Graduate Financial Aid

Student Loan Network Announcing Ten Year Anniversary Scholarship of $10,000

Quincy, MA — The Student Loan Network, an Edvisors Company, is marking its 10th anniversary by sponsoring the Ten-Year $10K Scholarship - a special $10,000 scholarship to be awarded in the first quarter of 2008. “We are celebrating 10 years by giving back to our students. It is becoming increasingly difficult to pay for the rising cost of a college education. Our goal for the last 10 years has been to help students find the right solutions - from scholarships and grants to federal and private loans - for them,” said Joe Cronin, President of the Student Loan Network. “What student couldn’t use a $10,000 scholarship?”

Any current full-time college or graduate student – or student who will be enrolled full time by the end of 2008, such as high school seniors – is eligible for this scholarship. By registering at here, students will receive one entry. Each time they refer a friend who registers, they will receive another entry.

“The funds will be sent directly to the winning student’s school,” explained Cronin, “so our only requirement is that the student be enrolled, or will be enrolled, this year. It’s important that these funds are used for tuition and other essential education expenses, and sending money directly to the school ensures that.”

Visit www.studentloannetwork.com/10k to learn more about the Ten-Year $10K Scholarship. Students do not need to be customers of the Student Loan Network to be eligible. No purchase is necessary.

The Holidays are just about past us now and this is the time of year I like to reflect and plan for the future. Generally that starts with my finances. One of my credit cards (one that I use most) sends me a handy year end summary with nice pie charts and graphics of where I have been spent my hard earned dough. This usually prompt me to look at my budget and how I spend money. So when the piece of the pie for shoes is bigger than groceries, I know I need to make some changes. That being said, it is also a good way for me to find places to save more money by knowing where and how I spend.

Taking time to look at your finances and see where you are at is always better than ignoring them. Even if things are going relatively well, it is always a good idea to sit down and look at how you spend money. Much like writing in a food journal, you will be surprised by how easily we loose track of how much we spend.

January is a great time for people to make fresh starts, people resolve to get into shape, quit bad habits, dump that no good significant other for once and for all because he never is going to marr…oh sorry got a little off track there. But you get the picture. Use this time to look at your finances and how you can spend the next year improving your fiscal health.

If you are recently graduated grad student you may want to consider consolidating your student loan debt. Did you know that you can consolidate private loans as well? Private loan consolidation can save you thousands of dollars as well as improve your credit score. Check out www.StudentLoanConsolidator.com for more information. another great site we offer is www.StudentPlatinum.com. This site has a lot of great tips on debt management, credit and overall financial management.

So see you at the gym in 2008 (or the shoe store) and good luck with keeping those resolutions!

One of the things I love about working here at the Student Loan Network is that we are a fun bunch of cool cats. A meeting never goes by without a hearty laugh or chuckle about something sometimes even at my expense! 1250 Hancock is truly a fun place to work. So now that the holidays are upon us we are doing our annual “Secret Santa” gift exchange and knowing my colleagues, this is going to be fun and challenging.

We have set a limit at $25 and over three gifts over three different days. This scenario requires quite an imagination and some skill. It was requested that we blog to give some hints about things we would like to receive. Since Chanel bags don’t cost $25 well the knock-offs in NYC do but eww… tacky.

Anyway here are some things that make me, me!
Love most types of music (not really a country western fan though)
I love to work out and if I am not in Yoga I am running or hitting a step class
I love to read
I love movies (have a tendency towards complex plots, think pieces and documentaries)
I can never have too many hair elastics
I love Cabernet, Pino Noir and Zinfandel wines
I am almost always out of gas (yes I still drive an SUV!)-but not much anymore though-trying to be green
I don’t like candy
I don’t eat seafood
I like soy candles

Hopefully that is enough info for the fortunate person who gets to present me with a gift!
Enjoy the holidays and remember to laugh!

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
Fafsa
Add me as your friend!

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.

You filled out your applications on time. You have submitted and signed your documentation. You have dotted your i’s and crossed your t’s so what in the world is taking so long with your loan disbursement

There are a number of reasons student loan processing is going a bit slower than in previous years. Scandals in the student loan industry have made many students leery of their school’s preferred lender lists and have prompted them to seek their own lenders, mostly online. On the other hand, schools have had to scramble to get new processes in place, update website and financial aid collateral to reflect the changes in the industry and inform borrowers of their right to choose a lender. Schools, lenders and guarantors have had to certify those loans in various different ways. Historically, schools have had processes in place that while expediting the process, limited borrower choice. The result has been longer than expected processing times and later than usual disbursement dates.

If you are waiting for loan funds to come in, here are some tips to expediting the process:

1) The best way to get information on your loan is to speak with the lender you applied with. Your lender will be able to tell you if your loan is complete and if a certification request was sent to your school.
2) Be sure you have completed all of your loan documentation. Don’t just assume that you are done. Ensure that if you have signed and returned your Master Promissory Note and that it has been sent to your school for certification.
3) Double check with your school to verify they have received a certification request from your lender or guarantor.
4) If your school states that they have not received a certification request and your lender and or guarantor states that one was sent, verify the date and how the certification was requested. Then ask your school’s financial aid office to contact your lender to get the certification processed. If your lender states that the certification request was faxed, verify the fax number with the lender and the school. This will help speed up the process of getting your funds.
5) Lastly, double check your school’s preferred disbursement date. Your loan may be ready to be disbursed but your school ultimately decides when the funds are to be credited to your account. Knowing when your disbursement date is helpful especially if you are expecting a refund from your school.

It is a challenging year for everyone in the student loan industry but we are all committed to ensuring borrowers have choice and ease of process. For more information on the student loan process, please visit our website at www.GradLoans.com.

I recently read an article on Graduate student and the debt burden that they often carry - not only is undergraduate school debt often present, but graduates typically don’t have the parental/family contribution that they had while an undergrad student. As the article mentioned, graduates have about $8,000 in credit card debt - made up of charges from books, transportation and college or university fees. It also doesn’t help that most undergraduates graduate with about $3,500 in credit card debt, so it’s no surprise that the bills keep racking up.

The best option for graduate students is to consolidate all undergraduate debt. On a Federal loan consolidation, payments and interest rates are fixed for life, meaning no “surprise” monthly bills that creep up on you. The best part, is that payments can be fully deferred while you are enrolled in school.

The Federal Stafford loan is now even better than ever. Aside from the low 6.8% fixed interest rates, recent updates as of July 1, 2007 have made this program the best option for graduate students to start with when financing a graduate education.

First, the annual loan limits for Graduate students has been increased, to allow students to borrow more unsubsidized funds per year. While the limit for subsidized funds (where the government covers your interest payments while in school) remains at $8,500 per year, graduate students may now borrow $12,000/year in unsubsidized funds. This means a graduate student could borrow up to $20,500/year at the low 6.8%! Medical students have been also granted an increase in funds - up to $40,500/year ($32,000 in maximum unsubsidized funds.)

Another important update is the reduction of origination fees. Stafford origination fees were once 3% and that 3% was deducted from whatever balance was sent to the school. Now, the origination fee is 1.5%. It is scheduled to decrease by .5% each July 1 so that in July of 2010, the origination fee will be completely eliminated!

Graduate students should always take advantage of the Federal Stafford loan and, even better, the new eSignature application that allows students to complete their application today.

Let’s start off easy…
Federal funds are the place to start when financing a graduate school education -
Your first stop should be the Graduate Stafford Loan. Rates are not increasing this July making it the most affordable option, aside from scholarships, which are the best since they don’t have to be repaid. Apply for the Stafford loan for the fall semester. While funds will not be disbursed (sent to your school) until closer to the semester start date, it’s good to get the application done now.

Assume you were awarded the maximum Stafford loan funds but still have more unmet need (which most Graduate students do as programs are often more costly than undergraduate education). How do you finance the rest?
Graduate PLUS Loan - this loan has just been out for a year, is Federally backed (like the Stafford Loan) and allows you to pay up to the cost of education. It needs to be certified by the school and your school gets the funds.

What if you need the money yourself to help pay living expenses or buy a computer?
Private student loans are the way to go, as you receive the funds yourself. Rates are variable and based on the credit of you and/or your co-signer. But, again, you get the funds yourself so you can use them on whatever education related expenses you have.

One of the best features of all three loans mentioned above is that repayment on all is deferred until after you graduate - no worrying about making payments while in school!

This is a great site (with a new design) that will help Graduate students with graduate school financing.