gemilli
10-01-2005, 01:17 PM
if anyone can help i would appreciate it... i'm working on the sallie mae loan application online and it asks for the loan amount needed... i'm not sure how much is enough. if anyone has any suggestions please let me know. thanks.
MitchDC
10-01-2005, 02:26 PM
Gemelli, good question. Before starting 1st semester its tough to know for sure what to insert into that spot on the form. The school has published a document entitled "Ways and Means of Financial Aid" and has included this document on the financial aid portion of the Ross website. Download the PDF document and read through that if you have not already.
As you'll see, the answer to your question depends on whether you are a new student or a continuing student, whether you are in basic sciences or clinical sciences, etc. It also depends on whether you are relying solely on financial aid of if you or your family have savings. Finally, it depends on how many semesters you are applying for at once. I think you'll be a new first semester student so I'll start there. I'll also assume that you are relying solely on financial aid to finance your education. You'll have to check with the financial aid office to determine how many semesters at once they recommend you apply for.
You'll get a total of 18,500 in staffords every two semesters but that will be disbursed over the two semesters (9,250 each time). Tuition for the basic science semesters is 12,000 now (I think). Therefore, just to pay tuition, you'll need at least $2,750 in private loans per semester. So we've established that much so far. Now, you'll need to reference the website again (I'll also include the information here):
Estimated Cost of Attendance (January 2006 Semester)
Tuition & Fees
$12,000
Books/Supplies
617
Room & Board
3,656
Transportation
1,395
Personal
2,483
Health Insurance (under age 30)
270
Loan Gua/Orig. Fee
278
$20,699
So, given that information you should subtract $9250 from that and you'll have an APPROXIMATE amount you should apply for in private loans EACH SEMESTER. If you are applying for two semesters, double it. Three semesters, triple it. The financial aid office will have the exact number they will allow you. In fact, if you have received your AWARD LETTER it will tell you the total allowed loan amounts. Ask the FA office about this. I hope you can now figure this number out without problem. If you use my formula add some to it just in case my numbers are low (old). If you overshoot the FA office will still only approve you for the correct amount. But if you apply for less, they can't increase it (as far as I know).
Best of luck!
M
if anyone can help i would appreciate it... i'm working on the sallie mae loan application online and it asks for the loan amount needed... i'm not sure how much is enough. if anyone has any suggestions please let me know. thanks.
gemilli
10-01-2005, 02:42 PM
hey M,
again thank you very much for taking the time to help answer my question. i'll go and get the pdf... thanks M!