Your graduate financial aid award package will tell you what types of education loan programs you are eligible to accept. Generally, your financial aid package will be composed of four types of aid:
Your
eligibility for each type of financial aid is determined primarily by financial
need, which in turn is determined by a variety of tools like the FAFSA and the CSS
PROFILE. On the other hand, graduate private student
loans are not need-based - approval is based on your credit and can cover
costs not covered by student loans and scholarships.
Try to
get a handle on your financial circumstances. Develop a budget of your monthly
income and expenses and figure out if you can pay educational costs from
assets, savings or cash. Remember, every dollar you pay (rather than borrowing)
will save on repayment and interest charges.
Undoubtedly,
there are going to be large numbers thrown around in your research and
discussions with graduate schools. Don't dismiss a grad school because of its
high cost. Learn more about the school's graduate financial aid policies and
consider the benefits of an education from that institution. Then, relate those
factors to your resources and how you might meet the costs.
Never
stop looking for graduate financial aid! There are numerous scholarship
searches, organizations and foundations that may be able to help. Take an
active role in seeking these resources and start with our College Scholarship Search page.
The
trick for finding scholarships is to start early - and search often. We
recommend starting at Student Scholarship Search as it does not require you to enter any personal information and you can get
right to where you need to go without any user names or passwords.
Check
with your school's financial aid office, talk with friends, and search Google.
Finding scholarships is possible and is in your hands. Graduate students have
some different options that are not available to undergraduate students,
including Graduate
Fellowships. There are also many more assistantships available to the more
mature graduate level student. For many of these programs, you will want to
talk with the dean or a faculty member of the program you are enrolling in.
According to ED statistics, your school is likely to provide nearly as much of your graduate funding as the federal government is. To find out what aid is available at your school, contact the financial aid office as well as a faculty member in your area of study. For instance, if you plan to seek a Master of Arts in French Literature, you might speak to the Chair or the Director of Graduate Studies for the French department.
Keep in
mind that federal loans with the lowest interest rates and with the most
options for deferring payment are awarded to those with the greatest need.
Various loan types are available. You may not be eligible for all of the loan
programs - your school's financial aid office determines your eligibility for
both loan and non-loan programs.
There
are a variety of low-interest student loans and other aid programs available to
graduate students through the FFELP and Direct Loan Program. Many are similar
to the undergraduate yet with higher annual loan limit amounts. Others are
unique to a graduate student's specific area of study. In addition, many
lenders offer private loans to meet graduate need.
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