Graduate Financial Aid

The Graduate Plus loan is a great loan to utilize if you are going to be a foreign enrolled student…(this means that you are attending a school abroad, that is not in anyway affiliated with University in the U.S.). However, there is a slight pitfall that many potential grad students should be aware of. Not every school abroad, is able to accept a Graduate Plus loan to help pay for tuition or living expenses….What does this mean? Most students say…”it’s a loan for me…why does the school have to approve it”? Keep in mind folks that the Grad plus loan is still a United States Federal Loan….even if you are not studying here….so here is some advice:

1. Before you decide what school you are attending overseas…check with each of your options and see if the financial aid office at that school is equipped to “certify” this type of loan. The Graduate Plus loan will be sent to your school, not to you…so this is very important…especially if you are counting on this loan to help you pay your tuition

2. Once you decide on a school, and you are certain you can take this type of loan out…you now need to make sure your FAFSA form is updated…and renewed. You will need to send a copy of your Student Aid report to your school abroad.

3. Now It is time to apply! You can fill out the application on Gradloans.com…and you will get pre-approved right away…if you get denied (since this is based on your credit history)….you can always add an endorser to the loan, in order to get it approved.

4. Keep a copy of ALL documents…especially the MPN…some schools require copies of this.

5. Make a checklist of all documents the school requires regarding this loan…it is up to you to provide the school with all these forms in order to get this loan certified.

Communication is often difficult between lenders, and schools abroad, so I recommend that you be the middle woman….keep track of who has what, and who needs to send which forms. Any questions? Leave a comment or email our help box: Here!

Helpful Sites

Graduate Loans
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Sometimes I feel like a broken record – clean out the fridge, load up on vitamin C during cold season, clean the closets, etc. But, there is one tip that I cannot stress enough – when financing a graduate school education, always look at scholarships for FREE MONEY. The Student Loan Network offers a few options for Graduate students who are looking to add a little more funding to their existing financial aid package of Stafford and Graduate PLUS loans or private student loans.

Check out ScholarshipPoints.com – it’s a new, interactive way to earn points towards a monthly drawing of $250 and a quarterly drawing of $1000. All you need to do is fill out surveys, review products or refer friends – the points start to add up and you get entered into the drawings. Warning – I’m back to my broken record self, I think, but why doesn’t want to get an additional source of graduate school funding??

Another great site is StudentScholarshipSearch.com. This site is a bit more traditional in the sense that you need to fill out the applications and fulfill the requirements of the scholarship before you can be considered. However, isn’t it worth it?

Take advantage – CASH IN!!

To apply for graduate financial aid you must follow the same path as when you were an undergraduate. You will need to get your tax return in order for the previous year of which you are applying. You then need to complete the FAFSA form.  You can do it right on line by going to www.fafsaonline.com

Another important aspect of financial planning for grad school is to review your credit.  Your credit can be a factor in your admissions decision.  It can also be a factor if you need to borrower private loan funds to supplement your financial aid award.  Private loan funds can be used for living and travel expenses, exam prep, laptops, etc.

Lastly it is never to early to begin the plan for how to repay your student loans.  When you graduate and look for a job, if you are a candidate they really want. Negotiate paying some of the balance of your student loans. There may be better tax benefits to doing that as well.