Financial aid not enough?

[orange_peel]

I'm matriculating this upcoming August. Because I'm an out of state applicant, the cost of attendance for my school during first year is around 90k. However, according to the financial info given by our school, the students may borrow 20.5k and 20k (2 unsub loans) plus 41k(max) for Graduate plus. Even if the school were to give me max amount of loans, it still leaves me about 10k short. Am I expected to fill in the 10k while in school? What if I have no income source as a student? Anyone have any input?

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[Hippogriff]

Your last resort would be private loans (aka higher interest rates + less protections vs government loans).

 

[orange_peel]

Private loans? Can you tell me more about it?

 

[Hippogriff]

You apply directly to a private lender/bank. Your credit history is checked to determine if you are eligible. There are also fewer consumer protection and repayment options. Here is a great article I found about it: http://www.forbes.com/sites/maggiem...-you-take-a-private-loan-for-graduate-school/

 

[orange_peel]

Thanks so much, so it's possible to finance medschool even though I don't get enough aid from the government and the school, right? That was what I was worried about the most, not being able to attend because of shortage of money.

 

[Hippogriff]

Yes, private loans can cover the additional costs over the max government loans.

 

[mik30102]

I'm matriculating this upcoming August. Because I'm an out of state applicant, the cost of attendance for my school during first year is around 90k. However, according to the financial info given by our school, the students may borrow 20.5k and 20k (2 unsub loans) plus 41k(max) for Graduate plus. Even if the school were to give me max amount of loans, it still leaves me about 10k short. Am I expected to fill in the 10k while in school? What if I have no income source as a student? Anyone have any input?

Your school is wrong. Grad plus can be used up until the full cost of attendance. There is no max per year or overall. Stay away from private loans. Grad plus is no good deal either but is a better option long term.

 

[DrOMG]

I'm matriculating this upcoming August. Because I'm an out of state applicant, the cost of attendance for my school during first year is around 90k. However, according to the financial info given by our school, the students may borrow 20.5k and 20k (2 unsub loans) plus 41k(max) for Graduate plus. Even if the school were to give me max amount of loans, it still leaves me about 10k short. Am I expected to fill in the 10k while in school? What if I have no income source as a student? Anyone have any input?

"The maximum Graduate PLUS Loan you may borrow per academic year is equal to your cost of attendance minus other financial aid (including Federal Direct Subsidized and/or Federal Direct Unsubsidized Loans for which you are eligible). There is no aggregate maximum loan limit for the Graduate PLUS Loan."

Source: http://sfa.osu.edu/loans/index.asp?tab=gradplus

 

[dxcrunner]

Take a look at Discover student loans. They will cover up to the full amount of you education AND they have lower interest rates than the government. Additionally, they have ton so repayment options (like the government loans do). Pick up the phone and give them a call.

https://www.discover.com/student-loans/