save me if I need a new car or have some other big financial strain while I'm in school. I'd prefer to balance payment throughout school with 60-70% coming from savings and the rest in loans throughout the two years to best manage this but I'm not sure if that's possible.

 

I know "up to $20,500" means what I receive could be less, but was wondering if less could mean none in my situation. I'm pretty sure for year 2 this won't be a problem since I won't have enough liquid assets to front the bill anyway at that point but I am curious what to expect for year 1. Has anyone encountered this? Any advice?

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Banks are very willing to loan you money, but  they want it back.

Yes, it's relatively "low interest" money, but it's  still a loan.  Taking out the maximum loans puts the money in your account, which means you may spend a lot of money at Starbucks (etc).

Then when you're done with school and get a job you look back and realize you owe a ton of money and the payments prevent you from living the lifestyle you thought you could have.

Limit your loans to the bare minimum you need to get you through school while living like the pauper you are.  Then it won't suck so much when you graduate.

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 Its fairly low interest money so I just take everything ...

 

Oh my gosh. Please don't do this. It is not low interest and if you do not use it, it does not amount to savings. Keep in mind that the second the $ arrives at your school it starts accumulating interest. 

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  • 4 weeks later...

I'm planning on living the same way I have been since graduating from undergrad which is as cheap as possible until the loans are paid off and I seriously doubt that will take me more than 2 years post-grad. Probably going to take out more loans year 1 and less for year 2 to be sure I can budget properly, but I won't need the full amount for either year. The CoA may not even be the full 20-5 since in-state tuition here in NC is extremely affordable for state schools. I'm very grateful I got into a school at the top of my list which also happened to be the cheapest option, otherwise I'd easily be facing 6-figures of debt like so many others out there. Thanks for the advice everybody!

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  • 2 months later...

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