Loans/Scholarship/Tuition Reimbursement Questions Thread

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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.
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I was under the impression that cost of living did count towards calculations for aid ...

From the UCSF financial aid site (sorry all my examples are UCSF :lame:, it's the only school I know and want haha)

Cost of Living Allowance

Student Financial Aid establishes a modest, yet adequate cost of living allowance to determine financial aid eligibility each school year. This allowance includes housing and utilities, food, transportation, personal and miscellaneous, and medical expenses.


MONTHLY COST OF LIVING ALLOWANCE 2009-2010 Off Campus Parent/Guardian
Food 500 500
Housing (plus utilities)1 1070 0
Transportation 130 130
Personal/Miscellaneous 314 314
Total 2014 944

1Allowance assumes shared housing costs. Students who live in University owned apartments and pay less than $900/month will have a lower housing allowance.
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http://finaid.ucsf.edu/application-process/student-budget

Further down, it goes into the total costs ... tuition, books, cost of living ... http://finaid.ucsf.edu/application-process/student-budget#totals

It follows a similar structure to FAFSA/financial aid experience I've had in the past. They'll probably take everything into account as long as you live within the estimated range.


edit: lame, the table got all messed up from pasting
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Carboxide said:
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.
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Hm, this doesn't make sense as to why I am considered an independent then. None of those on the list apply to me. I just filled out the application with my information...
 
It should apply to you. Look at point number 2 of the list of requirements "You are or will be enrolled in a masters or Doctoral degree program at the beginning of the school year."

Since we are going to be going to a PharmD program, that means that we will be enrolled in a Doctoral degree program. Thus, we will be Independent.
 
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sweetcandies800 said:
It should apply to you. Look at point number 2 of the list of requirements "You are or will be enrolled in a masters or Doctoral degree program at the beginning of the school year."

Since we are going to be going to a PharmD program, that means that we will be enrolled in a Doctoral degree program. Thus, we will be Independent.
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Duhhhhh, I guess I overlooked that one. haha
 
Passion4Sci said:
What are the options for someone graduating from, say, the Kursk Medical School Pharmacy for practicing in the U.S.?
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There are some Americans I know studying here in the Philippines at the University of San Carlos in Cebu. I am an American, and last year some of US pharmacy students mentioned hat I should look into. At that time I did not see pharmacy as an overseas option; only nursing and medicine. affter months of research and scouting all around the Philippines and colleges and univeristies (except for Mindanao; I did not dare go there; to scared), I realize that nursing and pharmacy are probably better options overseas than medicine. Medicine is doable, but the logistics of this make it so complexed when coming back to the USA.

When you graduate from a 5 year overseas pharmacy college/university (some might actually be called PharmD, Doctor of Pharmacy, or plainly Clinical Pharmacy degree), thenyou go back to the USA and take the board exam, just like all the Filipino nurses do when thy come to the USA and take the NCLEX (HA!! Cant beat them join them). In our case, we would take the board exam for pharmacists. If you pass, you go out and get a job, I think you have to volunteer 1500 hours or something (depending on your state) before you actually get the licese. Then, that is it. Check your states local board of education for information about licensure.

Your tuition is a fraction of the cost, your experience with other languages grows, maybe you might meet a Ukraine, Russian or Chinese husband or wife (hehehe); you go back to the US and can tailor to a niche market in the language that you learnt while you were studying. THATs it. I hope I answered your question. I have more details, but it is 5:39am in the morning here.

Personally, I really and hating the Philippines, I spent a year and 4 months here, and it is just a sad case of a story; so many old white men with big huge bellies walking around with young and small Filipino women; and they are always the ugly ones. When they get old I think they just dont care about beauty anymore. If you go to the Philippines, just has a small stomach with toomuch of the native beause they WILL ask you for money.
If you want to learn Cebuano, there is a school called SPEEDTALK at Banilad Town Center in Banilad near Country Mall in Cebu City. It is for $200 pesos for 1.5 months. You will, indeed, learn the language with them. They also have Mandarin and Japanese. They are really good. I know a Filipino architect who knows Mandarin from SPEEDTALK.

Anyway, I moved to Manila to learn Tagalog (they can understand Tagalog in Cebu, but they are not good at speaking it, and they sound very different from people of the capital. Cebuano can be compared to Texans with less smoking, and Tagalog speaking peoples can be compared to New Yorkers, but WITH heavy smoking).
 
Hey everybody I know that this might be a little off topic but since i'm sure a lot of people in pre-pharmacy does have some loans and credit cards bills before they get into pharmacy school. I basically have some various loans that I took out for my undergrad and also credit cards to pay off. I was just wondering what would be the best way to consolidate these? I'm sure the bank can do it but I heard that these have high interest rates and that instead of this I can consolidate everything through a different mean. when it comes to these sorts of things i am very :confused: and have no idea where to begin to handle these things. So if anybody has suggestions or experience with this any tip would be greatly appreciated!:biglove:
 
Does anyone one of your larger credit line CCs allow a balance transfer? Often you can do a balance x-fer without an interest rate increase, and that could help you at least consolidate your existing CC debt. The loans can be deferred/forebeared I think. Where is Confetti the Finance Guru...
 
If your undergrad loans are Stafford loans, you should be able to defer those while you're in school. Then all you would have to worry about paying back while in school is the credit cards.
 
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 ?
Click to expand...

"The Doctor of Pharmacy program of California Northstate College School of Pharmacy was awarded Candidate accreditation status during the January 20-24, 2010, meeting of the ACPE Board of Directors. If the program continues to develop as planned, Full accreditation of the Doctor of Pharmacy program would be considered by the Board following the graduation of students from the program." One step closer
 
thanks for your answer..just wondering...all that requires to get full accredidation is the 1st graduating class? it doens't matter what percentage the class pass the board exams...ect? so i should assume that the school WILL for sure get accredited as long as the school is still 'OPEN' for the next 2 years at least?
 
koercive said:
"The Doctor of Pharmacy program of California Northstate College School of Pharmacy was awarded Candidate accreditation status during the January 20-24, 2010, meeting of the ACPE Board of Directors. If the program continues to develop as planned, Full accreditation of the Doctor of Pharmacy program would be considered by the Board following the graduation of students from the program." One step closer
Click to expand...

was the OP asking about financial aid/federal loans? If so, that mechanism is technically separate from ACPE status.
 
TolueneRX said:
thanks for your answer..just wondering...all that requires to get full accredidation is the 1st graduating class? it doens't matter what percentage the class pass the board exams...ect? so i should assume that the school WILL for sure get accredited as long as the school is still 'OPEN' for the next 2 years at least?
Click to expand...

typically yes...moving from candidate --> fully accredited tends to be a formality assuming the school continues on the same path it has been on (and according to the plan approved by ACPE).

HOWEVER, in a stand alone program that doesn't already have regional accreditation (separate from ACPE accreditation), the program would need to be awarded that in order to move forward. One extra step.

So if UCD were to open a pharm school, by virtue of its existing under UC's charter, the school already satisfies the regional accreditation requirement.
 
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Thank you for the responses. My reason for asking is because I did get stafford loans for my undergrad but this wasn't enough so I had to take out another loan which required for my sister to co-sign for me. What I wanted to do now was to consolidate it and have everything under my name so she is no longer responsible for what I owe anymore. I've already been accepted to pharmacy school and have other expenses that I would like to belong to 1 lender instead of multiple lenders.
 
Found this article on yahoo pretty interesting. It deals with a woman who took out $250,000 worth of loans to pay off medical school and it escalated into $555,000 after deferring and missing payments. :eek: Kind of a reality check. I know we're not going to med school but most private pharm schools cost this much. Hopefully none of us will get stuck in the same situation.

http://finance.yahoo.com/college-ed...dent-loan-burden?mod=edu-continuing_education

Just thought I would post it to see what everyone thinks! Thought you might be interested since most of us are or will be taking out loans to pay for school!
 
extreme example...she should have known the consequences of her actions (missing payments, deferring balances, etc...).

TONS of people successfully defer/handle their student loans (of that magnitude)...there's no one to blame except her.
 
"Maybe half of it was my fault because I didn't look at the fine print," Dr. Bisutti says. "But this is just outrageous now."
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550,000 / 2 = 277,500

And $277,500 sounds reasonable, if not a little "ouch" inspiring, for medical school.

Agree w/ Confetti... no one to blame but herself.
 
I hope no one takes out that much for four years of pharmacy school. I think if you follow the model of our federal government and live within your means, ie be frugal during and early on after pharmacy school you'll be fine generally.

It's important to stay on top of your loans though and read the "fine print" as the article says. I've heard of this kind of thing happening from a few doctors as they usually incur more debt.
 
Read the article earlier today....more than $90,000 is from collection agency costs.

"The entire balance of her federal loans will be paid off in 351 months. Dr. Bisutti will be 70 years old.":eek:
 
Passion4Sci said:
I'm guessing Chapters 7 or 11 are not an option?
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Chapters 7 and 11 doesn't wipe student loans :laugh::laugh::laugh:. Once again students get the shaft.

List of things that wipe student loans:

  1. repayment
  2. judge declares hardship blah blah blah
  3. death
Interesting isn't it? You can declare bankruptcy and your student loans stick with you but if you die, no one is responsible for them lol (federal loans, I don't have any private student loans so I don't know about their rules and regulations).
 
I didn't read the article yet but maybe a judge would consider having an M.D. as a feasible source of income for paying off the loan?
 
Passion4Sci said:
I am thoroughly shocked that half a million dollars in loans doesn't qualify as a hardship in anyone's book.
Click to expand...

kmoogs said:
I didn't read the article yet but maybe a judge would consider having an M.D. as a feasible source of income for paying off the loan?
Click to expand...

Bingo...Hardship would be like unable to work in the field. I mean she still probably makes 125k. I doubt average joe would consider that hardship.
 
Even at $125,000 per annum, the monthlys on $550,000 must be absolutely enormous, at least $4,000 per month. That's $48,000/yr gone, then you figure, since she makes $125,000, the welfare folks need their cut so you know she's in the 30% income tax bracket, so poof, another $37,500 gone.

48,000+37,500= 85500
85500... immediately gone from yearly salary, leaving what, $39,500 for... EVERYTHING else? Malpractice insurance?

Please. And "Average Joe" is a very stupid person... Do you wish to let what "Average Joe" thinks affect your decision making?

Average Joe comes into the pharmacy to pick up $3,000 worth of monthly medication and complains about how it costs him $4.00.

Average Joe is NOT a good cornerstone with which to build an argument.
 
kmoogs said:
Interesting isn't it? You can declare bankruptcy and your student loans stick with you but if you die, no one is responsible for them lol (federal loans, I don't have any private student loans so I don't know about their rules and regulations).
Click to expand...

This is how most debts are...they die with the debtor or are paid out of their estate. Secured debts can result in take back of the collateral. Even spouses are not responsible for unsecured debt unless they're co-signed on the account (not just an authorized user).

I guess you could always leave the country and fall off the grid? Student loan collections = wage garnishments.
 
Don't default on your loans unless you like the taste of poo.
 
I'd live in a tree house before I do either of those sordid things. lol
 
costa-verde-plane.jpg
<<<------- awesome tree house
 
damn I saw this article and was so shocked. I was going to take out a loan to cover my living expenses in pharm school but after I read that I decided Ima work part time so I don't have to pay more interest.
 
saki1210 said:
damn I saw this article and was so shocked. I was going to take out a loan to cover my living expenses in pharm school but after I read that I decided Ima work part time so I don't have to pay more interest.
Click to expand...

dumb move... the most you'll take home is a few hundred a month, you're gonna have to borrow for living expenses. just don't be stupid about it (ie default on your loans).
 
Tinkerbell22 said:
I'd live in a tree house before I do either of those sordid things. lol
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i've always wanted one as a kid...maybe i'll build one later when I have money, but then i'll be too old and will probably be too winded to make it up there in the first place.
 
For those of you who already got acceptance(s) to pharmacy school, have you gotten your financial aid letter yet? Does it work in a similar manner as in undergrad?

My plan is live off of loans for the entire 4 years, cause I won't be working, and parents can't support me. Has anyone done this and still does not have to take out private loans -- just all federal loans? Is there a max amount of federal loans you can get? I'm thinking that I need at least 120-150K to pay for school and live off of it for 4 years while in school.

Thanks everyone for your input.
 
halfempty84 said:
For those of you who already got acceptance(s) to pharmacy school, have you gotten your financial aid letter yet? Does it work in a similar manner as in undergrad?

My plan is live off of loans for the entire 4 years, cause I won't be working, and parents can't support me. Has anyone done this and still does not have to take out private loans -- just all federal loans? Is there a max amount of federal loans you can get? I'm thinking that I need at least 120-150K to pay for school and live off of it for 4 years while in school.

Thanks everyone for your input.
Click to expand...

My experiences with Stafford loans in undergrad and grad are the same. The loan disbursement followed the same procedure at both schools so I'd expect Pharmacy school to follow a similar procedure as well. Federal loans probably follow the same general guidelines for disbursement.

I think the max Federal Subsidized Stafford loans is ~8500/year.
Unsubsidized Stafford loans fill in the gap...
Maximum amount of Stafford loans you can have per year is ~20,500

Also ...
When you graduate with a graduate or professional degree, the maximum total debt allowed from Stafford Loans is $138,500. No more than $65,500 of this amount may be in subsidized loans.
Click to expand...

There are also other loans like Grad Plus loans? I'm only familiar with stafford loans... These were distributed directly to my schools.
 
kmoogs said:
My experiences with Stafford loans in undergrad and grad are the same. The loan disbursement followed the same procedure at both schools so I'd expect Pharmacy school to follow a similar procedure as well. Federal loans probably follow the same general guidelines for disbursement.

I think the max Federal Subsidized Stafford loans is ~8500/year.
Unsubsidized Stafford loans fill in the gap...
Maximum amount of Stafford loans you can have per year is ~20,500

Also ...


There are also other loans like Grad Plus loans? I'm only familiar with stafford loans... These were distributed directly to my schools.
Click to expand...

The stafford loan for professional schools/graduate schools is higher I think...like 33K.
 
rxlea said:
The stafford loan for professional schools/graduate schools is higher I think...like 33K.
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This is what they have posted on the studentaid.ed.gov website (http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp)

If you're a graduate or professional degree student, each year you can borrow up to:

  • $20,500. No more than $8,500 of this amount may be in subsidized loans.
Click to expand...
Maybe you're right. I've only used subsidized loans so I haven't come close to the maximum, whatever that might be ... I'd rather just work to fill in the gaps than have to deal with accumulating interest.
 
student loan is the most toxic debt!

But we are and will have to deal with...

Any opinion on this:
"
When Michelle Bisutti, a 41-year-old family practitioner in Columbus, Ohio, finished medical school in 2003, her student-loan debt amounted to roughly $250,000. Since then, it has ballooned to $555,000.

70.jpg

Andrew Spear for The Wall Street Journal Michelle Bisutti borrowed $250,000 to pay for medical school. The debt has since ballooned to $555,000.

It is the result of her deferring loan payments while she completed her residency, default charges and relentlessly compounding interest rates. Among the charges: a single $53,870 fee for when her loan was turned over to a collection agency.
"Maybe half of it was my fault because I didn't look at the fine print," Dr. Bisutti says. "But this is just outrageous now."
To be sure, Dr. Bisutti's case is extreme, and lenders say student-loan terms are clear and that they try to work with borrowers who get in trouble.
But as tuitions rise, many people are borrowing heavily to pay their bills. Some no doubt view it as "good debt," because an education can lead to a higher salary. But in practice, student loans are one of the most toxic debts, requiring extreme consumer caution and, as Dr. Bisutti learned, responsibility.
Unlike other kinds of debt, student loans can be particularly hard to wriggle out of. Homeowners who can't make their mortgage payments can hand over the keys to their house to their lender. Credit-card and even gambling debts can be discharged in bankruptcy. But ditching a student loan is virtually impossible, especially once a collection agency gets involved. Although lenders may trim payments, getting fees or principals waived seldom happens.

More from WSJ.com:

• Investors Should Act Their Age

• Questions to Ask After 'I Will' but Before 'I Do'

• The Price of Safety Just Went Up

Yet many former students are trying. There is an estimated $730 billion in outstanding federal and private student-loan debt, says Mark Kantrowitz of FinAid.org, a Web site that tracks financial-aid issues -- and only 40% of that debt is actively being repaid. The rest is in default, or in deferment, which means that payments and interest are halted, or in "forbearance," which means payments are halted while interest accrues."
http://finance.yahoo.com/college-ed...dent-loan-burden?mod=edu-continuing_education
 
Why would anyone have any sympathy for this person? She a) did not understand or care about the terms of what she was agreeing too (seriously would you want someone as a doctor who was incapable and/or too lazy to read loan documents?) and b) ignored/refused to work with the parties involved during missed payments, default, etc.

She clearly is either not very smart or trustworthy, but I am sure her patients love her!:thumbdown:
 
She has no one else to blame but herself for her mistakes. No one is perfect, but I am pretty sure that the banks would have tried to work out something with her if she was willing and committed to make payments.
 
So do most people who plan to live off entirely on loans forced to take out private loans? I'm just so worried about all the interests piling up even before you graduate. Is someone in a similar situation in which they have no other source of income except from loans to live and pay for school? Please share your stories.
 
halfempty84 said:
So do most people who plan to live off entirely on loans forced to take out private loans? I'm just so worried about all the interests piling up even before you graduate. Is someone in a similar situation in which they have no other source of income except from loans to live and pay for school? Please share your stories.
Click to expand...
yeah i am in the same boat as you. I am going to be living off student loans. I am not going to let that bother me. The most important thing is to know your priority when you graduate which is to pay off the student loans except you win the lotto or you marry a rich guy/ rich girl which will be fantastic.:laugh:
Focus on school now and four years time you will have that to worry about. Good luck.
 
I'm not sure if they are easy to get but there is a federal student loan program just for health professional students

Quote:"If you are a full-time student in a course of study leading to a doctor of science in pharmacy; or a doctor of dentistry, podiatric medicine, optometry, or veterinary medicine, you may be eligible for the need-based Health Professions Student Loan (HPSL), designed to provide financial assistance in the form of long-term loans. HPSL is a federal loan program administered by the University as the lender. The aggregate maximum you may borrow in HPSL loans is limited only by the cost of tuition and fees, and by the funds available. The 5 percent annual interest is subsidized by the federal government during the time you are in school and the one-year grace period. You begin repayment at the end of the grace period. Your payments are calculated for full repayment within 10 years (120 months)."
 
cloudyand47 said:
I'm not sure if they are easy to get but there is a federal student loan program just for health professional students

Quote:"If you are a full-time student in a course of study leading to a doctor of science in pharmacy; or a doctor of dentistry, podiatric medicine, optometry, or veterinary medicine, you may be eligible for the need-based Health Professions Student Loan (HPSL), designed to provide financial assistance in the form of long-term loans. HPSL is a federal loan program administered by the University as the lender. The aggregate maximum you may borrow in HPSL loans is limited only by the cost of tuition and fees, and by the funds available. The 5 percent annual interest is subsidized by the federal government during the time you are in school and the one-year grace period. You begin repayment at the end of the grace period. Your payments are calculated for full repayment within 10 years (120 months)."
Click to expand...

Sounds fine and dandy, except those are for "financially needy" students. I don't think I would qualify since I make around 40K a year. But, my income will be cut in half while I am in pharm school. Do you think I would qualify then? Or do you have to be below the poverty line? I couldn't really find any specific answers on the website :confused:
 
I think that eligibility is determined by unmet financial need as determined on the FAFSA. Stafford loans won't even cover tuition at most institutions and student budgets account, in my opinion rather liberally, for cost of living. If after subtracting Stafford loans from the total budget a student is left with a balance that exceeds their EFC they should be able to take out the difference through HPSL... At least that's how I understand it.

From what I've read there are some strange rules surrounding HPSL including that it seems to require parental income information be provided on the FAFSA in order to qualify. Also I'm not quite sure what to make of the point on fund availability. I'd be really interested to hear from some current pharmacy students to hear their experience.
 
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