Loans/Scholarship/Tuition Reimbursement Questions Thread

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Passion4Sci said:
Loans.

LOL.

BTW, with $10,000 liquid cash in your account(s) you probably have more money than 40% of Americans.
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no joke. lol


You will definitely need to take out loans with that budget. IMO, getting at least subsidized stafford loans is a good financial move as you don't have to pay interest while in school.
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weetzie00 said:
Yup.
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Good to know.

Ok, I never had financial aid when I was in college nearly seven years ago so I filled out the forms at the FAFSA site (FASFA ?), and it said I have an expected family contribution of nearly $7,000. I forget the number, but I saved the email obviously. Any clue what that means?
 
It's basically what they would expect you to be able to contribute to your education, based on your income. Essentially it's just a number and really doesn't mean much. You will still qualify for gov't loans and be just fine.
 
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No one mentioned that they could have invested in penny stocks and transformed that $10,000 into $1,000,000!!!! :eek:

LOL
 
MrMeowphers said:
No one mentioned that they could have invested in penny stocks and transformed that $10,000 into $1,000,000!!!! :eek:

LOL
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Or you could just lose it all from penny stocks... Pretty stressful losing 5k or 10k in a matter of seconds lol

My friend bought 40,000 shares of C and made 120k over the course of 3-4 months. He decided to keep the shares for his retirement funds and lost ~40-45k from C alone this past month. Not that C is a penny stock but still ... haha, penny stocks are for the impatient. Go with value investing. It's a better long-term strategy and works out well for us young people.
 
Throw your $10k on your favorite number on the roulette wheel and see that grow to $350k.
 
Although it is very competitive, have you thought about joining the military?

~$120,000 for a 4 year commitment.
 
I hate to say it, but without putting a financial burden on your parents you should just take out federal loans. I've been taking out max loans for the past 5 years(1 more to go) and I'll be around 70k in debt in the end. Because of the financial situation most people and families are in, money is tight and parents can't chip in as much as they'd like. But when you graduate, if you keep the wallet tight, you can pay back the loans + interest in 2-4 years.

You may afraid of loans because, well, you OWE somebody something. But it's the government willing to help you to attain an education. And you will be in a position where you can easily and quickly pay them back.

It's worth it.
 
i'll be hitting $200k in debt...yeehawww

thank you IBR/PSLF for making my payments manageable and my balance low when i graduate.
 
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10 grand in your bank account and your parents will be giving you 12-24k a year? You're lucky, lol.
 
StringTheorist said:
I hate to say it, but without putting a financial burden on your parents you should just take out federal loans. I've been taking out max loans for the past 5 years(1 more to go) and I'll be around 70k in debt in the end. Because of the financial situation most people and families are in, money is tight and parents can't chip in as much as they'd like. But when you graduate, if you keep the wallet tight, you can pay back the loans + interest in 2-4 years.

You may afraid of loans because, well, you OWE somebody something. But it's the government willing to help you to attain an education. And you will be in a position where you can easily and quickly pay them back.

It's worth it.
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Quoted for TRUTH!

I can understand the apprehension about student loans ... somewhat. I have 100K+ in debt from undergrad and graduate school, so it's something that is on my mind quite a bit. However, I've had to fund my education myself and I've spoken with other friends in the medical field who have twice my debt load which gives me some comfort. Bottom line, it happens and the fact that your parents are willing to give you a rather large amount regardless really should alleviate your fears about paying for pharmacy school.
 
I wish I had that much money in my bank account...

I would be going to Happy Hour everyday after classes :laugh:
 
hey guys...i have a tough decision to make. please help. i got accepted to CNCP here near my house. but its expensive and the school is not yet accredited. i don't know if i should decline and move out of state and reapply next year. The state that i want to move to is to be closer to family ...tuition is way cheaper...but the only thing that makes me worry is the application process..what if i won't get in? and also i have to take the PCAT. that is antoher set of hassles.

what to do??????????????in ur opinion..is all that work and risk worth it to save about 20K a year in tuition and being with family ?
 
TolueneRX said:
hey guys...i have a tough decision to make. please help. i got accepted to CNCP here near my house. but its expensive and the school is not yet accredited. i don't know if i should decline and move out of state and reapply next year. The state that i want to move to is to be closer to family ...tuition is way cheaper...but the only thing that makes me worry is the application process..what if i won't get in? and also i have to take the PCAT. that is antoher set of hassles.

what to do??????????????in ur opinion..is all that work and risk worth it to save about 20K a year in tuition and being with family ?
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if being with family is important to you...wait the year, the $20k savings will just be bonus secondary to that fact. THe PCAT isn't that hard...just study the kaplan book + an old ochem textbook + read a lot (ie economist, NYT, etc...)
 
Passion4Sci said:
Loans.

LOL.

BTW, with $10,000 liquid cash in your account(s) you probably have more money than 40% of Americans.
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lol seriously! That's about $9900 more than I have at the moment.
 
eekOMG said:
Although it is very competitive, have you thought about joining the military?

~$120,000 for a 4 year commitment.
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.....and there are many other options than the military, like Vista. I forgot the name of all the programs where after you graduate you do community service and the loans are forgiven.
 
bottlecap1990 said:
I only have 10 grand in my bank account. I am at a community college and my parents are currently paying for it. After I am done completing my prereqs, I will applying out of state. I am really trying to not take out a huge loan. My parents will probaby help me pay 1-2 grand a month but I don't think that is enough. There is only one pharmacy school in jersey(rutgers) but i heard it is tough to get in as a transfer. I have no choice but to apply out of state private or public schools. So if the tuition is about 30 k a year and thats not including dorm. How much should i expect to pay per month?. Anyone has any advice

Should i look for cheap out of state school?

also how can i know if the classes im taking will transfer? (im in a community college)
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FORGET ALL OF THAT CRAP! Go to China or Russia and study there.
You can get a PharmD in Russia in KURSK STATE MEDICAL University - http://kurskmed.com/ or www.medstudies.org/fees.htm or http://www.ksmu.kursknet.ru/faq.html

It is only about $2000 per year for a PharmD (5 year CLINICAL Pharmacy degree). They teach in ENGLISH. Dorm is $100 to $500 per year. I have a friend living in Russia, a little far awat from the college, but he said that the climate is ok there.

In China, at China Pharmeceutical University, you may have to learn Chinese for one year in China, which should be very easy when you are there. If you study overseas you have to MAKE SURE that it is a 5 year CLINICAL pharmacy degree prgrams. In China, there is a college called China Pharmaceutical University. It has a 5 year CLINICAL pharmacy degree. Other schools only have a regular pharmacy degree. They also teach in English if there are foreigners. I am staying in the Philippines. The ONLY college that you can go to and study here that is the best 5 YEAR PHARMACY college is UP - University of the Philippines in Manila (Ohh.. and the University of San Carlos, but they have HORRIBLE education. UP is much better).

I am leaving the Philippines to go to visit China Pharmeceutical University.

You will be paying almost the same priaces in China and Russia and the Philippines. Comparing all three together, China and Russia is better. I can't wait to get out of the Philippines. China is far more beautiful for a fair price. The Philippines, for what you get is not worth the price (too high for the services and the poor country). So, I gave you the schools you can ask me anything else if you want to save. I will be traveling to China in April 2010. Ok.... later...
 
Hey guys! Happy Valentines Day!

I have yet to take out any loans for my schooling luckily... so I am kind of dumb when it comes to financial aide.... forgive me! I have done some research and asked other students.. but wanted to see if I was on the right track?

I just finished up my taxes and e-filed and believe that the next thing I should do is fill out my FAFSA?

Not quite sure about this... but I have been accepted to Lipscomb COP and I have put down my deposit already and the only way I would not attend there is if I get into Wayne State ($60,000 less overall) =) I wasn't sure if I should still fill out my FAFSA being that I am not entirely sure which school I will be attending in the fall?

Any tips?? :) Have a good one! Thanks! :D
 
Yep, FAFSA time!

Once you have your "e-FAN" thing and FAFSA has approved your application, they'll forward all of your information to your school (That's why you use the Federal Code on that FAFSA) and from there your options will be told to you by the school (And if you're eligible for loans, FAFSA will prompt you into promissory notes, etc for Stafford/Perkins [if you can get Perkins for Graduate+ school]).
 
Yea, just fill out a FAFSA and send it to the schools you're considering. It's actually extremely simple.
 
This is my first time filling out a FAFSA. I will be considered an independent as of this school year. I don't mind answering questions about my parent's income, but if I check the box asking if I want to answer more questions about my parents with 'no', then I don't need to enter their income. Is it better not to check this box? I mean my parents make about a pharmacist's salary between the two of them, and I have about enough money to cover one year of pharmacy school, but does not answering this question maximize or minimize the amount of loans I will be eligible for? I am sorry if this is a basic question, but like I said, I have never filled one out before. Any tips? Thanks guys, I really appreciate it. PM me is necessary!
 
Moni526 said:
This is my first time filling out a FAFSA. I will be considered an independent as of this school year. I don't mind answering questions about my parent's income, but if I check the box asking if I want to answer more questions about my parents with 'no', then I don't need to enter their income. Is it better not to check this box? I mean my parents make about a pharmacist's salary between the two of them, and I have about enough money to cover one year of pharmacy school, but does not answering this question maximize or minimize the amount of loans I will be eligible for? I am sorry if this is a basic question, but like I said, I have never filled one out before. Any tips? Thanks guys, I really appreciate it. PM me is necessary!
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I wouldn't recommend putting your parent's income if they make a lot of money (pharm salary/six figures as you mentioned). The more money coming into your household FAFSA considers them liquid assets. If your parents own 20 boats, make 6 figures and have 3 houses they're going to assume you're loaded and can easily pay for your education no prob. Now as you said you're independent (I assume you're 24 then b/c that's what FAFSA considers the independent age) then I'd just file based off your info. The least money you make the better chance @ money you get.

Using your parents will minimize your amount received.
 
Thanks guys! I feel like that is too easy... so I wasn't sure =) I appreciate the advice!!!!

And do you guys know how much each year you can generally get for living expenses?? I'm trying to pay off my pre-existing debt (a few thousand), so I haven't been able to save like I wanted to. . . . no whining here, I know it could be much worse!

Thanks again! :) :D
 
nicolemsm said:
Using your parents will minimize your amount received.
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I don't think this is true. I provided my parents' information was still offered the exact same amount that my classmates did who did not provide this information. Financial aid counselors have told me to provide as much information as possible. There is a place on the FAFSA to put "parental contributions" or something like that, and you can and should put "$0" if they are not helping you financially.
 
Moni526 said:
This is my first time filling out a FAFSA. I will be considered an independent as of this school year. I don't mind answering questions about my parent's income, but if I check the box asking if I want to answer more questions about my parents with 'no', then I don't need to enter their income. Is it better not to check this box? I mean my parents make about a pharmacist's salary between the two of them, and I have about enough money to cover one year of pharmacy school, but does not answering this question maximize or minimize the amount of loans I will be eligible for? I am sorry if this is a basic question, but like I said, I have never filled one out before. Any tips? Thanks guys, I really appreciate it. PM me is necessary!
Click to expand...

efc-1.jpg


You should be able to take out more in loans if you're eligible for them. If you enter your parents' information and they determine that your parents should be able to help you out financially, it will show up on the EFC. If not, the EFC will come from your income only.
 
nicolemsm said:
I wouldn't recommend putting your parent's income if they make a lot of money (pharm salary/six figures as you mentioned). The more money coming into your household FAFSA considers them liquid assets. If your parents own 20 boats, make 6 figures and have 3 houses they're going to assume you're loaded and can easily pay for your education no prob. Now as you said you're independent (I assume you're 24 then b/c that's what FAFSA considers the independent age) then I'd just file based off your info. The least money you make the better chance @ money you get.

Using your parents will minimize your amount received.
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I am only 21 and I have never lived out of my parents' house. Together they make six figures, not each of them.
 
Monalyce said:
I don't think this is true. I provided my parents' information was still offered the exact same amount that my classmates did who did not provide this information. Financial aid counselors have told me to provide as much information as possible. There is a place on the FAFSA to put "parental contributions" or something like that, and you can and should put "$0" if they are not helping you financially.
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I'm not sure this is true either because I know it is first come first serve basis.
 
crazybob said:
efc-1.jpg


You should be able to take out more in loans if you're eligible for them. If you enter your parents' information and they determine that your parents should be able to help you out financially, it will show up on the EFC. If not, the EFC will come from your income only.
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Thank you, that option did not show up.
 
Moni526 said:
I am only 21 and I have never lived out of my parents' house. Together they make six figures, not each of them.
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I'm pretty sure if you make over a certain amount per year than you will be considered independent, but if you don't you have to file as a dependent until you are 24. I think it's something low like 11,000/year though.
 
Tinkerbell22 said:
I'm pretty sure if you make over a certain amount per year than you will be considered independent, but if you don't you have to file as a dependent until you are 24. I think it's something low like 11,000/year though.
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Oh, I see. I made only around $7000 in 2008 but about $10,000 in 2009, I think.
 
Tinkerbell22 said:
I'm pretty sure if you make over a certain amount per year than you will be considered independent, but if you don't you have to file as a dependent until you are 24. I think it's something low like 11,000/year though.
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Direct Stafford Loans

Third Year (junior) and beyond
$5,500 in subsidized loans for dependent students + $2,000 in unsubsidized loans
$12,500 for independent students (no more than $5,500 can be subsidized)

Graduate and Professional
$20,500 (no more than $8,500 can be subsidized)

Aggregate Loan Limits
Graduate and Professional
$138,000 (maximum $65,000 subsidized)

For subsidized loans, financial need is required.

For unsubsidized loans, financial need is not required.
 
cschellh said:
Thanks guys! I feel like that is too easy... so I wasn't sure =) I appreciate the advice!!!!

And do you guys know how much each year you can generally get for living expenses?? I'm trying to pay off my pre-existing debt (a few thousand), so I haven't been able to save like I wanted to. . . . no whining here, I know it could be much worse!

Thanks again! :) :D
Click to expand...

I believe the FAFSA will generally give you nothing for living expenses.
That will have to be obtained through private loans if necessary.
 
Requirements for independent status:


  • You are at least 24 years old on the day you file your FAFSA
  • You are or will be enrolled in a masters or Doctoral degree program at the beginning of the school year
  • You are married on the day you file your FAFSA
  • You are a parent
  • You have dependents other than your spouse who live with you and who receive more than half their support from you at the time you apply
  • Both your parents are deceased (or were until age 18) a ward of dependent of the court
  • You are currently serving on active duty in the U.S. Armed Forces for purposes other than training
  • You're a Veteran of the U.S. Armed Forces.
  • You were a foster child after the age of 13.
  • You are an emancipated child as determined by a court judge.
  • You are homeless or at risk of homelessness as determined by the director of a HUD approved homeless shelter, transitional program, or high school liaison.

http://blog.studentloannetwork.com/fafsa/dependent-vs-independent-status/

It doesn't matter how much money you make.
 
I'm in the same boat as you Moni... I decided not to enter my parent's income. I figure that since I'm an independent and my parents aren't contributing anything, I don't see why they need to know that information. If I tell them my parents make a lot of money, how will that help me get more money for school? It seems to me that that kind of information can only hurt me and not help me. I chose not to put any financial burden on my parents and I've been living off a meager pharmacy tech salary, so I need as much money as I can get! lol.
 
weetzie00 said:
I'm in the same boat as you Moni... I decided not to enter my parent's income. I figure that since I'm an independent and my parents aren't contributing anything, I don't see why they need to know that information. If I tell them my parents make a lot of money, how will that help me get more money for school? It seems to me that that kind of information can only hurt me and not help me. I chose not to put any financial burden on my parents and I've been living off a meager pharmacy tech salary, so I need as much money as I can get! lol.
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We all think that at first, but during your third and fourth years, you'll really start to see how much money you have to pay off, and it will seem like A LOT.

That's what I hear from P3's at school.
 
There is a max of 33K for the stafford loan and 8500 of that is subsidized. Beyond that, you can get a GradPlus loan which is based on credit but probably still has a lower interest rate than a private loan. It is really the school that helps determine the minimum you need which is why they give you that breakdown of living expenses, cost of books, etc. But, I believe you can still take out the max of 33K.
 
crazybob said:
We all think that at first, but during your third and fourth years, you'll really start to see how much money you have to pay off, and it will seem like A LOT.

That's what I hear from P3's at school.
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Oh yeah... I know... I'm not looking forward to paying up to 200k worth of loans back :wow: But, education is an investment!
 
weetzie00 said:
I'm in the same boat as you Moni... I decided not to enter my parent's income. I figure that since I'm an independent and my parents aren't contributing anything, I don't see why they need to know that information. If I tell them my parents make a lot of money, how will that help me get more money for school? It seems to me that that kind of information can only hurt me and not help me. I chose not to put any financial burden on my parents and I've been living off a meager pharmacy tech salary, so I need as much money as I can get! lol.
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That's exactly what I tried to say before...
 
cschellh said:
Thanks guys! I feel like that is too easy... so I wasn't sure =) I appreciate the advice!!!!

And do you guys know how much each year you can generally get for living expenses?? I'm trying to pay off my pre-existing debt (a few thousand), so I haven't been able to save like I wanted to. . . . no whining here, I know it could be much worse!

Thanks again! :) :D
Click to expand...


You can usually get up to whatever the cost of attendance is in federal loans (stafford and gradplus). Anything over that will be private loans, but you most likely won't need to go that far.

COA is determined by your school so it will vary for different schools. Check your school's financial aid webpage and it should tell you or at least give you a good estimate. Then you can plan your finances accordingly.
 
bacillus1 said:
I believe the FAFSA will generally give you nothing for living expenses.
That will have to be obtained through private loans if necessary.
Click to expand...


This isn't true. When a school calculates the total cost of attendance, living expenses are included along with various other things like books, travel expenses, etc. You can get up to this amount in federal money without the need for private loans at all.
 
crazybob said:
You should be able to take out more in loans if you're eligible for them. If you enter your parents' information and they determine that your parents should be able to help you out financially, it will show up on the EFC. If not, the EFC will come from your income only.
Click to expand...

But since a PharmD student is already considered independent automatically, your EFC shouldn't have anything to do with parents, since "family" if YOU make up your family as an independent...am I wrong?

In any case, take my anecdotal evidence or leave it. I was not eligible for financial aid before pharmacy school, and now I am, and I gave complete information both times.
 
Monalyce said:
But since a PharmD student is already considered independent automatically, your EFC shouldn't have anything to do with parents, since "family" if YOU make up your family as an independent...am I wrong?

In any case, take my anecdotal evidence or leave it. I was not eligible for financial aid before pharmacy school, and now I am, and I gave complete information both times.
Click to expand...

At my school, they told us to file as 4th year undergrads just for our P1 year, so our parents' information mattered.
 
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