08.14.07 | 5 Steps to Funding Your Graduate Education
Figuring out how to pay for grad school can be a confusing time. Most undergraduate students have parents that help them through the financial aid process..but as a graduate student, it is likely that you are on your own. Here are the top 5 Steps every prospective graduate student should follow, in order to ensure you have your tuition covered, come time to pay!
1. Renew Your FAFSA!!!
∙ Graduate Students are not eligible for grants from the Feds, but they are eligible for Federal Student loans…which are a great resource to help pay for school. Graduate Students can get a total of $20,500 per graduate school year for the Stafford Loan. You also have other options such as the
Grad Plus loan….both of these loans require an updated FAFSA form on file with your school. No FAFSA, no Federal loans.
2. Crunch the Numbers
∙ Graduate school tuition can be tricky because some schools include the cost of living in their tuition costs, and some do not. The ones that include it do not always have an accurate estimate of what those costs will entail. You need to sit down, and figure out how much money you will need to pay for your tuition and for all your living expenses per school year.
3. Choose your Loans
∙ There are so many different student loans out there, so you need to choose carefully. My advice is to always take Federal loans out 1st. If you still need more loans than what the Federal will cover…than consider an Alternative Loan. Just remember: Federal Loans are the best…but Alternative Loans can cover all the rest!
4. Loan Paperwork
∙ Once you know how much you need to borrow you now need to fill out loan Promissory notes. Don’t be fooled, once you submit your notes, keep track of them in process. Make sure there are no issues with them or your with your school. You do not want to be left high and dry, when tuition is due.
5. Organize
∙ One of the most common mistakes students make, is not keeping track of your loan information. Who are your lenders? What is your interest rate? How much interest is accruing on your loans? My advice is to make an excel spreadsheet with each loan listed out. Keep phone numbers and addresses of the lending institutions, and the servicing companies. All this information is very important, and keeping it organized will surely make your graduate school experience a much more enjoyable one!
More Helpful Sites for Financial Aid Info:
Live Podcast
FAFSA Information
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Very Good information my school, just told me today that since I didn’t put their code in the fafsa application, I didn’t get an award letter, had to go back to fafsa and correct my application now its takes three days to five to send to the school, my classes start in 4 days not counting this weekend, so I was told to get a copy of the revised fafsa and bring it to financial aid who still refused me any award letter until the real fafsa arrives to them at ETSU in 3 to 5 days.
IN conclusion, I’m glad you folks are out there helping students I wish you could e-mail them all this “GREAT INFORMATION” that they need to know.
Well, thanks again….
and remember, “Goodness Is the Only Investment That Never Fails.” —Henry David Thoreau
Sincerely, Tom Birchfield, Master’s Program, ETSU,
Fall 2007
August 21st, 2007 | #