TheDude Posted February 7, 2013 Share Posted February 7, 2013 Hello all, I recently was accepted to a PA program and will continue to work some as a Flight Paramedic the first semester which starts in May. After May I will be working roughly 16-20 hours a week at most. I know that I will need financial aid and have started the FAFSA process (waiting for my tax retun to complete it) and wanted to know realistically if I need to obtain other loans such as cost of living loans and so forth for when I am unable to work? It has been awhile since I was in school and I am just about clueless as to what I need to be doing right now. Link to comment Share on other sites More sharing options...
JoelleK Posted February 7, 2013 Share Posted February 7, 2013 Not sure if it is the same everywhere, but at my school once I filled out FAFSA, etc. THey sent me a packet with possibilities. The school has a certain amount of money budgeted that they feel will cover tuition, room, board, books, fees, other living expenses, etc. You can borrow up to that amount but not over it from any loan source that will give you one. I tried a few different places and was able to score the best rate from Discover as well as the usual government loans (not the grad plus)...Your school's financial aid dept should also be able to help out a little. Good luck!!! Link to comment Share on other sites More sharing options...
flyingsquirrel Posted February 8, 2013 Share Posted February 8, 2013 Start with FAFSA (you'll want to finish your taxes and get that in ASAP). Once schools have that (and you are admitted) they will be able to figure your Stafford load eligibilty. This is based on tuition, fees, and a set living allowance. If you need more than you are offered by the school (because you have a mortgage, don't have/want to use savings, have kids, etc) the next level of loans is GradPLUS which are still federal, but you have to apply for seperatly. There's always private loans, but some of them can get pretty sketchy and don't have as favorable repayment conditions. Don't assume that your financial aid office will contact you. Some will, but many won't. When you call them, make sure you talk to someone who handles GRADUATE financial aid...there are big differences. Also make sure there aren't any school-specific financial aid applications that need to be filled out in addition to FAFSA. Link to comment Share on other sites More sharing options...
cinntsp Posted February 8, 2013 Share Posted February 8, 2013 You can borrow up to that amount but not over it from any loan source that will give you one. Private student loans can still be had once the finaid budget is maxed. Link to comment Share on other sites More sharing options...
briepm Posted February 8, 2013 Share Posted February 8, 2013 I know it's a terrifying thought, but you should seriously consider not working while in school (unless you're going part time?) I think you're underestimating the time commitment of PA school. Not a single person in my class works more than 5-10 hours a week, and they are doing work study - ie getting paid to study while 'working' at the library or computer lab. I'm not trying to be negative, just realistic. Even in the best of circumstances, PA school is overwhelming, and even more so for returning students (I'm a returning student too). I can't imagine 20 EXTRA hours a week doing anything that wasn't sleeping or being outside and seeing the sunshine - there is literally not enough time in the day. By the way, it's awesome that you're a flight paramedic - I did EMS and that was my dream job. You're going to be great in PA school - my advice is just to do the best you can to set yourself up for success. Best of luck - let us know how it works out for you! Link to comment Share on other sites More sharing options...
TheDude Posted February 8, 2013 Author Share Posted February 8, 2013 Thanks everyone for the good information. Something that has me worried though is about 3 months before I found out I was accepted, my car crapped out and so I had to get another one. I took out an auto loan like most everyone else. Will that have any effect on my ability to obtain student loans? And briepm, being a flight paramedic is fun, it will be hard to give up for sure! Link to comment Share on other sites More sharing options...
flyingsquirrel Posted February 8, 2013 Share Posted February 8, 2013 An auto loan will affect your ability to get private loans (think of them as car loans, but the car is grad school) but have no affect on federal loans. I'm also a critical care paramedic and it is feasible to work a shift a week during the didactic year as long as you are organized and your employer is willing to be flexible with scheduling. Link to comment Share on other sites More sharing options...
JoelleK Posted February 9, 2013 Share Posted February 9, 2013 Private student loans can still be had once the finaid budget is maxed. I wasn't aware...we were advised by financial aid that all student loans -whether gov't or private - are sent the financial aid budget. And the loan officers for private student loans that I spoke with also advised they wouldn't go over what the need is - especially given all the news in the last few years regarding loan defaults...Personal private loans, with collateral put up might be different though. In terms of the auto loan...getting a school loan is just like anything else...they are going to look at your debt to income ratio and then your potential for the degree you are obtaining. If your auto loan increased that ratio then it will likely affect it - that may mean not getting it or paying a higher rate. Gov't loan is a little different. You almost have to have a credit score of 10 before they will deny you. Link to comment Share on other sites More sharing options...
cinntsp Posted February 9, 2013 Share Posted February 9, 2013 I wasn't aware...we were advised by financial aid that all student loans -whether gov't or private - are sent the financial aid budget. And the loan officers for private student loans that I spoke with also advised they wouldn't go over what the need is - especially given all the news in the last few years regarding loan defaults...Personal private loans, with collateral put up might be different though. I stand corrected. I took out a private student loan in undergrad and didn't remember it having to be certified through the school. Link to comment Share on other sites More sharing options...
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