I have been accepted to the University of Oklahoma and I am going to attend next Fall. I’m an in-state resident so tuition will be about $11,000 and my parents will be moving to Norman as well so I don’t have to pay for room and board. Books and fees will total up to about $700. The total cost will be around $12,000. I have received $1,300 in financial aid so far from FAFSA and I’ve been offered the Direct Stafford Loan (Unsubsidized) worth $3,500. I have applied for nearly 30 scholarships and I’m hoping I win a few to help cover the cost. I have been looking at some loan options such as: institutional loans, private loans, etc. Which ways would be the best to cover my four years of undergraduate school, since I will be attending medical school to pursue becoming a cardiologist?
Always take the Stafford loans first. It seems strange that you received $1300 in need based aid and the $3500 is in unsubsidized loans. Are you sure it isn’t $3500 in subsidized loans, plus $2000 in unsubbed? You should be eligible for the full $5500 in loans.
We don’t know if the institutional loans are better than private (usually are) because the school will set the rates and terms.
Before taking loans, look at other sources for money like working. With a cost of $12k, loans of $5500, FA of $1300, the gap is only about $5k. Can you get a job now? If you get a little in scholarship money, you’ll be set.
My unsub loan is worth $2,000 while my sub loan is worth $3,500, I read it backwards. I have had a job but by the time school starts next Fall I will only have anywhere from $1000-1500 saved up.
The institutional loans seem like they could help legitimately. They have many different options to where I wouldn’t have to pay any interest until after college or if I want I can pay throughout college.