<p>can somebody help me with the financial aid reward ive gotten from an out of state college i really like?
i have no idea how it works... its so confusing...</p>
<p>for loans,
- Fedral perkins loan program : 2000.
- federal sub stafford loan : 3500.
- federal unsub stafford loan : 2000.
- federal parent plus loan: 19067.
these are per year.</p>
<p>whats sub and unsub?
and i know that parent plus loan should be paid every month while im still in school and that the rest can be paid after 6 months of graduation....
is that correct?
also, how much sud i pay a month for the parent plus loan?</p>
<p>Sub means that the interest on the loan is subsidized while you’re attending school at least half time. Interest charges on sub loans begin when you graduate or leave school and, for all Stafford loans (sub or unsub), there is a six month grace period after that before repayment begins. Perkins loans have a nine month grace period. Subsidized loans also have a better interest rate, at least for the next few years!</p>
<p>Parent PLUS loans can be set up so payment doesn’t begin until after the student graduates, and this may be an advantage if your folks can at least pay the interest on them while you’re in school. The rest of what they can pay should be directed toward tuition, which would hopefully result in a lower PLUS loan and the loan would be paid back in future dollars.</p>
<p>Btw, is that your entire aid package? I hope you have other schools/options!</p>
<p>This is a terrible package.</p>
<p>How much can your parents pay each year towards your college education?</p>
<p>Will they be paying the Plus loans or will you? </p>
<p>Can your parents qualify to borrow $80k in Parent loans (the total for 4 years)? Most parents wouldn’t agree to borrowing that much money and many could not qualify.</p>
<p>$26567 a year in loans? That is over $106,000 at the end of 4 years plus any accumulated interest (on unsub and PLUS) you have not paid as you go. Much too much unless your parents can actually afford the $80,000 in PLUS loans.</p>
<p>I hope you have more affordable options.</p>
<p>Many schools offer the PLUS as a means of meeting the EFC (we do this). So some/all of the PLUS might simply be attributed to the EFC.</p>
<p>This student says “OOS” — meaning that he/she is probably at a public. All that will be offered is standard loans in this case. That’s why OOS is not a good option in many cases.</p>
<p>^^^</p>
<p>I agree. I wish OOS publics were more forth-coming about their inability to meet need without big loans before a student gets their hearts set on a school.</p>
<p>i got about 11000 for grants + scholarship and 2500 work study.
i wanted to go to purdue because of their great pharamcy program…my parents just started their own business and they borrowed money too so they wont be able to afford it.
can i pay the parent plus loan after graduation tho?</p>
<p>You can pay anything – but with what? Your family is already in debt for their new business, and there is no promise that they will qualify this year and in each of the following (six?) years for PLUS loans. </p>
<p>Unless the magic scholarship fairy sprinkles lots of new scholarship money on you, it is time to acknowledge that Purdue does not work for you. It is magical thinking to assume that somehow, some way, you can cobble together something, or that somehow more than $100K in loans is manageable. </p>
<p>I know the grass is always greener on the other side of the state line. But really. There are other schools. There are other schools with pharmacy programs and pre pharmacy programs that would not require you to incur more than $100K in debt. Your life is not ruined if you need to go to one of them. Check the local drugstores and hospitals, and I promise you that most of the pharmacists you meet did not graduate from Purdue. Really.</p>
<p>*i wanted to go to purdue because of their great pharamcy program.…my parents just started their own business and they borrowed money too so they wont be able to afford it.
can i pay the parent plus loan after graduation tho? *</p>
<p>Ok…sorry…but this is insane!!! You don’t borrow a bunch of money when you need to also pay for Pharm school!!! </p>
<p>(besides…it is nonsense that Purdue is going to do a better job at pre-pharm than many, many other places - and I like Purdue…my H is a Purdue grad).
**
What other schools did you apply to?**</p>
<p>(The plus loans will be in your PARENTS’ names based on THEIR credit. If they are already in debt, they won’t qualify for all the years that you’ll need.)</p>
<p>i dont mind going to my state college which is va tech. i visited last thursday, liked it and i can afford it : ) </p>
<p>its true that i still wanna go to purdue since im determined to go w that career…i dont have to take pcat and it only takes 6 years to graduate to get pharmd. i liked the school a lott too…lol
i knew that i cant afford purdue…
i just wanted to know how much of money i have to expect to pay back while in school every month from parent plus loan.
i understand other student loans now.</p>
<p>Purdue is very forthcoming about OOS costs. They have a calculator available for OOS students. We used it & found out that the most S would get is a $10,000 scholarship & loans. That made it very easy to say “no” before even applying.</p>
<p>Only UNC-Chapel Hill & UVa say they’ll meet need for OOS students. The thing about public schools is that they are taxpayer-supported, so money needs to be used to meet the needs of the state’s students.</p>
<p>^^^</p>
<p>Oh, good to know…that info will come in handy this fall when OOS kids are thinking that they will get aid from Purdue.</p>
<p>:)</p>
<p>Edited to add…</p>
<p>found it!!!</p>
<p><a href=“http://www2.itap.purdue.edu/onepurdue/finaid/[/url]”>http://www2.itap.purdue.edu/onepurdue/finaid/</a></p>
<p>i dont have to take pcat and it only takes 6 years to graduate to get pharmd. i liked the school a lott too…lol</p>
<p>There are other ways to also get a PharmD in 6 years. You don’t have to do the Purdue route for that.</p>