Student Loan Questions

[hcp]

I would appreciate any comment... Thanks...

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[OoShimmeroO]

Have you contacted the financial aid office at your school? They know about tons of different loans and can help you out greatly.

 

[hcp]

Have you contacted the financial aid office at your school? They know about tons of different loans and can help you out greatly.

Yes, I did. But they are not very helpful. They told me that I should contact every bank/institution and ask their income requirements, if any.

I just would like to know your experiences with getting loans... Are you having the same issues?

Thanks a lot!

 

[ZpackSux]

I vaguely remember the loan process. All I know is that I make my last loan payment this month.. doh.. it may have already gone out. I am Done!!!!

 

[jammocah]

I mean, what if I have no one else to co-sign me for next year?

Can't your parents co-sign for u?

 

[hcp]

Can't your parents co-sign for u?

Yes, they can. However, I would prefer not to have them involved. It's not that we don't get along or anything like that... It's just that I'm looking for other alternatives. If I have to have them co-sign for me, I would do it anyway.

 

[jammocah]

Yes, they can. However, I would prefer not to have them involved. It's not that we don't get along or anything like that... It's just that I'm looking for other alternatives. If I have to have them co-sign for me, I would do it anyway.

Well.. its not like you're planning to default on your loans are you? It's only to safeguard the lenders if you do - having cosigners i mean. Plus if your parents have better credit and longer - it would only help you.

Same thing with the $1500 a month. They are just making sure you can pay them back.

The safer you look to them.. the better off for you

No cosigner/no income = risk = higher rates

 

[hcp]

Well.. its not like you're planning to default on your loans are you? It's only to safeguard the lenders if you do - having cosigners i mean. Plus if your parents have better credit and longer - it would only help you.

Same thing with the $1500 a month. They are just making sure you can pay them back.

The safer you look to them.. the better off for you

No cosigner/no income = risk = higher rates

Thanks for the info!

 

[beccala33]

Should I be doing more than just FAFSA? I filled out my FAFSA application, is there something else that i should be filling out or applying for?

 

[patmcd]

Pretty much you just need to wait for your school.

 

[Gizmo]

Should I be doing more than just FAFSA? I filled out my FAFSA application, is there something else that i should be filling out or applying for?

Did you already fill out your fafsa? I filled mine out at the beginning of March, and Wingate got in touch with me to tell me that P1s are considered as undergraduate/5th year for financial aid purposes, even if you already have a bachelors. Also, you will HAVE to include your parent's tax information (even if you are married).

This info is specifically for Wingate, and is based on what they emailed me.

 

[TheChemist]

Does anyone know when we should be able to get the money from the loans?

 

[insipid1979]

Does anyone know when we should be able to get the money from the loans?

Someone asked that before and I think the general consensus was about 2 weeks into the semester.

 

[Snowcat]

Yeah, about 2 weeks into the semester. Depending on your school, it's generally on the week (or a week after) dropped classes start showing up as W's.

 

[Snowcat]

For now, all you need to do is your FAFSA. Since you've already filled out your FAFSA, your school should have your info and EFC by now. If this is your first year at your school, you may have to fill out your loan promissory notes - but if you've already done it at that school before, you shouldn't have to do anything more.

Once you qualify as independent, your parents' tax info won't really come into play in your EFC. It may still be required though - i.e. living at home with parents, and therefore not showing much income or owned property on your tax forms. The school might ask how you manage to support yourself without any income, and how you manage to live.

 

[ginephre]

sometimes it depends on the school.... the school i currently attend has refund checks ready the thurs before school starts if all the paperwork is in order and they haven't screwed up (which is very common!), but i know at creighton they told us we wouldn't get our checks until after the semester started so we'd need money for moving and books if we wanted to get them during orientation week.

 

[HAHA]

anyone have idea about loan? do you know where i can get loan with low interest rate? reading about the loan things make me crazy, so many kinds
anyone can help?

 

[patmcd]

Where you'll get the lowest rates depends on your current financial situation, credit score , etc. You'd be better off posting this in the financial aid forum.

 

[beccala33]

Where you'll get the lowest rates depends on your current financial situation, credit score , etc. You'd be better off posting this in the financial aid forum.

There's a financial aid forum? Where is it? I just looked and didn't see it. I would love to know, because I filled out a fafsa in march and haven't heard anything since. Do I need to do anything else? Are they going to let me know how much they are going to give me?

 

[RxRob]

If you sent your fafsa information to the proper school, then they will send you your award packet in writing. Contact the school's financial aid office. Find out if your school lists you as Graduate or Undergraduate... this will affect the type and eligibility of loans you can get.

 

[RachGator]

Hi All, I just found out that my school will only be awarding me 10,000 in loans for a program that will be about 40,000+ per year. I tried searching for past threads for private loan info. but I was having trouble finding them, especially pharmamcy specific, (plus,I have been crying for hours). My parents can't help me. In the program we are undergrads for 2 years (I have my BA already) and grad students for the last 2 years. For those of you willing to reanswer these questions , I REALLY appreciate it. I can't believe I may have to give up on my dream school .

 

[orange_ivy]

Don't give up on UT! I am sure you can get the loans, it will just take some work. I was thinking about going to Univeristy of Colorado and they were also only going to give me 10,000 of the 40,000 needed to attend. They told me that they would work with me to find the rest of the private loans. Contact the financial aid office and call your bank. Just keep asking questions and you will find your answers! I am sure lots of other out of state students have done it, so you can too. Good luck and have fun in Austin. It is worth it to get the extra loans, I know because I live here and it's a great city.

 

[purpleheart1]

Hello,

Have you thought of accessgroup? This is their number 1-800-282-1500 or go to their website accessgroup.org. Give them a try. I am applying through them for pharm program too as well. Good luck to you!

Regards,

 

[farmskool]

I to had the shock of finding out that I would have to get private loans to cover the rest of school costs as well. If your school, like mine, classifies you as an undergrad, you will only qualify for $10,500/year in stafford loans. Once you become classified as a grad, your fed. funding goes up to around $30,000, I believe. Anyway, I went through Wells Fargo for my private loan. They have a loan called the MEDgap for medical professional students. The thing I liked about it was that it gives you a break on the interest rate while you are in school. Most of them will require a cosigner unless your credit is near perfect. There is money out there, DON'T give up!!

 

[RachGator]

I am looking up the companies you guys are suggesting. Thank you!! If anyone else has worked with Pharmloan or any of the other programs, let me know how it works out. (I have to admit finance/accounting is not my thing. My dream man is an accountant .)

 

[ButlerPharm.D.]

Have you looked into loans from Sallie Mae? The website is www.salliemae.com. Best of luck.

 

[ForeverPharm]

Hi All, I just found out that my school will only be awarding me 10,000 in loans for a program that will be about 40,000+ per year. I tried searching for past threads for private loan info. but I was having trouble finding them, especially pharmamcy specific, (plus,I have been crying for hours). My parents can't help me. In the program we are undergrads for 2 years (I have my BA already) and grad students for the last 2 years. For those of you willing to reanswer these questions , I REALLY appreciate it. I can't believe I may have to give up on my dream school .

Look at this site http://www.finaid.org/loans/privatestudentloans.phtml

there are many student loan providers
keep that in mind that for some providers you need a cosigner
good luck

 

[RachGator]

Is anyone out there taking loans from their employer in exchange for work when you finish school?

 

[pinkpnther86]

Is anyone out there taking loans from their employer in exchange for work when you finish school?

yea, but the money most employers provide is pocket changed compared to the total cost of pharm school

 

[KUMoose]

Is anyone out there taking loans from their employer in exchange for work when you finish school?

Have you tried the local national guard or armed forces recruiter? I'd go to the guard or reservist recruiters first, they are typically less... forceful, they have smaller quotas to fill.

 

[DownonthePharm]

KUMoose is right about the national guard. They have some great sign on bonuses, you will come in as an officer, and you should be able to defer the officer school until the summer between your years.

If I wasnt such as wuss I would do it. I still might, but Im going to wait until I finish school first.

 

[Phantom_Eclipse]

Should I apply for this loan even before I get any financial aid from the school or should I wait till I get my financial aid?

 

[cwindo]

Should I apply for this loan even before I get any financial aid from the school or should I wait till I get my financial aid?

I would wait till I get the fin aid package. Do you have an idea when your school supposed to send it to you? Not sure bout PLUS loan, but for private loans I've heard that it takes about 2 weeks to be processed. So maybe you need to call the school if you don't hear from them anytime soon.

 

[Gizmo]

I think you need to wait because your school will provide you with a list of approved lenders with whom you can apply.

 

[pharmdwannab]

I think you need to wait because your school will provide you with a list of approved lenders with whom you can apply.

I see that you are going to Wingate. I just got accepted and I was wondering about financial aid. How much do we get? I asked at my interview and was told that they bumped up the fed aid but, do we still have to get private loans too? Thanks!

 

[Gizmo]

I see that you are going to Wingate. I just got accepted and I was wondering about financial aid. How much do we get? I asked at my interview and was told that they bumped up the fed aid but, do we still have to get private loans too? Thanks!

Congratulations!

Well, I received $8500 in subs. Stafford and $10K in unsubs. Stafford. You can then borrow up to $19,220 in a Graduate Plus loan, but you have to have really good credit to qualify. Otherwise, you'll need to apply for an alternative loan or a private loan (I'm not sure if these are the same) WITH a co-signer who has great credit -- I think the alternative and private loans have a higher interest rate, but I'm not sure.

You should be getting your financial aid package in the mail if you have already filled out your FAFSA.

-Gizmo

 

[pharmdwannab]

Congratulations!

Well, I received $8500 in subs. Stafford and $10K in unsubs. Stafford. You can then borrow up to $19,220 in a Graduate Plus loan, but you have to have really good credit to qualify. Otherwise, you'll need to apply for an alternative loan or a private loan (I'm not sure if these are the same) WITH a co-signer who has great credit -- I think the alternative and private loans have a higher interest rate, but I'm not sure.

You should be getting your financial aid package in the mail if you have already filled out your FAFSA.

-Gizmo

Thanks! I appreicate all of your information. I don't have fantastic credit but, hopefully enough to get something. We'll see! Thanks again.

 

[mademoiselle]

Ok, Is anyone going to pay for pharmacy school with private loans? just checking because I know it can be very tough. Am in a tough situation as well. Didn't qualify for federal aid, and therefore have to turn to private laons. It is so hard finding someone nowadays to cosign a $30,000+ loans. I am really afraid, I might not be able to start this year. Anyways, I'll wait and see what happens by the end of July. if not I may have to defer if I have the option ( but I'll hate to do that), because I have been out school for a year now and I am dying to get back in.

Just wondering, does anyone know someone out there who is willing to cosign a loan for a fee say $1000+ ( negotiable). Am a willing to pay someone at this point just for that, because I don't want to suffer the consequences of being miserable.

 

[twester]

That IS a tough situation to be in. Have you spoken with your school's financial aid office? Pharmacy school is so expensive that it's hard to imagine that your school can't come up with something for you. But even friends who's parents paid for their ivy league undergrad got aid for medical school. So, something seems wrong.

Yes, it's hard to find a cosignor for loans. It's a huge risk and responsibility. Do you perhaps have family that can help you with that?

 

[Phantom_Eclipse]

Have you tried Grad Plus loans? You have to exhaust your Stafford loans first, then Grad Plus will fill in the gaps. It's a Fed loan, so you may not need a cosigner.

 

[Gizmo]

With the Grad Plus loan you cannot use a cosigner at all. Only the student is allowed to apply and the student has to have pretty good credit. Your parents could apply for a Parent Plus loan if you don't qualify for the Grad Plus.

I had also been thinking about if there is a program where you pay a fee to someone if they cosign your loan...I haven't come across something like that, though.

Anyway, I'm sorry you are having trouble finding a cosigner for your private loan. I am asking my mother- and father-in-law this weekend if they will cosign on a private loan since I didn't qualify for the Grad Plus, but they will probably say no because it is such a great responsibility.

Good luck!

 

[FluoroQuinolone]

Ok, Is anyone going to pay for pharmacy school with private loans? just checking because I know it can be very tough. Am in a tough situation as well. Didn't qualify for federal aid, and therefore have to turn to private laons. It is so hard finding someone nowadays to cosign a $30,000+ loans. I am really afraid, I might not be able to start this year. Anyways, I'll wait and see what happens by the end of July. if not I may have to defer if I have the option ( but I'll hate to do that), because I have been out school for a year now and I am dying to get back in.

Just wondering, does anyone know someone out there who is willing to cosign a loan for a fee say $1000+ ( negotiable). Am a willing to pay someone at this point just for that, because I don't want to suffer the consequences of being miserable.

$1000 is too little for such a huge risk. I would cosign for you but you would have to sign an agreement that 25% of your income after graduation would be mine for the duration of the loan (thats my credit on the line) Yes, go ahead and say it I am Shylock in "The Merchant of Vernice" (a pound of flesh).

Just kidding above. Why didn't you qualify for Fed Loans? R u an international student?

 

[DownonthePharm]

There is a site on the internet that does personal type loans for people from individuals, I can think of the name right now, but I know they've talked about it on the med and fin aid boards because they have a special group for med students.

 

[All4MyDaughter]

Just kidding above. Why didn't you qualify for Fed Loans? R u an international student?

I was wondering that as well. Perhaps the school she will attend is not regionally accredited?

 

[RxRob]

Congratulations on working hard and your rare outstanding academic achievement in getting into a highly competitive graduate program. NOW when you ask for a cosigner everyone you know will treat you like you are asking to be bailed out of jail or got yourself into some sort of huge trouble.

Life just rocks don't it?

 

[the_labrat]

Don't worry, I know your pain.

I know you posted this a long time ago, but here is some advice:

The Education Resources Institute (TERI) offers Health Professions Graduate loans that you can get a lot of times without a cosigner. They are called "credit-ready".

www.teri.org

And MyRichUncle also offers Graduate loans where you can get discounts on your interest rate based on your GPA.

Be wary of unneedingly taking out Direct to Consumer loans which can be very expensive. Your best bet is to stick with School Channel loans which your financial aid office has to certify.

If you have any other questions about Private loans, I used to work for TERI and can answer most, if not all of them.

Amber

 

[ageldred]

Have you tried your bank or credit union? They're always sending me stuff about school loans.

 

[butterfly18]

For those of you have been admitted to pharmacy school or is currently enrolled in a Pharm D program, did any of you not have cosigner for your loans and if you didn't would it be possible to tell me which company funded your loans?

 

[patmcd]

Most schools have a group of loan companies they suggest. You should ask your fin aid office. Most private loans will require a consigner with you have a low credit score, or little/no credit history.

 

[Ray1234]

Hello,
I would appreciate if any international student who got into pharmacy school would express their views on getting loan. How much loan did you take out?
Ray