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Author Topic: Would anyone be willing to describe the fi-aid process they went through?  (Read 5466 times)

I am Penny Lane

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I know a lot of people (such as myself) do not know the first thing about financial aid. Would anyone be willing to give us a time line account of what they went through to get their scholarship (merit and need based) money and financial aid loans?
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bamf

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Just make sure you get your FAFSA and any other forms (some schools require Need Access or even their own financial forms) filled out on time.  Everything else will be pretty well laid out by the school, hopefully.  You can do some research on lenders but there are a few that most people seem to use: CitiBank, Wachovia, Total Higher Education, Access Group come to mind.  It really isn't a whole big process ... once your get your final aid package from the school you deposit at you will sign a Master Promissory Note and request funds (you will have to do this separately for Stafford, Grad PLUS or private loans if you are using more than one of those options).  The lender checks with the school, the school lets them know how much you should be asking for, the lender cuts the school a check, the school cuts you a check for any leftover (cost of living) funds.  The end.
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Denny Crane

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Yeah, what bamf outlines is pretty accurate.

I believe some schools help guide you through the process better than others, though. (Yale isn't one of those schools).
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Jen2bJD

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Tetris

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Let's say your parents are broke and you have no money saved up.  Let's say you get accepted into a good school like Boston College but it costs like $35,000 a year and with Federal Aid and the school's aid you still need to come up with $20,000 to go to school... how easy is it to get that $20,000 from alternative sources?  Is it conditional on one's credit score?  Or since its law school do you just get the loans since they figure you'll make a bunch when you graduate?  It just seems like so much money...
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Denny Crane

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Let's say your parents are broke and you have no money saved up.  Let's say you get accepted into a good school like Boston College but it costs like $35,000 a year and with Federal Aid and the school's aid you still need to come up with $20,000 to go to school... how easy is it to get that $20,000 from alternative sources?  Is it conditional on one's credit score?  Or since its law school do you just get the loans since they figure you'll make a bunch when you graduate?  It just seems like so much money...


Yeah, it'll be relatively easy to get alternative loans (assuming your credit isn't a complete disaster), but your interest rates will depend on your credit history.
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Tetris

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Let's say your parents are broke and you have no money saved up.  Let's say you get accepted into a good school like Boston College but it costs like $35,000 a year and with Federal Aid and the school's aid you still need to come up with $20,000 to go to school... how easy is it to get that $20,000 from alternative sources?  Is it conditional on one's credit score?  Or since its law school do you just get the loans since they figure you'll make a bunch when you graduate?  It just seems like so much money...


Yeah, it'll be relatively easy to get alternative loans (assuming your credit isn't a complete disaster), but your interest rates will depend on your credit history.

Do you need a co-signer?  Or does that depend on credit too?
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Denny Crane

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Let's say your parents are broke and you have no money saved up.  Let's say you get accepted into a good school like Boston College but it costs like $35,000 a year and with Federal Aid and the school's aid you still need to come up with $20,000 to go to school... how easy is it to get that $20,000 from alternative sources?  Is it conditional on one's credit score?  Or since its law school do you just get the loans since they figure you'll make a bunch when you graduate?  It just seems like so much money...


Yeah, it'll be relatively easy to get alternative loans (assuming your credit isn't a complete disaster), but your interest rates will depend on your credit history.

Do you need a co-signer?  Or does that depend on credit too?

Most of the time you don't need a co-signer, but having one will help secure a lower interest rate, especially if your credit history isn't very deep or you have bad credit.
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bamf

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if you happen to go to Boston College, or any other school in MA, you will have the awesome option of MEFA private loans, which are better than Grad PLUS right now (permanent 6.89% interest rate)
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Denny Crane

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if you happen to go to Boston College, or any other school in MA, you will have the awesome option of MEFA private loans, which are better than Grad PLUS right now (permanent 6.89% interest rate)

New York has a similar low-interest loan program, but you need to both be a New York resident and be attending a law school in New York in order to qualify.


Bastards  >:(
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