Law School Discussion

Deciding Where to Go => Financial Aid => Topic started by: JuanTwoThree on July 16, 2007, 06:53:43 PM

Title: I have no idea what I'm doing.
Post by: JuanTwoThree on July 16, 2007, 06:53:43 PM
I applied for loans through some online service a few weeks ago but I don't know whats going on there. I've asked some people at the school what to do but I am so lost. I've never had to get loans for anything before.

I just get a bill saying I have to pay a lot of money in 1 month and I have no idea what to do.

What do I do?
Title: Re: I have no idea what I'm doing.
Post by: bamf on July 17, 2007, 09:32:26 AM
if you applied for a loan online the company should be sending you Master Promissory Notes (some places make them available online in pdf format, so check to see if you have an online account with the lender).  There are separate MPNs for Stafford and Grad PLUS loans, you will need to sign both.  Then, from what I gather, the lender contacts your school to make sure you are eligible for the funding you requested.  The school says yes he is, they tell the lender when the disbursement date should be and that is about it.  After that I believe the school gives you the money that is intended for non-tuition expenses.
Correct me if I'm wrong about any of this stuff, I was in roughly the same place about 2 weeks ago.
Title: Re: I have no idea what I'm doing.
Post by: Jen2bJD on July 17, 2007, 11:11:46 AM
I'm glad other people admit they don't know what they are doing regarding all this financial aid stuff, too.

I just got my acceptance letter from Pitt Law last week, so I feel like I am behind the curve. I did my Fafsa in March, and now I THINK I am waiting to hear from my school about what loans I am eligible for (?). Or at least hear from them about something. My school financial aid department already e-mailed me telling me the cost of attendance and referring me to their financial aid webpage. But shouldn't they send me something that talks about MY personal financial situation?
 

Since I'm not sure, I e-mailed the financial aid deparment at Pitt.

Man I am lost. Good times.  8)
Title: Re: I have no idea what I'm doing.
Post by: bamf on July 17, 2007, 01:13:14 PM
But shouldn't they send me something that talks about MY personal financial situation?
 

yeah, they should send you a financial aid offer ... even if it only consists of loans.  They should tell you how much Stafford funding you qualify for.  If you don't get this soon you should call them and ask.  But if you got offers from other schools that included stafford eligibility it will probably be the same from Pitt (barring any crazy scholarship).
Title: Re: I have no idea what I'm doing.
Post by: Forget Money, Read a Book on July 17, 2007, 02:05:50 PM
I'm glad other people admit they don't know what they are doing regarding all this financial aid stuff, too.

I just got my acceptance letter from Pitt Law last week, so I feel like I am behind the curve. I did my Fafsa in March, and now I THINK I am waiting to hear from my school about what loans I am eligible for (?). Or at least hear from them about something. My school financial aid department already e-mailed me telling me the cost of attendance and referring me to their financial aid webpage. But shouldn't they send me something that talks about MY personal financial situation?
 

Since I'm not sure, I e-mailed the financial aid deparment at Pitt.

Man I am lost. Good times.  8)

Congrats!!!!  On Pitt, not being confused...
Title: Re: I have no idea what I'm doing.
Post by: Jen2bJD on July 17, 2007, 03:00:36 PM
Thanks for the congratulationsm FMRAB. I am SO pumped!

And thanks for the info, and for not making fun of me bamf.  haha :)
Title: Re: I have no idea what I'm doing.
Post by: Sweetpri on July 20, 2007, 05:14:55 AM
I'm lost too - but only because of my school.  I wanted to go through THE or Nellie Mae for Grad Plus but they are not set up to process grad plus for University of Toledo (whatever that means).  Getting in touch with my school is so difficult so I'm just waiting for now!  At least I got the stafford out of the way! 
Most places will let you sign the MPN online, or just print it out.  It's much easier.
Title: Re: I have no idea what I'm doing.
Post by: Leo on July 21, 2007, 03:09:07 PM
Add me to the list of lost people. Can money from Stafford loans only be used for educational expenses? If so, is Gradplus money for personal expenses then?
Title: Re: I have no idea what I'm doing.
Post by: almostlegal on July 21, 2007, 04:31:10 PM
Graduate plus loans can only apply to tuition.

Stafford loans can be applied to cost of living.
Title: Re: I have no idea what I'm doing.
Post by: Sweetpri on July 22, 2007, 01:22:41 PM
Graduate plus loans can only apply to tuition.

Stafford loans can be applied to cost of living.

Where did you read that about grad plus loans?  I really thought you could use grad plus for any education-related expenses (rent, textbooks, computer)....
Title: Re: I have no idea what I'm doing.
Post by: almostlegal on July 22, 2007, 03:34:34 PM
Graduate plus loans can only apply to tuition.

Stafford loans can be applied to cost of living.

Where did you read that about grad plus loans?  I really thought you could use grad plus for any education-related expenses (rent, textbooks, computer)....

When I applied for my Graduate plus loan, the website said that it could only be applied to tuition.  Of course, I would check with your school's financial aid office.  It could just be at my school, or something like that.
Title: Re: I have no idea what I'm doing.
Post by: bamf on July 22, 2007, 03:46:58 PM
yeah GRAD Plus covers tuition plus the school's estimated cost of living
Title: Re: I have no idea what I'm doing.
Post by: queencruella on July 22, 2007, 04:05:10 PM
I applied for loans through some online service a few weeks ago but I don't know whats going on there. I've asked some people at the school what to do but I am so lost. I've never had to get loans for anything before.

I just get a bill saying I have to pay a lot of money in 1 month and I have no idea what to do.

What do I do?

What happens is that you either fill out the Master Promissory Note online or they'll mail you something. My lender does everything online. I forgot to do it during the application and they sent me a little reminder note telling me to go back and e-sign it. Your school may also have some sort of pre-loan counseling form you have to fill out before they'll approve your loans initially. Again, if you forgot to do that or send in some important document, you'll usually get a letter from the school telling you they can't continue processing your loans until they get that info. I know my school is really confusing because the lender I use has two options for my school and if you pick the wrong one you cannot complete the application process. Of course they don't put that information anywhere on the site and I had to pick one for the Stafford and the other choice for my private loan.

Your loan money will be sent to the school before the school year starts and you will get back whatever isn't used for tuition in fees. I know that the grad plus loans didn't come until VERY late last year and so far as I know my school was fine delaying tuition payment for those students until the money came in.
Title: Re: I have no idea what I'm doing.
Post by: Leo on July 22, 2007, 05:29:51 PM
Graduate plus loans can only apply to tuition.

Stafford loans can be applied to cost of living.

Where did you read that about grad plus loans?  I really thought you could use grad plus for any education-related expenses (rent, textbooks, computer)....

When I applied for my Graduate plus loan, the website said that it could only be applied to tuition.  Of course, I would check with your school's financial aid office.  It could just be at my school, or something like that.

I still need to apply for gradplus. When I applied for Stafford I read that it could only be applied to education-related expenses, which I thought was weird since it conflicted with what I read from my school's finaid office. Maybe "education-related expenses" is a broad category
Title: Re: I have no idea what I'm doing.
Post by: almostlegal on July 23, 2007, 05:54:26 PM
Graduate plus loans can only apply to tuition.

Stafford loans can be applied to cost of living.

Where did you read that about grad plus loans?  I really thought you could use grad plus for any education-related expenses (rent, textbooks, computer)....

When I applied for my Graduate plus loan, the website said that it could only be applied to tuition.  Of course, I would check with your school's financial aid office.  It could just be at my school, or something like that.

Is your school or your school's (preferred) lender imposing this restriction?  You might want to check with the DOE's official limits on GradPLUS to make sure you're not getting shafted.


Yeah, when I saw Bamf's post I was about to be miffed about this, but I already got my cost of living loans through MEFA and I think it may have worked out better for me.
Title: Re: I have no idea what I'm doing.
Post by: almostlegal on July 23, 2007, 05:59:32 PM
Graduate plus loans can only apply to tuition.

Stafford loans can be applied to cost of living.

Where did you read that about grad plus loans?  I really thought you could use grad plus for any education-related expenses (rent, textbooks, computer)....

When I applied for my Graduate plus loan, the website said that it could only be applied to tuition.  Of course, I would check with your school's financial aid office.  It could just be at my school, or something like that.

I still need to apply for gradplus. When I applied for Stafford I read that it could only be applied to education-related expenses, which I thought was weird since it conflicted with what I read from my school's finaid office. Maybe "education-related expenses" is a broad category

I think "education-related expenses" and "cost of education" both include tuition, supplies, and cost of living.  Does that sound right?

I'm really beginning to appreciate it when they spell it out for me.