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For current students im currious about finances how much did fafsa give you? loans?

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Im worried about paying for tuition as i will be attending. tuition is roughly 45k i barely make any money now (10k a year maybe before taxes!) and i wont be working when i start school. My parent wont be helping with anything so its just me. Anyone know how much fafsa can give and how much in loans i can expect to be getting? curious what others have received and techniques for paying for PA school.

 

If i did get loans i would obviously like loans where i dont have to pay interest while in school.

 

Thanks in advance!!

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Firstly, congratulations on your acceptance to USC!

 

Yes, it is expensive to attend, and I promise that you will be given enough money to live off of and pay for tuition in the way of loans. Granted, you will not be living the high life, but they give you just enough to pull through. Before I break down for you the way that loans work in grad school, I also want to let you know that in your first year you get two disbursements: one in the Fall and one in Spring. DO NOT SPEND ALL YOUR FALL MONEY, as the two disbursements are to carry you through the summer until the next disbursement in the following Fall. Additionally, you can choose to get a job in the summer (though it might be hard to find) to help pull you through there.

 

Now, I will do my best to explain how the loans will work. I remind you, though, that I'm a PA student, not a financial planner :) For the entire year you are permitted to borrow up to $18,500 in subsidized loans at a rate of 6.8%, and the remainder will be unsubsidized at a rate of 7.9%. As a reminder, subsidized are those that do not accrue interest until you are done with school, and unsubsidized are those that accrue interest the moment you take them out. It used to be better for the 2011-2012 year, but in 2012 Congress changed how the system works and this is what we ended up with.

 

In all reality, expect to owe around $210,000 when you're done with the program (plus or minus, and assuming you take out loans to pay for everything, which most people do). Remember, though, that you are attending a very good school and are also going to be working in a very good field. The job prospects for PAs are numerous, and the financial return is pretty amazing (especially as things begin to change with the Affordable Care Act).

 

I also want to tell you about other options besides loans that you might consider looking into if you haven't already. The biggest one is the NHSC scholarship. They pay for 100% tuition and fees, as well as provide you with a living stipend while in school. I'll let you look it up for terms and conditions, but I will tell you that it is extremely competitive and worth a try. Another great option is the Navy. They will pay for up to $300,000 in return for service. There's also other branches of the military that disburse large amounts of money, and there are smaller scholarships that are helpful like the PA Foundation scholarships and CAPA scholarships (be sure to join CAPA and AAPA as a student member now so you can start benefiting).

 

I realize that this is a lot of information, and I hope you (and the others who read this thread) find it helpful. For those who are accepted, you can reach out to medfao@usc.edu for specific questions regarding financial aid. They are really helpful and quick to respond.

 

Again, congratulations and we'll see you in Fall!

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