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Session Five:


Federal Loan Requirements. You must be a United States citizen. You must have good credit. ... Credit Report. Many of the graduate loans will be ... – PowerPoint PPT presentation

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Title: Session Five:

Session Five
  • Paying for Graduate School

Considering graduate school but concerned about
how you are going to pay for it?
  • There is money available in the form of grants,
    work study, scholarships, and loans

How much will it cost?
  • Tuition alone can range from a few thousand
    dollars to more than 30,000 a year

Calculating your expenses
  • Remember to add in the cost of housing, food,
    books, transportation, and personal expenses.

Illogical but useful!
  • It can be cheaper to go to an expensive school.
  • Ph.D. can be chaeaper than M.S.
  • Cheaper to borrow and repay than to go part time.
  • No matter your income - apply.

When Should I Start to Apply For Financial Aid?
  • NOW! Many schools include Financial Aid
    applications in the application process.
  • Some Scholarships are given to individuals before
    they are accepted to a program.
  • Each school is different. Check with them.

Federal Loan Requirements
  • You must be a United States citizen.
  • You must have good credit.
  • You can barrow up to 18,500 per year.

Types of Financial Aid
  • Families. Your Rich Uncle!!!
  • Scholarships from private institutions
  • Scholarships from Govts, business,
    philanthropists, associations, etc.
  • Work study.
  • Teaching and Research Assistanships
  • Tuition Waivers
  • Federal loans (Stafford)
  • You should always apply for financial aid even if
    you have other means of paying for school.

  • Some schools will offer students a financial aid
    award at the beginning, but will decrease the
    award over time.
  • Ask How reliable is your financial aid year to
    year? Is the first year offer always sustained,
    given attainment of academic goals?

Merit-Based Aid
  • Merit-based financial aid is awarded on the
    basis of personal achievements or individual
    characteristics. It usually comes in the form of
    scholarships or grants. Don't despair. Not
    everyone who is awarded merit-based aid is a
    genius. For example, some schools, particularly
    schools that are trying to maintain or increase
    their enrollment, may award scholarships to
    students with grades or test scores that are not

Need-Based Aid
  • Eligibility for need-based financial aid programs
    is determined by one of two need-analysis
    formulas that seek to measure a family's
    financial strength and ability to pay for school
  • 1. Federal Methodology A need-analysis procedure
    developed by Congress used to calculate family
    contribution (FC).2. Institutional Methodology
    An alternate method of calculating FC used by
    individual schools to determine eligibility for
    institutional and non-federal aid.

Methods of Finance
  • Military Fellowships
  • Loans Grants
  • Private Loans Tuition waivers
  • Parent Loans
  • You should always apply for financial aid even if
    you have other means of paying for school.

FAFSA (Free Application for Federal Student Aid)
  • Most graduate schools require that you apply for
    the FAFSA
  • Its easy and could save you thousands of dollars.

Federal Perkins Loan
  • Eligibility for the Federal Perkins Loan is based
    on demonstrated need using the federal
    need-analysis formula. Each participating college
    has a pool of money from which they make these
    five percent loans directly to students. The
    college decides the amount of the loan and
    chooses the recipient. Although you must repay
    this loan to your school, interest does not
    accrue while you're a student, and you do not
    begin repayment until nine months after

Federal Perkins Loan
  • Available at a limited number of schools
  • Determined by the school based on the information
    in your FAFSA application
  • The maximum annual loan is 5,000

Federal Stafford Loan
  • The Federal Stafford Loan is available to
    undergraduate and graduate students in two
    distinct types subsidized and unsubsidized.
    Students may qualify to obtain funds through
    either or both types.
  • The subsidized Stafford is need-based.
    Eligibility is determined by each financial aid
    office based on demonstrated financial need. The
    unsubsidized Stafford loan program has basically
    the same terms with the exceptions that
    eligibility is not based on need and interest
    accrues even while the borrower is in school.

Private Loans
  • Based on the students credit history.
  • Most banks and lending institution offer some
    type of student loan,

Repayment of Loans
  • Consolidate your loans for one easy payment
  • You can extend your repayment period to a maximum
    of 30 years, but you will pay more interest in
    the long run
  • No penalty for early repayment

Loan Repayment Assistance Programs
  • Graduates working in low-paying and / or public
    interest jobs can qualify for this program
  • To learn more check with the financial aid office
    of the school in which you plan to attend.
  • Pay off your loan as soon as possible so that
    your life is not burdened by debt

Federal Work-Study
  • Work part time during the school year and full
    time during the summer months
  • Work on campus or in a variety of jobs located in
    various agencies such as nonprofit agencies
  • Check with the school that you want to apply to
    to learn if they participate in this federal
    program and to obtain further information

Where to Look for Military Aid

Credit Report
  • Many of the graduate loans will be based on your
    credit report.
  • Obtain a copy of your report before you apply for
    a loan and get any discrepancies that appear on
    your report taken care off.
  • Clear up your record and keep it clean.

Credit Report Companies
  • Experian 888-397-3742
  • Equifax 800-685-111 www.
  • Trans Union 800-916-8800

Over 500,000 of scholarship
  • money is available for students interested in
    Study Abroad Grants, Internship Grants, and
    Post-Graduate Scholarships, from the National
    Honor Society of Phi Kappa Phi.  
  • Scholarship applications
  • http//  

  • Free, just login and sign up.
  • Lots of great information, if you dont mind all
    the little sales pitches.
  • Something for everyone
  • News letters
  • Financial Aid Information

Rule of Thumb
  • Live like a King off student loans while in
    graduate school, you will live like a graduate
    student as you repay the loans when your working.

  • Calculate your expenses, obtain the necessary
    funds and then create a strict budget.

Keep Going
  • Obtaining a graduate degree is a matter of
    persistence not brains.
  • The cost of graduate school will pay for itself
    in the long run.
  • Create a budget and stick to it.
  • Remember with Persistence and Hard Work, you can
    achieve any goal.

(No Transcript)
Finding Financial Aid
Resources for Financial Aid
  • Options for Aid
  • -Military Aid
  • -Fellowships and
  • -Loans (Government and Private).

Web Sites for Financial Aid

Three books
  • The Yale Daily News Guide to Fellowships and
  • The Higher Education Money Book for Women and
    Minorities A Directory of Scholarships,
    Fellowships, Internships, Grants and Loans. By
    Doris M Young.
  • Free money for Graduate School A Guide to More
    than 1,000 Grants for Graduate Study. By Laurie

Applying for federal funds to study abroad
  • is somewhat different from applying for funds for
    U.S. study. In most cases, you submit the Federal
    Stafford Loan application directly to the
    guarantee agency of the state and the agency does
    the certification for you. Your loan proceeds are
    sent directly to you rather than the school, and
    you get the entire amount in one disbursement.
    You are then responsible for paying the school
    yourself. If your financial need goes beyond
    whats available from federal funding, contact
    private lenders individually to see if they lend
    to students who study abroad.

Army Benefits and Scholarships
  • Non-Physician Health Care Provider Board
    Certification Pay (Active duty)
  • Special Pay (Active duty)
  • Psychology Diplomat Pay (PDP) (Active duty)

  • Board Certification must be current.
  • Pay is based on years of creditable service
    ranging from 2,000 to 5,000 annually.
  • Special Pay (Active duty)
  • Optometrists are eligible for a 1,200 annual
    Special Pay. Paid 100 per month.
  • Special Pay is in addition to regular pay and
    qualification is determined once on active duty.
  • Psychology Diplomate Pay (PDP) (Active duty)
  • Must have been awarded a diploma as a diplomate
    in Psychology by the American Board of
    Professional Psychology.
  • Pay ranges from 2,000 to 5,000 annually.

  • DENTISTRY IN THE NAVY Don't let the cost
    of education, equipment or insurance turn you
    from dentistry. Don't let the pressure and stress
    of a private practice frustrate you. Instead,
    look to the Navy. Our dentistry program could be
    just what you need to relieve financial burdens
    and allow you to focus on helping others.You'll
    be helping yourself, too. In the Navy, you'll
    have modern equipment, an established practice, a
    highly trained staff - and the chance to work in
    a variety of locations around the world, or even
    aboard ship. And you'll never have to worry about
    paying for malpractice insurance or balancing the

  • Pay is competitive - up to 76,000 your first
    year including a 30,000 signing bonus - plus
    there are the fringe benefits officer rank, free
    and low-cost travel for you and your family, plus
    30 days paid vacation every year to enjoy it. And
    without the stress of your own practice, you'll
    probably have more time for your private life.

  • NAVY PHYSICIANS For many aspiring
    doctors, there are many hurdles. First there's
    the ever-increasing cost of medical school. Then
    there's the cost of maintaining a practice after
    graduation. And often, when all is said and done,
    many doctors in private practice find themselves
    spending more time running their business than
    actually practicing medicine.

    (Active duty)
  • The HPSP provides two- and three-year
    scholarships to students pursuing a PhD in
    clinical or counseling psychology. Must maintain
    full-time student status during the entire length
    of the program.
  • Active duty service obligation is a minimum of
    three years.

  • If you qualify, you could earn a full-tuition
    scholarship, plus a monthly stipend of over
    1,000 for 10 1/2 months of each school year. The
    remaining 1 1/2 months of the year youll receive
    officers pay as a Second Lieutenant on active
  • Must be a U.S. citizen.
  • Must qualify for appointment as a commissioned
    officer in the U.S. Army Reserve (USAR).
  • You must be enrolled in an accredited graduate
    program located in the United States or Puerto

  • Federal Methodology, a formula that is specified
    by law, takes into account many variables,
    including expenses over which a family has no
    discretion, such as taxes, employment expenses,
    and basic needs. There's also an allowance for
    your parents' saving for retirement that
    increases as they get older in recognition that
    more of their assets should be available to them
    as they near retirement age.

  • Once your family's assets and income are totaled,
    these allowances are subtracted off of the top,
    leaving an amount over which your family
    theoretically has discretion. Your family can use
    these resources to buy a car, home furnishings, a
    boat, whatever. Or, they could be saved for a
    rainy day.
  • Congress believes that the primary responsibility
    for paying for education is with the parents and
    students themselves, to the extent that they are
    able. That means that at least a portion of their
    savings and income should go toward paying
    educational expenses.

  • Students may borrow up to 18,500 each year, with
    at least 10,000 of which must be unsubsidized.
  • Example if you qualify for 4,000 in subsidized
    loans he or she could receive 14,500 in
    unsubsidized, for total of 18,500.
  • If you qualify for 8,000 in subsidized he or she
    would qualify for 10,500 in unsubsidized loans,
    for a total of 18,500.