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Thread: Loans/Grants

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    ozjonesjr is offline Newbie 510 points
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    Loans/Grants

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    I have read most of the posts about the ins and outs for obtaining Federal Loans, Private Loans, etc. etc. but I haven't found any talk about Financial Aid Grants. All of my undergrad schooling has been paid by Pell Grants. Does the Pell Grant not apply to med school?

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    Quote Originally Posted by ozjonesjr View Post
    I have read most of the posts about the ins and outs for obtaining Federal Loans, Private Loans, etc. etc. but I haven't found any talk about Financial Aid Grants. All of my undergrad schooling has been paid by Pell Grants. Does the Pell Grant not apply to med school?
    Nope !!!! Pell Grants are only for undergrad or anything before obtaining a Bachelor's Degree. No more free money once you are an educated person

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    jgonza31 is offline Senior Member 514 points
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    Quote Originally Posted by ozjonesjr View Post
    I have read most of the posts about the ins and outs for obtaining Federal Loans, Private Loans, etc. etc. but I haven't found any talk about Financial Aid Grants. All of my undergrad schooling has been paid by Pell Grants. Does the Pell Grant not apply to med school?
    time to take out some loans, buddy
    "Dont try this at home, I'm a professional..."Hidden Content

  4. #4
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    Yes, and take out many :P

    You have your Stafford that will pay 88.6% of tuition. Then to pay the rest of tuition, and to live, you will need to borrow through the "Federal Plus" loan. Do not underestimate your expenses! If you should need more than the max from these 2 lonas, there is also a "Tuition Answer" loan through Sallie Mae. I think the credit requirements are higher, but it will give you extra funds. Some students prefer to use this loan instead of hte Plus loan because the UAG has had a bad habit of keeping your funds in their Frost bank in San Antonio longer than necessary before disbursing them to you. The "Tuition Answer" will send the check directly to your address in the USA. Thus eliminating the "Leaņo Interest Fund" -- for lack of a better term.

    Expect to spend a few hundred your first week on unforetold school expeneses. You will pay for your FM3 processing here which includes taking more pictures after you arrive. I do not remember the exact ammount, but $200 -- $300 should be enough.

    You will pay to take extra finals if you need them (about $130 each), which is not a bad thing if it helps you pass the semester, but it is an added expense.

    You will pay an EXTRA $1850+ in you 4th semester for the Kaplan review (your tuition does not cover it).

    When you go to PCM (the off-campus clinic class), you may spend as low as $75 for transportation costs, or as high as $600/semester, depending on where you go.

    Bottom line: DO NOT underestimate your finances here.




    Quote Originally Posted by ozjonesjr View Post
    I have read most of the posts about the ins and outs for obtaining Federal Loans, Private Loans, etc. etc. but I haven't found any talk about Financial Aid Grants. All of my undergrad schooling has been paid by Pell Grants. Does the Pell Grant not apply to med school?
    "You do not truly understand something unless you can explain it to your grandmother." Albert Einstein

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    ozjonesjr is offline Newbie 510 points
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    Thanks

    Thanks for the quick replies. Guess it's time I actually paid for my education

  6. #6
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    acgtacgtacgt is offline Ultimate Member
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    You are not actually paying for it yet, just starting you deep hole of debt

    Quote Originally Posted by ozjonesjr View Post
    Thanks for the quick replies. Guess it's time I actually paid for my education
    "You do not truly understand something unless you can explain it to your grandmother." Albert Einstein

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    cabrillo's Avatar
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    Quote Originally Posted by acgtacgtacgt View Post
    Yes, and take out many :P

    You have your Stafford that will pay 88.6% of tuition. Then to pay the rest of tuition, and to live, you will need to borrow through the "Federal Plus" loan. Do not underestimate your expenses! If you should need more than the max from these 2 lonas, there is also a "Tuition Answer" loan through Sallie Mae. I think the credit requirements are higher, but it will give you extra funds. Some students prefer to use this loan instead of hte Plus loan because the UAG has had a bad habit of keeping your funds in their Frost bank in San Antonio longer than necessary before disbursing them to you. The "Tuition Answer" will send the check directly to your address in the USA. Thus eliminating the "Leaņo Interest Fund" -- for lack of a better term.

    Expect to spend a few hundred your first week on unforetold school expeneses. You will pay for your FM3 processing here which includes taking more pictures after you arrive. I do not remember the exact ammount, but $200 -- $300 should be enough.

    You will pay to take extra finals if you need them (about $130 each), which is not a bad thing if it helps you pass the semester, but it is an added expense.

    You will pay an EXTRA $1850+ in you 4th semester for the Kaplan review (your tuition does not cover it).

    When you go to PCM (the off-campus clinic class), you may spend as low as $75 for transportation costs, or as high as $600/semester, depending on where you go.

    Bottom line: DO NOT underestimate your finances here.
    I am assuming that the federal plus loan is something new right?

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    acgtac, are these various expenditures (especially the Kaplan course) rolled into the student budget? If so, what category?

    Also, you mentioned that extra loan "Tuition Answer." Can a student get more money than what the UAG student budget states, or is that the max no matter what anyway?

    I'm referring to the exact budget at this link, of course:

    School of Medicine - Universidad Autonoma de Guadalajara



    thanks.

  9. #9
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    No, these extra fees, such as Kaplan, USMLE fees, etc. are not part of your student budget. They are above and beyond what you will pay in 1st, 2nd, and 3rd semester. However, the budget is generous, so IF you know ahead of time (translate: if the school cared to communicate this), you could plan for the expenses, and you will have all the funds you need. The only source of advanced information for us was that some of the students heard from higher semesters. To add to that, our school wanted the Kaplan fees paid before a certain date, while delaying financial aid past when it should have been disbursed (money given to us later than their date they expected paid for Kaplan). They did, however, make a provision that they would wait until the money was awarded, so no harm done... just more **. Again, if you know what to expect from the UAG, you can be prepared, and it is not going to affect you adversely. However, if you do not know (as many do not), life here can be annoying.

    I believe the amount on the UAG website is the "max." Also keep in mind, you must borrow $9000 less than the max, then complete a special form for the final $9000 "emergency" funds, and state why you need it.

    Again, the budgets are generous. You should have funds to spare. However, you will soon realize it is not cheap here, and money does go fast. That said, if you think you have funds for a new computer, a flight to see your dying grandmother, etc., and you spend the total before the school says, "Oh, by the way, we need you to pull anohter $1850 out of your rectum." you will be short on funds and begging for money from the girl on the corner selling Chiclets.

    If I understand correctly, the Tuition Answer is for students (your school must verify that you are a student), but independant of the school budget. Thus, if you need an additional $10K or $40K for whatever, you can get it IF you or a co-signer have a good enough credit score.



    Quote Originally Posted by bentonmedicine View Post
    acgtac, are these various expenditures (especially the Kaplan course) rolled into the student budget? If so, what category?

    Also, you mentioned that extra loan "Tuition Answer." Can a student get more money than what the UAG student budget states, or is that the max no matter what anyway?

    I'm referring to the exact budget at this link, of course:

    School of Medicine - Universidad Autonoma de Guadalajara



    thanks.
    Last edited by acgtacgtacgt; 05-04-2007 at 03:33 PM.
    "You do not truly understand something unless you can explain it to your grandmother." Albert Einstein

  10. #10
    acgtacgtacgt's Avatar
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    Yes, it has been available about 1 year. Prior to that, there was a different private loan that required a 650 FICO score. The Federal Plus is not as demanding. This is nice because a medical student with low enough debt to have over a 650 can sometimes be difficult.


    Quote Originally Posted by cabrillo View Post
    I am assuming that the federal plus loan is something new right?
    "You do not truly understand something unless you can explain it to your grandmother." Albert Einstein

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