Yes, that's it. You are only responsible for $583.00 next year. You should be able to borrow the max from the Stafford, subsidized and unsubsidized, and the remainder from the Grad Plus Loan less any money you receive from Perkins, Health Professions Scholarship or any other instititional aid (loans or grants). It's nice having the FAFSA out of the way, isn't it? Your SAR report and EFC will be reported to the schools you listed. Over the next couple of months, hopefully sooner, you should receive your financial aid/award packet(s) Good Luck.
$$ Official 2007 Financial Aid / FAFSA Questions Thread $$
- Thread starter TomWestmanRules
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Yes, that's it. You are only responsible for $583.00 next year. You should be able to borrow the max from the Stafford, subsidized and unsubsidized, and the remainder from the Grad Plus Loan less any money you receive from Perkins, Health Professions Scholarship or any other instititional aid (loans or grants). It's nice having the FAFSA out of the way, isn't it? Your SAR report and EFC will be reported to the schools you listed. Over the next couple of months, hopefully sooner, you should receive your financial aid/award packet(s) Good Luck.
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Talk to your school. They will take that into account.
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I know this may seem like the dumbest question, but I took no undergraduate loans (didn't need it for my undergrad) and so now this process of borrowing for graduate school is pretty new. I've done the FAFSA correctly and my school is currently processing....should I jump the gun and talk to my bank about additional loans, or sit tight and wait for my financial aid information to come back from the school before going and hunting down the extra money?
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I'd say sit tight and wait. It doesn't take long to process these loans, and if jump into something too early, you might miss a good deal.
Are you currently thinking that you'll have to borrow above the cost of attendance or just above the max stafford amount? If it's the latter, you'll probably want to use GradPlus loans, and you'll find that most lenders have fairly identical terms. Borrowing beyond the cost of attendance is where things get tricky.
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Sit tight. You have plenty of time. You'll want to have the actual numbers from you school on your Stafford eligibility, and your school will probably direct you to other types of private loans that students generally consider.
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bagel, poly...thank you. I'll just hover.
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I never considered this before but judging from prior posts on SDN, it seems that the 6 schools getting your fafsa info can somehow know about each other. Is this true? Will school 1 know that I applied to schools 2 through 6? In my particular situation, this could really work against me.
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um anybody?? Bump?
Although each school will get a copy of you SAR, I don't know if they are informed of the other schools. It's possible. Although you may not want other schools to know where else you applied, I don't think it could really work against you should it occur. Schools know that most students are sending their report to many schools. When students are accepted at more than one school, the financial award is often a deciding factor. Schools understand this. Even if you have told a particular school they are your only and number one choice, they realize most students have back-ups. More importantly, the admissions committe often does not even review financial aid information. This information is directed to and considered by the financial aid office. They are often two seperate entities. I think it's important to get your information sent to all the schools as early as possible to be considered for the best potential aid. They say it's a first come, first serve process. Possibly you could contact FAFSA. Good Luck.
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What's the deal with GradPLUS? I'm just starting all the financial aid paperwork now (just got my taxes finished, and wouldn't be eligible for anything need-based anyway given my parents' income), and am being asked on one school's form whether I'd like to apply for GradPLUS loans. Is there any reason why I wouldn't?
No. After the Stafford Loan (6.8%) and possibly some aid from Perkins or Health Professions Scholarship loans (5%) the least expensive, fixed rate, loan to borrow the remainder of your cost of attendance is the GradPLUS loan (8.5%). Good Luck.
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i am completely new to this whole financial aid thing, so i have a few questions. I received my offer, it has the two stafford types and then gradPLUS for the rest. i am assuming that means i qualified or whatever for that type of loan? now prepare yourself, here come some even stupider questions.
1) who is the gradPLUS loan through? (who would i be repaying after school?)
2) do i just get one big check for all this stuff and then pay my tuition with it OR is the school paid what it needs and then i am given the rest for living expenses etc?
i know, you all probably think i am an idiot, but i really didn't have to deal with this stuff in undergrad. thanks for the answers guys.
1) who is the gradPLUS loan through? (who would i be repaying after school?)
2) do i just get one big check for all this stuff and then pay my tuition with it OR is the school paid what it needs and then i am given the rest for living expenses etc?
i know, you all probably think i am an idiot, but i really didn't have to deal with this stuff in undergrad. thanks for the answers guys.
http://www.finaid.wisc.edu/gradplus.html
GradPLUS Loans are offered through more than one lender. I think the check can be sent to you or your school. If it is sent to the school, the school will refund you the difference. The above is a good website regarding the GradPLUS loan with some answers to your questions and a reference of potential lenders.
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