Can you use Grad Plus Loans while on NHSC scholarship?

[Lanvin]

Grad Plus Loans cover you up to the total cost of attendance (living expenses, books, and some other areas). Since the NHSC covers tuition and provides a stipend for living expenses, can you still use Grad Plus Loans to get additional financing? Or are you forced to grab private loans?

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[smq123]

Grad Plus Loans cover you up to the total cost of attendance (living expenses, books, and some other areas). Since the NHSC covers tuition and provides a stipend for living expenses, can you still use Grad Plus Loans to get additional financing? Or are you forced to grab private loans?

I don't know whether or not your are eligible for GradPlus loans if you're on an NHSC scholarship....but I can't imagine a financial aid officer in her mind actually recommending that you apply for GradPlus loans if you are on a full tuition + stipend scholarship.

GradPlus loans accumulate a high amount of interest as soon as you sign for them. They're not subsidized.

I believe that, even if you are on an NHSC scholarship, you are still eligible for Stafford subsidized loans. You're honestly better off taking the $8500 in subsidized loans per year to get additional financing. I have heard of MD/PhD students (who are on full tuition scholarships) using Stafford loans to give themselves an additional financial cushion. I don't think that you're forced to use either GradPlus loans or private loans, just because you're with the NHSC.

 

[montessori2md]

Agree, I think your next step for cash would be stafford subsidized.

 

[Lanvin]

I recently checked in with my financial aid office. From my understanding, you cannot withdraw any more stafford or grad plus loans. These types of loans are intended to cover up to the cost of tuition. My school sent out an email stating that they will recalculate the financial aid award of any student that receives any outside grants/scholarships. Their explanation was that this is federally mandated and is required for the university's continued federal assistance.

So...if your school allows you to take the same amount of stafford/grad plus loans in addition to outside scholarships they might get burned later.

Essentially this means that NHSC scholars will have the same living allowance (via loans) that any other student has.

 

[montessori2md]

I recently checked in with my financial aid office. From my understanding, you cannot withdraw any more stafford or grad plus loans. These types of loans are intended to cover up to the cost of tuition. My school sent out an email stating that they will recalculate the financial aid award of any student that receives any outside grants/scholarships. Their explanation was that this is federally mandated and is required for the university's continued federal assistance.

So...if your school allows you to take the same amount of stafford/grad plus loans in addition to outside scholarships they might get burned later.

Essentially this means that NHSC scholars will have the same living allowance (via loans) that any other student has.

Okay, but our Cost of Attendance is already more than the stipend we would receive. (say 12,000/yr given we pay taxes on NHSC stipend -1200*10months+once a year disbursement for books,supplies). My COA not including tuition in fees is well beyond that (they estimate our other expenses -food, shelter, transportation at about $20k).

 

[Lanvin]

Okay, but our Cost of Attendance is already more than the stipend we would receive. (say 12,000/yr given we pay taxes on NHSC stipend -1200*10months+once a year disbursement for books,supplies). My COA not including tuition in fees is well beyond that (they estimate our other expenses -food, shelter, transportation at about $20k).

According to my school's financial aid office, you would receive an additional $8000 (20k COA/living allowance - 12k NHSC stipend) in loans to cover the difference. I am not sure whether the 8k would come from stafford subsidized or grad plus. This will likely be the same situation I am in if I am accepted as an NHSC scholar.

 

[smq123]

According to my school's financial aid office, you would receive an additional $8000 (20k COA/living allowance - 12k NHSC stipend) in loans to cover the difference. I am not sure whether the 8k would come from stafford subsidized or grad plus. This will likely be the same situation I am in if I am accepted as an NHSC scholar.

I would be very willing to bet that the $8K would be from Stafford subsidized. If they give it to you as part of a Grad Plus loan, that's incredibly unfair.