Graduate Financial Aid

Before you decide to attend an international school to get your graduate degree, you may want to consider a few things. The biggest thing being, IT’S EXPENSIVE. If you choose to study in the states, most graduate students can get $20,500 a year in the Stafford loan…this is not always the case at schools overseas. If you have a particular school in mind, you want to check a few things. First, contact the school’s financial aid office to see what their policy is with accepting and handling US Federal loans. If they have no idea what you are talking about, you have a long road ahead of you.

When it comes to getting Federal aid for a school here, getting the actual loan certified is a relationship between the school’s FAO and the lender you chose. For school’s abroad, you need to be the middle man/woman. You need to find out exactly what the school needs from the lender, and then you relay that to the lender here. In most cases, you need to follow up on both ends to make sure paperwork has been received and is being processed. It can take a few months to actually get the loan.

In some of the more popular/larger schools abroad, there is already an established relationship between the school and a US lender. Consider yourself lucky if you go to a school like this. Most are not used to dealing with our Federal loan system. In some cases, schools abroad will not accept US federal loans…so you want to check with the school first, before you apply to go there…especially if you are relying on the $20,500 in the graduate Stafford loan. Check out Gradloans.com for more info about getting the Stafford loan for an international school.

Check out these 6 FAFSA tips for graduate students financial aid for the 2008 - 2009 FAFSA form.

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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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:
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Now is the time when most schools are sending out their Financial Aid Award letters to students who plan on attending their school this Fall 2007. Graduate school programs are typically more expensive than undergraduate programs, so the 18,500 that you may be getting in the Stafford loan, may not be enough to cover your tuition and expenses. Or perhaps it is enough to cover your basic tuition, but you still need a loan to help you live while you are attending school. The Graduate Plus loan is a new option for students that is guaranteed by the Federal Government. What does this mean for you? It means that when you complete your education, this loan can be consolidated with your Stafford loan…this will make it much easier for you to manage your debt. It is around this time of year when you should apply for the Graduate Plus loan. If you do not know how much you need to borrow, it is wise to over-estimate when applying, because it is much easier to decrease the loan amount, then to try and increase it once school starts. Typically the loan automatically goes into an in-school deferment, but you may have to fill out a form to post pone payments. This loan does not have a 6 month grace period after graduation…but you can request a forbearance for 6 months after you leave school. For more information on this loan you can visit: Graduate Plus Loan Info

More Helpful Sites for Financial Aid Info:
Live Podcast
FAFSA Information
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January is here, which means a few things.

1) Resolutions…by now, many of you have abandoned your goals and aspirations to do things differently in ‘07. For those of you who have kept it up, congrats! I have kept up on my resolutions a bit - no 6am spinning (YET) but I am faithful at making my coffee, shopping less, and helping others with education financing.

2) Cold weather…I saw on CNN today, there was snow about 30 miles north of LA - so wherever you are, you’re probably in for a chill. Bundle up, dig out the ice scraper, stock up on soup and hot chocolate, and it’ll be April before you know it (yeah right…).

3) FAFSA TIME…Come January, you are able to start filling out the FAFSA form for the 2007-08 school year. While the process can be daunting, regardless of how many years of FAFSA paperwork experience you have under your belt, there are solutions out there. Graduate students really can take advantage of Stafford loan funds, but the FAFSA is requried to do this. Get help with your FAFSA - while you’ll still need to do the application online, there are many sites with helpful tips and tricks to making the process a breeze!!