I was in Philly today meeting with the financial Aid people to discuss what kind of loans i should be expecting to get. I havent received my financial aid package yet so i decided to make things happen and drive to Philly to find out for myself
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Talked to a very nice woman named Marcia. Ok so here is the breakdown for all of you who have no idea what to expect to get in terms of financial aid.
If you are financially independent from your parents and havent had a job where you made a significant amount of money in the past, AND you still don't have any outstanding loans to finish paying...then most likely you will receive the maximum amount of financial assistance through federal stafford loans. Meaning you will receive $8500 in subsidized stafford loans and $12000 in unsubsidized stafford loans. Thus, you will receive $20,500 to cover tuition costs.
Being that tuition is about $17300...that leaves about an extra $3200 dollars to put towards living expenses, books, parking, misc...etc.
NOW if you are organized...you need make up a estimated budget, for the year, on what kind of money you'll need to cover your other expenses (other then tuition).
So say you need an extra $15000 to cover all other expenses. You already received an extra $3200 from your federal stafford loans (which you can have drexel do a direct deposit of this extra money right into your account) therefore you can apply for a Graduate Federal PLUS loan to cover the remaining $11800 you would need for the year.
A Graduate Federal PLUS loan is an extra avenue students can use specifically for this reason (to cover remaining expenses outside of tuition). By going online through the drexel website you can fill out the form they for this type of loan. This loan will not be given to you by just filling out the FASFA form....it has nothing to do with this form. You need to fill out a totally new form (which you can get on the website) to get access to the Graduate Federal PLUS loan.
Depending on whether you are granted money from this extra resource really depends on your credit history. If you have bad credit then forget about getting any money. If you have decent or good credit then you can get the remaining $11800 you needed (from our example) to cover all your other costs.
There is NO MORE MONEY through Perkins Loans...so don't count on getting any money through these types of loans.