Graduate/Professional PLUS Loans

[USIMG2011]

I am planning to attend AUC this September, I heard that there is a new loan program for Graduate Professional students though the US government. A friend of mine who goes to Ross is paying for his education using Stafford and PLUS loans. Is the Grad/Professional PLUS loan also available to AUC students? I looked a Private Loan through IEFC, their limit without a cosigner is 25,000US a year, that means with Stafford loans, I will get about $43,500 a year, I will still need another 7,000 because I am guesstimating that the cost of living including airfare home and to the island will be about $25K a year.

[DrShikima]

I am planning to attend AUC this September, I heard that there is a new loan program for Graduate Professional students though the US government. A friend of mine who goes to Ross is paying for his education using Stafford and PLUS loans. Is the Grad/Professional PLUS loan also available to AUC students? I looked a Private Loan through IEFC, their limit without a cosigner is 25,000US a year, that means with Stafford loans, I will get about $43,500 a year, I will still need another 7,000 because I am guesstimating that the cost of living including airfare home and to the island will be about $25K a year.

Subsidized and Unsubsidized Loans.

[ML]

GRAD Plus loans are nothing but private loans offered by federal govt. It is an option for you when you apply for private loans. It is available to AUC students also. I have been getting it for the past 2 or 3 semesters. Between the Subsidized Stafford loan, Unsubsidized Stafford loan, and Grad Plus loan, I get about 26,000 dollars for every semester. You probably will get a little bit less during basic sciences.

-ML

[AJ James]

It has been said just about ALL will qualify for the GradPlus Loan. Bankruptcy and extreme debt being the exception. Is this true?

***Has anyone out there with poor credit been able to attain this loan?

Thanks in advance for the info.

AJ :)

[DrShikima]

It has been said just about ALL will qualify for the GradPlus Loan. Bankruptcy and extreme debt being the exception. Is this true?

***Has anyone out there with poor credit been able to attain this loan?

Thanks in advance for the info.

AJ :)

Call up Sallie Mae and ask them.... I'm certain you'll get it like your saying, but your interest rate will be a lot higher concidering your in a more risky group due to your past credit problems.

[preintermed]

It has been said just about ALL will qualify for the GradPlus Loan. Bankruptcy and extreme debt being the exception. Is this true?

***Has anyone out there with poor credit been able to attain this loan?

Thanks in advance for the info.

AJ :)

What is "extreme debt" ?

[preintermed]

I am planning to attend AUC this September, I heard that there is a new loan program for Graduate Professional students though the US government. A friend of mine who goes to Ross is paying for his education using Stafford and PLUS loans. Is the Grad/Professional PLUS loan also available to AUC students? I looked a Private Loan through IEFC, their limit without a cosigner is 25,000US a year, that means with Stafford loans, I will get about $43,500 a year, I will still need another 7,000 because I am guesstimating that the cost of living including airfare home and to the island will be about $25K a year.

Where are you getting these estimates? Tuition is 11,000 for the fist 4 semesters and living cost per semester is on campus is 3,800. Also, food and other cost shouldn't be over 3,000 per semester. So for a year it seems that the total cost would be 34,000. The loans should cover it.

[AJ James]

What is "extreme debt" ?

That's the answer I search for. I was told that by a Ross FA Advisor. I was hoping to get a response from those who are already on GradPlus and have/had poor credit rating.

[DrShikima]

That's the answer I search for. I was told that by a Ross FA Advisor. I was hoping to get a response from those who are already on GradPlus and have/had poor credit rating.

I'm telling you, you'll get the loans you need with poor credit ratings but you're going to need a co-signer and your interest rates are going to be through the roof. Also, there is always the possibility that you will not be able to get loans.

[RuseMD]

I'm telling you, you'll get the loans you need with poor credit ratings but you're going to need a co-signer and your interest rates are going to be through the roof. Also, there is always the possibility that you will not be able to get loans.

Do you happen to know what a good credit rating would be? I'm guessing if I get my act together I can get somewhere between like 650 and 700.

[preintermed]

Do you happen to know what a good credit rating would be? I'm guessing if I get my act together I can get somewhere between like 650 and 700.

So does AUC find all the financial aid you need. Or do I need to be doing something?

[DrShikima]

So does AUC find all the financial aid you need. Or do I need to be doing something?

If you want to use Sallae mae and fed loans, yes. It's more than acceptable. If your credit is crappy or you want to find other loans, then that is also your decision.

[ThE_MOonDoGGie]

So does AUC find all the financial aid you need. Or do I need to be doing something?



My question is
1) does AUC do everything when it comes to loans such as they will send me the Stafford loan application etc. because i haven't received anything yet. I need to know the procedures everyone took to attain their loans both federal and private, and when can i apply (i just confirmed that my enrollment fee has been processed, so can i start now?)

2) Do must people receive financial aid (cant hurt to apply)

3) exactly how much should i borrow yearly (im just a moderate spender, im not going to buy 3 cars and rent out 4 apartments at different locations) cause im hearing from some at $34,000 yearly to $45,000.

[DrShikima]

My question is
1) does AUC do everything when it comes to loans such as they will send me the Stafford loan application etc. because i haven't received anything yet. I need to know the procedures everyone took to attain their loans both federal and private, and when can i apply (i just confirmed that my enrollment fee has been processed, so can i start now?)

2) Do must people receive financial aid (cant hurt to apply)

3) exactly how much should i borrow yearly (im just a moderate spender, im not going to buy 3 cars and rent out 4 apartments at different locations) cause im hearing from some at $34,000 yearly to $45,000.


1) AUC will *NOT* do it for you. They will tell you what you need to know and what to do but the work is up to you.

2) Unless your extremely rich, yes. You will need loans. You cannot work and goto school.

3) I personally borrowed the max each semester which left me with a tidy savings in the end because I was going to be out for a while before residency. Start off with the max and adjust as you know your spending habits, tuition, cost of living, etc.

[preintermed]

1) AUC will *NOT* do it for you. They will tell you what you need to know and what to do but the work is up to you.

2) Unless your extremely rich, yes. You will need loans. You cannot work and goto school.

3) I personally borrowed the max each semester which left me with a tidy savings in the end because I was going to be out for a while before residency. Start off with the max and adjust as you know your spending habits, tuition, cost of living, etc.

Like what kind of work will need to do to get the loans. Could someone explain the process of applying for loans?

[preintermed]

Also, could someone explain to me what I need to do in order to get loans?
I have already filled out the FAFSA form. What is next? Please would someone give me a thorough response.:)

[stateofequilibrium]

Like what kind of work will need to do to get the loans. Could someone explain the process of applying for loans?

Mainly working the street corners, things like that.


Filling out paperwork, etc.

[DRDRWMD]

I switched over to the federal plus loans, because I heard the federal government was easier to deal with than Sallie Mae when trying to defer student loan repayments until retirement. I believe the interest rate was a bit lower as well, but do not remember the exact numbers right off hand.

I like the thought of "extreme debt". I would suppose that, like me, 80% of my fellow classmates have "extreme debt". Hopefully we will have "extreme incomes" someday to compensate; if not, we will have to practice some "extreme avoidance" strategies.

[DrShikima]

Like what kind of work will need to do to get the loans. Could someone explain the process of applying for loans?

*YOU* have to fill out the loan paperwork and submit it to the school. And if you don't want sallae mae, *YOU* have to go find a different lender. If sallae mae rejects you, *YOU* will need to find a lender.

Have you ever taken out a loan before?

[preintermed]

*YOU* have to fill out the loan paperwork and submit it to the school. And if you don't want sallae mae, *YOU* have to go find a different lender. If sallae mae rejects you, *YOU* will need to find a lender.

Have you ever taken out a loan before?

No, I have never taken out a loan. But AUC will give me the paperwork, correct so that I can fill it out and submit?
Why would sallae mae reject someone? Does this happen often?
What are the deadlines for this stuff? I have been conditionally accepted until the school sends them my official transcript stating that I have a degree in a couple of weeks. So financial aid processing won't start for me until they have that. Will I miss any deadlines by having to wait possibly another month to begin financial aid????????????????

[DrShikima]

No, I have never taken out a loan. But AUC will give me the paperwork, correct so that I can fill it out and submit?
Why would sallae mae reject someone? Does this happen often?
What are the deadlines for this stuff? I have been conditionally accepted until the school sends them my official transcript stating that I have a degree in a couple of weeks. So financial aid processing won't start for me until they have that. Will I miss any deadlines by having to wait possibly another month to begin financial aid????????????????

Wait for finaid to send you the paperwork, you fill it out and they'll process it for you. Sallae mae can reject people for whatever reason, most commonly being poor credit ratings.

There are no deadlines. I would beg, borrow and steal as much as you can get because you won't see any loan money before school starting which means getting housing, utiltities, car, food, party, etc monies all in order before starting.

[preintermed]

Wait for finaid to send you the paperwork, you fill it out and they'll process it for you. Sallae mae can reject people for whatever reason, most commonly being poor credit ratings.

There are no deadlines. I would beg, borrow and steal as much as you can get because you won't see any loan money before school starting which means getting housing, utiltities, car, food, party, etc monies all in order before starting.

Will the loan money pay for the tuition and housing (on-campus) at the time of enrollment? Or do I have to pay tuition and housing (on-campus) up front???? and then later be reimbursed by the loans?
Someone said that I have to wait on some refund check??
But do I need to worry about paying the money for the dorm housing out of pocket?

Could someone explain to me how this money is given to us and timelines???

[stateofequilibrium]

Will the loan money pay for the tuition and housing (on-campus) at the time of enrollment? Or do I have to pay tuition and housing (on-campus) up front???? and then later be reimbursed by the loans?
Someone said that I have to wait on some refund check??
But do I need to worry about paying the money for the dorm housing out of pocket?

Could someone explain to me how this money is given to us and timelines???

If you're staying at the dorms, I believe it is autmoatically taken from your loan check. I think you might have to pay a deposit though, don't really remember. But everything is taken from your loan checks, and the remainder is given to you as a refund check.

[DrShikima]

Will the loan money pay for the tuition and housing (on-campus) at the time of enrollment? Or do I have to pay tuition and housing (on-campus) up front???? and then later be reimbursed by the loans?
Someone said that I have to wait on some refund check??
But do I need to worry about paying the money for the dorm housing out of pocket?

Could someone explain to me how this money is given to us and timelines???

First, you've used your quota on question marks.

Second, calm down. You will have to pay for a partial payment for your seat at the school along with your partial on reserving a room on campus. You will "get this back" when your loan refund is given to you on the island. You will sign your loan cheques on the island on registration day.

[preintermed]

First, you've used your quota on question marks.

Second, calm down. You will have to pay for a partial payment for your seat at the school along with your partial on reserving a room on campus. You will "get this back" when your loan refund is given to you on the island. You will sign your loan cheques on the island on registration day.

Thanks for being so patient with me and answering my questions guys. Is the partial seat payment, the enrollment fee, b/c I already paid that 1600$?
How long does it take for the refund check to come back?
What if you live off-campus? How would you handle that until the refund check comes? Is off-campus housing taken out of the loans immediately or do you have to pay out-of-pocket until the refund check comes?

[DrShikima]

Thanks for being so patient with me and answering my questions guys. Is the partial seat payment, the enrollment fee, b/c I already paid that 1600$?
How long does it take for the refund check to come back?
What if you live off-campus? How would you handle that until the refund check comes? Is off-campus housing taken out of the loans immediately or do you have to pay out-of-pocket until the refund check comes?

Enrollment fee is prolly the fee for you to hold your seat at medical school. No other expenses.

It takes 10 days or so and you pick it up from the business office on campus.

Off-campus refunds are individual. I had a good landlord and got my refund the day before I was leaving the island. Off-campus housing is arranged by *YOU* and has nothing to do with the school. You need to pay out of pocket making any arrangements and that is why you need money to live on while on the island or access your bank account via ATM.

[c13]

I have been conditionally accepted until the school sends them my official transcript stating that I have a degree in a couple of weeks. So financial aid processing won't start for me until they have that. Will I miss any deadlines by having to wait possibly another month to begin financial aid????????????????

So you finally got accepted. Congratulations.

[preintermed]

So you finally got accepted. Congratulations.

Thanks. I found out about 1.5 months ago. Just trying to get my housing and financial matters secure.

[preintermed]

You can get a free credit report if you are concerned about your credit history affecting your ability to get Gradplus loans. Gradplus does not consider the credit score, but only the credit history. Also, by getting a credit report you can clear up any misrepresentations on the report before you apply for the Gradplus.

If you can you want to get Gradplus loans b/c the private loans are variable and can reach as high as 14%. Plus you cannot consolidate private loans like you can gradplus loans.

If I cannot get the Gradplus loans then I am seriously considering not attending AUC. Private loans are too variable and risky.

Has anyone had any problems with getting the gradplus loans? and what were the reasons for the problem?

[ChanceCount]

You can get a free credit report if you are concerned about your credit history affecting your ability to get Gradplus loans. Gradplus does not consider the credit score, but only the credit history. Also, by getting a credit report you can clear up any misrepresentations on the report before you apply for the Gradplus.

If you can you want to get Gradplus loans b/c the private loans are variable and can reach as high as 14%. Plus you cannot consolidate private loans like you can gradplus loans.

If I cannot get the Gradplus loans then I am seriously considering not attending AUC. Private loans are too variable and risky.

Has anyone had any problems with getting the gradplus loans? and what were the reasons for the problem?

Gradplus loans only became available around a semester ago, so many people won't have any experience with them.

The representative I spoke with told me they were easier to obtain than signature loans are though.

[preintermed]

With the gradplus loans, did anyone have any problems with forebearance or deferred payments while they were in school?

Some lenders won't let you do this. I am shocked.:(

[Lolaz]

Like Chance said, Grad PLUS loans have only been available at AUC since Jan 07, thus I don't believe anyone has real experience with their dealings just yet. As long as you meet the eligibility requirements for deferment or forbearance, you should be fine. Take a peek at your lender's website.

[preintermed]

Would anyone recommend a lender?

[rehanyazdani]

I've heard that many students use Sallie Mae. AUC's website recommends HealthXpress. I do know that many other financial institutions, such as Citibank and Wachovia, offer GradPlus loans.