Loans/Scholarship/Tuition Reimbursement Questions Thread

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rxlea said:
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:
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I'm actually in the same situation as you are in now. I make about 40K a year. But when I enter pharmacy school, I have to quit my job, and therefore no source of income.

Do they determine your eligibility on the Fafsa based on your income in 2009 or do they consider your situation when you enter pharmacy school?
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VenusSao said:
I don't think this tree house is cheap lol. Look at the design and location, should cost an enormous amount of money. :laugh:
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It cost $35,000 to renovate the inside of the unwanted plane into a home, but it's in Costa Rica which is ridiculously cheap (compared to Florida, Hawaii, other beach front places). It's definitely not mine though... I read about it in an article somewhere. lol
 
For all of you who have posted that she should have read the fine print. She admits that she should have been more careful, but this does not excuse the banks charging $53,172 for collection costs on a $155,000 loan.....this does not include late fees and interest......

She just wanted to practice medicine and signed on the dotted line for her student loans. How many of you read (and understand!) every little sentence of your student loan documents? Show some sympathy.

I know when I signed my mortgage documents, there were like 200 pages of stuff to sign. I attempted to read everything, but when written in legal terms it's not always easy to understand.
 
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I thinks she is very irresponsible, no matter how much you want to go to school, is better to take the time and read, read, and read, like if it were another test about the contract and loans. What is it good to be a doctor when half the career will be wasted paying loans back...
not worth it from the monetary point of view.
At least she accomplished what she wanted...:eek:
 
OChemProf said:
For all of you who have posted that she should have read the fine print. She admits that she should have been more careful, but this does not excuse the banks charging $53,172 for collection costs on a $155,000 loan.....this does not include late fees and interest......
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I DO think it's justified, you don't just miss one payment and have your loans go straight to collections. You really have to have screwed that one up for a long period of time for it to get that far.

At that point, the bank practically gave up and probably wrote it off to a third party company who bought the debt for pennies on the dollar.
 
confettiflyer said:
I DO think it's justified, you don't just miss one payment and have your loans go straight to collections. You really have to have screwed that one up for a long period of time for it to get that far.

At that point, the bank practically gave up and probably wrote it off to a third party company who bought the debt for pennies on the dollar.
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Collections agencies don't buy the toxic debt. They are simply hired to collect the debt and they keep a percentage of the money.
 
confettiflyer said:
I DO think it's justified, you don't just miss one payment and have your loans go straight to collections. You really have to have screwed that one up for a long period of time for it to get that far.

At that point, the bank practically gave up and probably wrote it off to a third party company who bought the debt for pennies on the dollar.
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i think when i initially read the article i felt bad for the lady just because it is going to be so hard for her to bounce back from her mistakes. but as people have been posting their opinions on the article i understand that she must have made A LOT of mistakes for it to escalate this badly. i thought the 53,000 $$ fee was a little outrageous but you make a good point that she must have been avoiding payments for a long time before they were forced to fine her even more. sucks that she'll be paying off her debt (just for her college, who knows what other debts she has) until shes 70!!! :eek: ill be sure to make sure this doesn't happen to me, how horrible!!
 
twinspharm said:
Collections agencies don't buy the toxic debt. They are simply hired to collect the debt and they keep a percentage of the money.
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i was under the assumption that private loans are not subject to the same processes as other loans (federal loans) and things like statute of limitations and settlement.

do you know if this is the case with sallie mae loans (private)? i thought these were handled like other private debt notes in that they can sell to a collection agency and charge them off.
 
confettiflyer said:
i was under the assumption that private loans are not subject to the same processes as other loans (federal loans) and things like statute of limitations and settlement.

do you know if this is the case with sallie mae loans (private)? i thought these were handled like other private debt notes in that they can sell to a collection agency and charge them off.
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My stafford loan got sold to another bank before my repayment period even started ... I was still in school lol. Not a collection agency tho, just some other random bank
 
confettiflyer said:
i was under the assumption that private loans are not subject to the same processes as other loans (federal loans) and things like statute of limitations and settlement.

do you know if this is the case with sallie mae loans (private)? i thought these were handled like other private debt notes in that they can sell to a collection agency and charge them off.
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Maybe ur right. Im prettys sure collections agencies just get a percentage of the money they collect but im no expert
 
Wait...so should we enter our parent's info? I'm sort of confused. I haven't been accepted to a school yet, just waitlisted, and they said to just do FAFSA in case.
 
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I've been looking into student loans for pharmacy school and I'm going with one of those loans where you pay the interest while in school rather than allowing it to accumulate as a result of deferring it till after graduation. So far I have no student loans since I received a scholarship to cover undergrad but now I really dont have much of a choice unless a miracle occurs and I wake up with $160,000 in my bank account.
 
what is the deadline for FASA?
I am sorry I can't find it on the web and I am not good at web surfing.
thanks for ur help
 
gamkaung said:
what is the deadline for FASA?
I am sorry I can't find it on the web and I am not good at web surfing.
thanks for ur help
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generally as soon as possible, it only took me 10 minutes to fill it out, very brief stuff because you dont have to say anything about parents
 
holymolys said:
generally as soon as possible, it only took me 10 minutes to fill it out, very brief stuff because you dont have to say anything about parents
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Be careful about scholarships or loans that require your parents' information.
 
Make a telephone appointment with your schools financial advisor to help you through the financial aid process and resolve all of your questions. Do not rely on the uncertain opinion of others on a message board for something as important as this.
 
kmoogs said:
My stafford loan got sold to another bank before my repayment period even started ... I was still in school lol. Not a collection agency tho, just some other random bank
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yeah that's common, happens with mortgages all the damn time. terms remain the same.
 
I am so confused about the financial aid process. I am interested in Federal Stafford Loan Unsubsidized and subsidized. So other than FAFSA, do we need to fill out any form at this point to the pharmacy school you got accept/waitlisted in that offer these loans?
 
Chromatography said:
I am so confused about the financial aid process. I am interested in Federal Stafford Loan Unsubsidized and subsidized. So other than FAFSA, do we need to fill out any form at this point to the pharmacy school you got accept/waitlisted in that offer these loans?
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Nope, that's all you need todo. Once the school you will finally go to starts sending you acceptance packet info, the financial aid office will send you info on your aid packet and you will go from there :)
 
fiestychix03 said:
Nope, that's all you need todo. Once the school you will finally go to starts sending you acceptance packet info, the financial aid office will send you info on your aid packet and you will go from there :)
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That's definitely NOT true for all schools. It depends on each school. One school had its own financial aid application as well as the FAFSA, and another school wanted the CSS profile filled out along with the FAFSA. You should call the financial aid office at your school and find out.
 
Hi all,

I recently decided to change careers and pursue pharmacy. I am 28 years old, married, no kids. I have a Bachelors in International Business and a Masters of Science in Leadership. I have always loved health care but never got into it because when I was younger I had absolutley no idea what I wanted to do and it seemed like business was the right track. I have just signed up to take the pre-reqs that I am missing to actually apply to pharmacy school and I am very excited, except for one thing...THE COST! I am obviously going to take out student loans to pay for cost of tuition, but my questions are...Do loans cover living expenses as well? If you are a current pharmacy student, how do you juggle paying for school, and paying for housing, bills, and other expenses? Also, is it possible to work during pharmacy school, maybe part-time or in the evenings?

I would appreciate the insight! Thank you in advance.
 
Loans can cover living expenses up to the amount that your school determines is the cost of attendance. I think a lot of schools factor in somewhere around $1000 per month for living expenses, depending on where you live. Being that you're married, I would assume it helps to have your spouse's income to help out in this area.

You can also work part time during school. Many students do. How much is up to you. Many pharmacies are pretty accommodating with students (at least where I live they are) and you can work a few hours per week or 20. It's up to you.

A good strategy is probably to borrow as little as you can. If you can manage working and your studies, it will most likely benefit you in the long run, with both work experience and in loan savings.
 
jessmedical said:
Hi all,

I recently decided to change careers and pursue pharmacy. I am 28 years old, married, no kids. I have a Bachelors in International Business and a Masters of Science in Leadership. I have always loved health care but never got into it because when I was younger I had absolutley no idea what I wanted to do and it seemed like business was the right track. I have just signed up to take the pre-reqs that I am missing to actually apply to pharmacy school and I am very excited, except for one thing...THE COST! I am obviously going to take out student loans to pay for cost of tuition, but my questions are...Do loans cover living expenses as well? If you are a current pharmacy student, how do you juggle paying for school, and paying for housing, bills, and other expenses? Also, is it possible to work during pharmacy school, maybe part-time or in the evenings?

I would appreciate the insight! Thank you in advance.
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What do you do with an MS in Leadership?
 
MS in leadership is basically a Masters degree that helps develop employees in organizations. It focuses on psychology, communication, strategy and management.
 
jessmedical said:
MS in leadership is basically a Masters degree that helps develop employees in organizations. It focuses on psychology, communication, strategy and management.
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Sounds like a good fit for a department in HR within a large corporate environment.

You can take loans out for living expenses.... on $30k tuition (private school), you can probably take out about $44k-ish in loans, so if you can live off $15k, you're good to go.

Husband work? Depending how much he makes, your taxes due to the tax credits from tuition will plummet.

Working part time (and full time come summers) is a possibility, that should help dent expenses a bit...but realistically, you'll have to figure out how to live off one income + $10-15k in additional cash from loans.
 
confettiflyer said:
Sounds like a good fit for a department in HR within a large corporate environment.

You can take loans out for living expenses.... on $30k tuition (private school), you can probably take out about $44k-ish in loans, so if you can live off $15k, you're good to go.

Husband work? Depending how much he makes, your taxes due to the tax credits from tuition will plummet.

Working part time (and full time come summers) is a possibility, that should help dent expenses a bit...but realistically, you'll have to figure out how to live off one income + $10-15k in additional cash from loans.
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Its very hard to make me laugh...but I burst of laughing hysterically when I seen your avatar.....that is just fantastic
 
Hey all,
I don't know much about loans and how credit works. My cosigner for my future loan only use credit cards when absolutely needed, so he is thinking about getting rid of one of his credit card. Would I get a better interest rate if my cosigner has more credit cards or should he just get rid of the card he doesn't need (or does the number of credit cards not matter if he has a stable job and a house)?
Thanks everyone! :)
 
JT0914 said:
Hey all,
I don't know much about loans and how credit works. My cosigner for my future loan only use credit cards when absolutely needed, so he is thinking about getting rid of one of his credit card. Would I get a better interest rate if my cosigner has more credit cards or should he just get rid of the card he doesn't need (or does the number of credit cards not matter if he has a stable job and a house)?
Thanks everyone! :)
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cancellation of a credit card will lower your debt ratio and may negatively impact your credit score. i'd recommend he keep the card and use it once a month and pay off the balance. Job and home ownership does NOT count toward a credit score.

In terms of the interest rate you'll pay, unless he's on the border of a significant number (720, 760, 680), your interest rate won't really matter.

Is this for school? Stick to federal loans, they're forgivable later after 10 years (private loans are not).
 
yes, the loan is for school. thanks for your response.
 
confettiflyer said:
Is this for school? Stick to federal loans, they're forgivable later after 10 years (private loans are not).
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I've heard some people say something about this, can you elaborate on what's forgivable and under what conditions? Or if you can share the link with the info on it?
 
Thank you for the advice. My husband and I will definitley depend about 90% on his income and that extra amount in loans will help with any additional expenses. I have worked in a corporate business environment for a few years now and I just know that this is not for me.
 
jessmedical said:
Hi all,

I recently decided to change careers and pursue pharmacy. I am 28 years old, married, no kids. I have a Bachelors in International Business and a Masters of Science in Leadership. I have always loved health care but never got into it because when I was younger I had absolutley no idea what I wanted to do and it seemed like business was the right track. I have just signed up to take the pre-reqs that I am missing to actually apply to pharmacy school and I am very excited, except for one thing...THE COST! I am obviously going to take out student loans to pay for cost of tuition, but my questions are...Do loans cover living expenses as well? If you are a current pharmacy student, how do you juggle paying for school, and paying for housing, bills, and other expenses? Also, is it possible to work during pharmacy school, maybe part-time or in the evenings?

I would appreciate the insight! Thank you in advance.
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I can definitely relate to you as I am in a similar situation. I will definitely be heavily dependent on student loans. I also work and I am fortunate that I can work from home so it's going to be all about time management for me. I hated completing the FAFSA because on paper my husband and I look pretty well off, too bad it doesn't allow you to list your bills as well. Good luck to you!
 
Generally the loans the school provides you with are only to cover the cost of attendance, in other words tuition and fees. For living expenses you need to either work or get an additional loan. I have been using a Grad Plus loan to supplement my living expenses. It is a federal loan that is around 8.5% interest. I also work every other weekend as a pharmacy intern at a local hospital and that helps give me money for the things I want to do. Working during pharmacy school is really about a new level of time management. When I have a test on a Monday morning after working until 11 pm the night before it can get a bit hectic.
 
Cost of attendance includes everything...tuition, fees, living expenses, travel, books, etc. It's the total estimated average cost of going to that school for 1 academic year. It is my understanding that gov't loans only cover up to the full cost of attendance. That is why you were able to get federal grad plus loans to help you out with living expenses. Anything above cost of attendance, you would be forced to get private loans.
 
kinipela35 said:
Cost of attendance includes everything...tuition, fees, living expenses, travel, books, etc. It's the total estimated average cost of going to that school for 1 academic year. It is my understanding that gov't loans only cover up to the full cost of attendance. That is why you were able to get federal grad plus loans to help you out with living expenses. Anything above cost of attendance, you would be forced to get private loans.
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To clarify: there are two separate loans that I've had to take out. While I realize they are both federal loans the school only regulates how much you get with the supplementary loan, a cap if you will. In my program you are on your own with anything other than the tuition and fees. It most likely differs between programs.
 
Hi There,
I will be attending STLCOP as a transfer student in the fall starting in Year 3 of their curriculum. Their Year 3, you are still considered an undergrad, and I have used my limit for Stafford Loans (138k) for my bachelor and graduate degrees.

I know there is the PARENT PLUS loan, but since I am independent and do not live with my parents, would I be able to get an undergraduate PLUS loan as an independent student?
 
Dr.iz-n said:
Hi There,
I will be attending STLCOP as a transfer student in the fall starting in Year 3 of their curriculum. Their Year 3, you are still considered an undergrad, and I have used my limit for Stafford Loans (138k) for my bachelor and graduate degrees.

I know there is the PARENT PLUS loan, but since I am independent and do not live with my parents, would I be able to get an undergraduate PLUS loan as an independent student?
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i want to say no but am not 100% sure. i am a independent student as well and had to take out extra money via private loans to cover undergrad costs. but if anyone thinks it can be done please correct me!!
 
Thanks for the insight. I think I might have to take out a lot of private loans. But over time, won't this hurt your credit score since you would have a number of private loans to help cover costs? I know i've looked into several, and the way to qualify is to have a good credit score, but won't this hurt your credit score over time if you have a ga-zillion private student loans?

rxellie said:
i want to say no but am not 100% sure. i am a independent student as well and had to take out extra money via private loans to cover undergrad costs. but if anyone thinks it can be done please correct me!!
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Dr.iz-n said:
Thanks for the insight. I think I might have to take out a lot of private loans. But over time, won't this hurt your credit score since you would have a number of private loans to help cover costs? I know i've looked into several, and the way to qualify is to have a good credit score, but won't this hurt your credit score over time if you have a ga-zillion private student loans?
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i'm not sure. the private loans i have are school certified so maybe no? but that is a good question. the government doesn't give out enough through their loans so how else is one going to pay for school? maybe someone else on here knows and can share :)
 
rxellie said:
i want to say no but am not 100% sure. i am a independent student as well and had to take out extra money via private loans to cover undergrad costs. but if anyone thinks it can be done please correct me!!
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PLUS loans can be taken out by any graduate or professional student. There is no loan limit on these and as long as you are not delinquent on any debts, you should be approved. These loans can be consolidated with any other federal loan.

http://www.finaid.org/educators/gradplus.txt
http://www.finaid.org/loans/gradplus.phtml
 
Hello,
So even though I will be in a PharmD program, (however at the level I am starting at, i will still be considered an undergrad,) but since i'm in a professional degree program, I can still take out a PLUS loan? If that is the case, that will really help.

BallerinaRx said:
PLUS loans can be taken out by any graduate or professional student. There is no loan limit on these and as long as you are not delinquent on any debts, you should be approved. These loans can be consolidated with any other federal loan.

http://www.finaid.org/educators/gradplus.txt
http://www.finaid.org/loans/gradplus.phtml
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Dr.iz-n said:
Hello,
So even though I will be in a PharmD program, (however at the level I am starting at, i will still be considered an undergrad,) but since i'm in a professional degree program, I can still take out a PLUS loan? If that is the case, that will really help.
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You'd have to see how the school classifies you - if, during pre-pharmacy, you're an undergraduate student, then you may not qualify. However, if you're considered a professional/graduate student, then you would. Check with the school.
 
Yeah, I know the third year of the program is the start of the PharmD curriculum, however you are still considered an undergrad. During years 3-6 you become a graduate / professional student. I guess private loans will be the way for me to go since I've used up my limits for stafords.

BallerinaRx said:
You'd have to see how the school classifies you - if, during pre-pharmacy, you're an undergraduate student, then you may not qualify. However, if you're considered a professional/graduate student, then you would. Check with the school.
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Does "prepharm," which in all its glory is typically not an undergraduate path leading to a degree, allow one to receive financial aid in the form of government loans?

I ask because I'm finding that if you're not degree seeking, which I as a prepharm guy am not, then you don't qualify for financial aid. Further compounding the fact is that I already have a bachelor's degree that I received seven years ago. However, that just seems.....unreasonable.
 
I didn't have a problem whatsoever when I was undeclared initially, but I do not know if that is different if you already have a degree and have used fin aid for your undergrad
 
phathead said:
I didn't have a problem whatsoever when I was undeclared initially, but I do not know if that is different if you already have a degree and have used fin aid for your undergrad
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Yeah, no one knows this answer - not even the finaid people at the school I'll be going back to. I guess it's at least a plus that the only aid I had the first time around was an academic scholarship.
 
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