wondering on what I should accept for my financial aid/loans?

TheSquire, DNP, APRN, NP · Aug 18, 2008

Pell Grant is a Grant, you'll never have to pay it back. Stafford you have to pay starting 6 mos afterwards, unsubsidized stafford will accrue interest while you're in school, subsidized will not. You won't have to pay interest on the unsubsidized while in school - they'll just tack it on to what you owe once you get out.

You should have, somewhere, a list detailing your "estimated cost of attendance" to the school. This'll include tuition, fees, books, uniforms, and other supplies, as well as cost-of-living items such as Room, Board, and Transportation, as well as an allowance to let you spend money as you see fit. If you're going to be living at home and not paying your folks rent, or you'll be biking everywhere instead of driving, you may want to talk to your school's Financial Aid dept about reducing the size of your award.

pharmgirl · Aug 18, 2008

I went through the same decision process with my husband. Except I didnt go for an unsubsidized. My thinking was this.....where else am I ever going to get a loan at 6% that I don't have to pay back until I am out of school for 6 months. I don't need the loan for tuition or books as my Pell covered that but I accepted the Stafford anyway for "just in case" stuff. It will sit in a savings account for if/when I need it but its less stress knowing its there.

I dont know what your situation is, family? kids? mortgage? etc. But if you have outside financial responsibilities other than school you might want to think about doing the same. Just for the "just in cases". Its one less thing to distract from nursing school

nyemt195488 · Aug 18, 2008

Mine was also similar and since I am commuting and have a 2 year old I accepted everything. Because the loans can be used for transportation, childcare, educational expenses, books, meals, etc...So I figured it an emergency came up I could request the refund from my school and if not then just roll it over to spring semester. We also have a campus spending account here that we can use at the bookstore and little department store on campus, I used the max 3000 from my student loans and put it in that so I did not have to worry about money for books, pens, paper, binders, scrubs, shoes, supplies, laundry stuff, etc. I know I won't use but half of it this semester as books are 1500 for this semester so I figure I will roll that over also to next semester. Then when my loan comes in for next semester I will only keep what I am short from what I rolled over so I probably wont need my unsub next year at all. You have to be careful how much you accept over what you actually need because there is a cap on cumulative amount for 2 year and 4 year. Any other questions let me know as this is my 3rd time around with all the financial aid stuff having 2 degrees in EMS now going to get my RN so I can be a flight nurse

pharmgirl · Aug 18, 2008

in EMS now going to get my RN so I can be a flight nurse

You're my hero!!!! Would love to flight nursing someday. Spent many years on the rescue squad of a small town while I was a teenager and +. Good luck to you and I envy you.

****sorry didnt mean to hijack the thread***

cc33702 · Aug 20, 2008

Can you be denied Stafford loans? I haven't applied yet because I'm only going part time for now for pre-reqs, but I don't think I'll be able to afford nursing school if I can't get something, and I have a degree already so I'm not eligible for Pell. My concern is that my EFC is not zero (although I don't know where they get they idea that I can contribute as much as they say I can, I certainly don't have the cash lying around)...

Is there anything special you need to do for consideration for a Stafford loan? Or just go ahead and apply with a lender and they give it to you?

Mine was also similar and since I am commuting and have a 2 year old I accepted everything. Because the loans can be used for transportation, childcare, educational expenses, books, meals, etc...So I figured it an emergency came up I could request the refund from my school and if not then just roll it over to spring semester. We also have a campus spending account here that we can use at the bookstore and little department store on campus, I used the max 3000 from my student loans and put it in that so I did not have to worry about money for books, pens, paper, binders, scrubs, shoes, supplies, laundry stuff, etc. I know I won't use but half of it this semester as books are 1500 for this semester so I figure I will roll that over also to next semester. Then when my loan comes in for next semester I will only keep what I am short from what I rolled over so I probably wont need my unsub next year at all. You have to be careful how much you accept over what you actually need because there is a cap on cumulative amount for 2 year and 4 year. Any other questions let me know as this is my 3rd time around with all the financial aid stuff having 2 degrees in EMS now going to get my RN so I can be a flight nurse

nyemt195488 · Aug 20, 2008

I have an associates degree already and was granted a pell grant. As for the stafford loans, when you complete your FASFA put on that you are interested in loans. Then the school will certify that you are interested in loans. Then they will tell you what your loan maximum available is. Then you do the entrance counseling for the loan. Then choose your lender. Higher Education Services will then guarentee the loan. Then your lender sends your request to your school. The school verifies the amount they certified you needed or wanted. Then the loan is granted and sent to your school about 10 days before the semester starts.

rehab1107 · Aug 20, 2008

I applied for the stafford loans as well and on my college website it broke everything down for each loan per semester. I just went on to check something and all of a sudden the stafford loans say $0. I just picked up a book from the college that was paid for by my stafford loan yesterday. Why would all of a sudden it say $0? This is all new to me and i am so confused about the whole process. I also got a letter about a month ago from financial aid stating they used some of the stafford towards tuition. I have never been asked to choose a lender either like some of you are stating. Help, I am really confused! Also, once all funds are put toward fees, books, ect...how do you get the rest to use for expenses and stuff from the college? I go to Cumberland County College in NJ. :eek: