Going to Grad School

[samcar]

Hi forum,

I was fortunate enough when financing my undergraduate degree not to incur any student loan debt... but I recently got into graduate school and it looks like I will need to take out a loan to be able to finance this degree. What are some GOOD options and what's the BAD I should be keeping away from.

Thanks.

[lrivas4541]

Hi samcar,

I was a graduate student and worked in the financial aid department as part of my work study position. The funding differences are much different than graduate school. The amount that you can receive per year in government loans is still income based but typically much more liberal and higher considering that a graduate education is much more expensive. The amount you will receive can vary by school due to individual expenses. You can talk to the financial aid representative more about this. You should still file your FAFSA as early as possible and have it sent to the schools you are applying. This will make things flow much smoother.

In general, from what I witnessed there is not much, if any, grant money available from the federal government while you are in school. You would have to evaluate what support the school offers and how difficult this may be to obtain. Assistance may come in the form of fellowships, scholarships, grants, and you may or may not have to work in exchange for the monies.

One way that graduate school is a bit different is that depending on what field you are going into there are many federal loan repayment programs available if you choose an employer who qualifies for and/or supports these programs. In some ways these can be more lucrative than the grants you may have received in undergrad. However, if you are not able to complete your studies for some reason you may not be eligible for some of these employment opportunities and will still be responsible for the money.

I hope this helps.

Lucy

[pottins]

I would also suggest applying for a fellowship or assistantship. The assistantship I received was enough to cover all of my fees and tuition as well as about half of my day-to-day expenses.

If you do apply for student loans, only accept what you need. Chances are you will qualify for more than you need, and that really got me into trouble. I was dumb in my early 20's.