Thread: 5th semester additional loan money??

I've heard that in 5th semester students are entitled to additional loan money if they want it. Does anyone know if this is true? Thanks

Originally Posted by LeavingRss

I've heard that in 5th semester students are entitled to additional loan money if they want it. Does anyone know if this is true? Thanks

Not exactly true. You'll get the same amount from the refund check as you did in other semesters. It depends on how much of the awarded financial aid you accepted for the financial year after tuition and other stuff has been paid.

You won't get another refund check until you start clinicals. Which means depending on how long you wait to take Step 1 and start clinicals, it could be a while before getting another refund check. In the mean time, you can apply for a Residency and Reloation Loan for up to $15,000 between 5th semester refund check and 6th semester refund check.

Thanks. An older semester student came and talked at ross recently and made it sound like we're entitled to a 40,000 check once we reach fifth semester. I must have completely misunderstood him. How shortly after fifth can we be awarded additional money if eligible?? Sorry if these questions are dumb

Originally Posted by LeavingRss

Thanks. An older semester student came and talked at ross recently and made it sound like we're entitled to a 40,000 check once we reach fifth semester. I must have completely misunderstood him. How shortly after fifth can we be awarded additional money if eligible?? Sorry if these questions are dumb

You slightly misunderstood. Once you hit 5th semester you are eligible for the Wells Fargo Board Study and blah blah loan. Up to 12,500. Once you pass Step 1 and enter your first clinical rotation, you are eligible for up to 2 (one from Sallie Mae, one from Wells Fargo) $15,000 Residency and Relocation loans totaling 42,500 in extra $ on top of regular loans. Catch is those are all private loans, so you will need credit or a co-signer. Also the Sallie mae and wells Fargo residency loans require total educational debt to be under 250,000 at the time of issue. This means if you are close then you should apply for both of them together and stash the $ for later. Normally not a good fiscal policy as you will accrue interest, however better than not having the $ to apply, travel to interviews, and relocate later.

sorry if this sound stupid....but I am able to get another loan while 5th semester is in progress or only after its finished?? Thanks for the help it's much appreciated. Im just worried about running out of money after/during fifth!!

As far as I know you have to have taken Step 1 and passed it to be eligible for the Residency and Relocation loans. You can call financial aid about that. One other option (not a great one and not recommended as I'm sure it's probably illegal) would be to buy a laptop for say $1500, send screenshot of the receipt to Ross fin aid to get grad plus increased to cover it, then return the laptop after they approve it. This will net you an extra xx up to $2000 max.

How shortly after fifth can we be awarded additional money if eligible?? Sorry if these questions are dumb

you can get them during 5th, as long as its before the 4 month vacation period ends. All this will be explained to you and you'll be given a booklet that has everything in writing. I got the wells fargo one, it was a super easy process and they even take care of faxing the application once its certified.

Both are available during 5th/after 5th, like mytush said (what a name). I got the Sallie Mae one, and others got the Wells Fargo one. It's worth applying for, if you're too tight on cash & you need the extra help, or if you're considering a prep course and can't afford it. (I actually applied to both, have good credit, and didn't get the Wells Fargo one... I'd suggest applying for Sallie Mae first if you're concerned about a negative on your credit report.)

You'll get the same amount from the refund check as you did in other semesters.