Advice on Loans

[future_doc1421]

So I have been accepted into medical school this upcoming year and I am looking into how to pay for this. I know I am going to take out loans and I am looking into National health service corps stuff BUT in terms of loans: what loans are preferred, how do I apply for them, private vs government loans, etc. I already filled out FAFSA but I didn't receive much so I am just a little confused because I thought as a graduate student I'd qualify for a lot more.

Any advice on how you guys obtained your loans/which type of loans would be very helpful!

Thanks!

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[Yhorm the Giant]

So I have been accepted into medical school this upcoming year and I am looking into how to pay for this. I know I am going to take out loans and I am looking into National health service corps stuff BUT in terms of loans: what loans are preferred, how do I apply for them, private vs government loans, etc. I already filled out FAFSA but I didn't receive much so I am just a little confused because I thought as a graduate student I'd qualify for a lot more.

Any advice on how you guys obtained your loans/which type of loans would be very helpful!

Thanks!

So as long as you filled out your FAFSA and Grad Plus bone forms and had that information sent to your school, your financial aid office will be the ones to award packets, and that should cover tuition, books and cost of living. What it says on the FAFSA page about how much money you will get isn't a full reflection of what will be available to you once you include the Grad Plus Loans. They basically fill in the gaps, and an annoyingly high interest rate, sure, but it'll get you through it. And if I'm wrong hopefully someone corrects me because I have been horribly misinformed

 

[future_doc1421]

So as long as you filled out your FAFSA and Grad Plus bone forms and had that information sent to your school, your financial aid office will be the ones to award packets, and that should cover tuition, books and cost of living. What it says on the FAFSA page about how much money you will get isn't a full reflection of what will be available to you once you include the Grad Plus Loans. They basically fill in the gaps, and an annoyingly high interest rate, sure, but it'll get you through it. And if I'm wrong hopefully someone corrects me because I have been horribly misinformed

OHHHHH omg that makes so much more sense. Okay, so the school will tell me in terms of loans. I doubt you will know this but is there a deadline that I will receive that information by from the school? And what is the Grad Plus bone forms? I don't know if I filled that out specifically.

 

[Yhorm the Giant]

OHHHHH omg that makes so much more sense. Okay, so the school will tell me in terms of loans. I doubt you will know this but is there a deadline that I will receive that information by from the school? And what is the Grad Plus bone forms? I don't know if I filled that out specifically.

Yeah deadlines and stuff for definitely pretty school-specific. So you would definitely have to check with them. LOL sorry that was supposed to say Grad Plus loan, not bone. Using voice to text and I guess they just sounded too similar. But yes as long as you fill out your grad plus loan, which I'm not sure if you already have but you can Google it pretty easy, and have it sent to your school then you have done your part, along with FAFSA, and then the school should contact you about anything more, but between those two you should be good to go and your best bet would be to email your school and say hey I have completed my fafsa stuff and Grad Plus loan forms is there anything else I need to do at this time

 

[harkas]

Yeah deadlines and stuff for definitely pretty school-specific. So you would definitely have to check with them. LOL sorry that was supposed to say Grad Plus loan, not bone. Using voice to text and I guess they just sounded too similar. But yes as long as you fill out your grad plus loan, which I'm not sure if you already have but you can Google it pretty easy, and have it sent to your school then you have done your part, along with FAFSA, and then the school should contact you about anything more, but between those two you should be good to go and your best bet would be to email your school and say hey I have completed my fafsa stuff and Grad Plus loan forms is there anything else I need to do at this time

How do you complete grad plus loans for the upcoming year? They only have aid options for 2015-2016 and 2017-2018 currently.

 

[Yhorm the Giant]

How do you complete grad plus loans for the upcoming year? They only have aid options for 2015-2016 and 2017-2018 currently.

Sorry that was misleading. You are right, you can't do it yet, I think it opens on April 1st for the 18-19 year

 

[814965]

- Go to Studentloans.gov
- Fill out forms for Master Promissory Notes for Direct Unsubsidized and GradPLUS loans
- Complete loan counseling
- Calculate how much you need to borrow, including cost of living
- Fill out loan request forms on your school's financial aid packet
- School will send you an award letter indicating how much you will receive

DO NOT apply for private loans unless you absolutely have to. Their interest rates are typically much higher than govt. loans.

 

[future_doc1421]

So when I fill out all these loan forms, it just means I am interested in obtaining loans, correct? I can accept or decline the loans based from those offered but I am not forced to accept/locked into any loans just from these applications, right?

 

[Futurecareerinmedicine]

Congratulations on being accepted! Sorry I cannot provide insight on the financial aid.

 

[ciestar]

So when I fill out all these loan forms, it just means I am interested in obtaining loans, correct? I can accept or decline the loans based from those offered but I am not forced to accept/locked into any loans just from these applications, right?

Correct. Your school will let you know the amount you’re approved for (up to COA) and you can accept/decline these amounts later.

 

[future_doc1421]

- Go to Studentloans.gov
- Fill out forms for Master Promissory Notes for Direct Unsubsidized and GradPLUS loans
- Complete loan counseling
- Calculate how much you need to borrow, including cost of living
- Fill out loan request forms on your school's financial aid packet
- School will send you an award letter indicating how much you will receive

DO NOT apply for private loans unless you absolutely have to. Their interest rates are typically much higher than govt. loans.

So, just because I am a little unclear about this, I need to do both FAFSA AND the studentloads.gov stuff? Are they not the same things?

 

[DanseMacabre99]

Just want to pop in and say I love this thread. I definitely have similar questions to you future_doc1421, and I'm sure there are a crap-ton of others who do as well.

 

[Laterthansooner]

So as long as you filled out your FAFSA and Grad Plus bone forms and had that information sent to your school, your financial aid office will be the ones to award packets, and that should cover tuition, books and cost of living. What it says on the FAFSA page about how much money you will get isn't a full reflection of what will be available to you once you include the Grad Plus Loans. They basically fill in the gaps, and an annoyingly high interest rate, sure, but it'll get you through it. And if I'm wrong hopefully someone corrects me because I have been horribly misinformed

Is there a general FAFSA deadline today?

 

[calivianya]

Related question - so, all the schools can see this stuff, right? When filling out the MPNs, it only let me select one school to send it to. This won't affect my ability to receive financial aid information from other schools, right?

 

[Laterthansooner]

Related question - so, all the schools can see this stuff, right? When filling out the MPNs, it only let me select one school to send it to. This won't affect my ability to receive financial aid information from other schools, right?

I was able to add multiple schools to the FAFSA application. After you enter your first school code, there was a tab just below it (on the right side) to add another school. I think you can amend this even after you submit it.

This won’t affect other financial aid, so you should be fine.

 

[Magus5454]

I was able to add multiple schools to the FAFSA application. After you enter your first school code, there was a tab just below it (on the right side) to add another school. I think you can amend this even after you submit it.

This won’t affect other financial aid, so you should be fine.

FAFSA and MPNs are totally different

 

[fluffysquirrel]

Sorry to bump this but I'm a little confused. A school where I interviewed but haven't heard back wants their aid packet completed by the end of this month. Part of the packet is signing the Master Promissory Note and Entrance Counseling. I'm not sure if I'll be taking loans out; do I still have to sign it? It doesn't bind me to anything if I do sign it, right... I'll give the financial aid office a call tomorrow but just wondering if anyone knew

 

[Magus5454]

Sorry to bump this but I'm a little confused. A school where I interviewed but haven't heard back wants their aid packet completed by the end of this month. Part of the packet is signing the Master Promissory Note and Entrance Counseling. I'm not sure if I'll be taking loans out; do I still have to sign it? It doesn't bind me to anything if I do sign it, right... I'll give the financial aid office a call tomorrow but just wondering if anyone knew

It doesnt commit you until you accept the loans from your school

 

[OchemOficionado]

It doesnt commit you until you accept the loans from your school

Surprisingly, even then that loan commitment is reversible. Yup, even after the loan(s) disburse to the institution and a credit is refunded to the student. I actually see this happen at the end of a semester from time to time.