Graduate School Loan Questions? Any Help Appreciated!

[Rora]

I'm trying to compile information for my cousin who is about to apply for grad school. Her mother and father are 100% unable to support her with school, housing, books, the cost of living.

I told her that she would clearly need grad school loans. However, both DH and I were fortunate enough to have our parents pay for our schooling (something I doubt we'll be able to do for our own children-- we're very grateful!) so we don't know even where to begin.

1. We've filled out a FASFA but she hasn't applied to schools yet (applying for Spring semester) so she hasn't heard if she's qualified for anything. We assume if she has no income and is on her own, she'll get something. Right?

2. Can one live off of Grad School loans? Clearly they're meant for school and that's what a good chunk of the money will go to but even with a minimum wage job, it would be tough for her to rent an apartment and have money for food, gas, insurance, etc. So, can she use some of her grad school loans to pay rent and other living expenses? If yes, is there a specific type of loan that would encompass living expenses?

Any loans preferable to another? Again, I have no clue as to what I'm doing when it comes to loans, what's allowed and what's not. Any information would be GREATLY appreciated as we're trying to get the ball rolling with applications, apartment searches, etc.

Thank you!!

 

[Rora]

Anyone?

 

[LilyWDW]

I'm trying to compile information for my cousin who is about to apply for grad school. Her mother and father are 100% unable to support her with school, housing, books, the cost of living.

I told her that she would clearly need grad school loans. However, both DH and I were fortunate enough to have our parents pay for our schooling (something I doubt we'll be able to do for our own children-- we're very grateful!) so we don't know even where to begin.

1. We've filled out a FASFA but she hasn't applied to schools yet (applying for Spring semester) so she hasn't heard if she's qualified for anything. We assume if she has no income and is on her own, she'll get something. Right?

2. Can one live off of Grad School loans? Clearly they're meant for school and that's what a good chunk of the money will go to but even with a minimum wage job, it would be tough for her to rent an apartment and have money for food, gas, insurance, etc. So, can she use some of her grad school loans to pay rent and other living expenses? If yes, is there a specific type of loan that would encompass living expenses?

Any loans preferable to another? Again, I have no clue as to what I'm doing when it comes to loans, what's allowed and what's not. Any information would be GREATLY appreciated as we're trying to get the ball rolling with applications, apartment searches, etc.

Thank you!!

She should get things together and get applying for both schools AND loans. I applied in August for the next Spring Semester. There is a LOT of information you have to deal with and provide to the schools. Depending on the school this could include official transcripts, GMAT or other scores, a personal essay, and letters of recommendation. She will also have to have them send her FAFSA to the schools of her choice. Also make sure she has the money to pay the application fees. It can really start to add up depending on how many schools you apply to.

If she is not declared as a dependent for anyone, then she should get money. How much will depend on her income and other factors. Depending on the school she attends she may or may not have enough money to pay for extras. My tuition is only just over $4k a semester so I do have enough to pay for books, gas, ect.

You can use financial aid money to pay for anything needed to support you while at school. This means it can be used to pay for books, rent, car maintenance, gas, a computer, ect. There are some specific loans/grants/scholarships that are specific about what they can be spent on, but I have no experience with those.

 

[Jcricket Fan]

I am off to my grad. school class right now.....when I get back if someone hasn't covered how my loans work (they are through the fed. gov.) then I will be happy to let you know how it works for me!

peace.
Colleen

 

[jlder72]

Yes she can use the money to live off of.

The money will go to the school, once they take their money for tuition they will give her the balance of the loan.

I paid my own way through school with loans and paid it back so it is possible

 

[Rora]

Thank you!! Any other information is GREATLY appreciated!

For the record, she is applying to an online grad school program (I'm not a fan but hey, gotta let her be an adult). Not sure if that makes a bit of a difference.

Again, THANK YOU!

 

[jlder72]

Thank you!! Any other information is GREATLY appreciated!

For the record, she is applying to an online grad school program (I'm not a fan but hey, gotta let her be an adult). Not sure if that makes a bit of a difference.

Again, THANK YOU!

As long as it is accredited she can get loans for it.

 

[Rora]

As long as it is accredited she can get loans for it.

I just checked- it is. Thanks so much for bringing that up!

 

[Magix]

I'd love to know all this information, too. I'm planning to go to grad school in the Fall of 2012, if all goes according to plan. My plan is complicated a bit, because I'll be applying to a university overseas (England), plus I'm 42 years old. Getting in shouldn't be the hard part, as I'm pretty certain I can make myself an attractive student under their "mature student" entry requirements. But, I don't know how to pay for it. Hoping I can find some free money, but will probably have to rely on loans. Plus, I'll be full time in a 1 year program and won't be able to work (due to full time school, plus some restrictions on work for international students). I'll need loans to pay for something like $11,000 (U.S.) in tuition for the year, plus books, supplies, on-campus housing, food, travel for research, etc.

It makes my head swim, just thinking about it. No idea where to start (or when)!

 

[Rora]

I'd love to know all this information, too. I'm planning to go to grad school in the Fall of 2012, if all goes according to plan. My plan is complicated a bit, because I'll be applying to a university overseas (England), plus I'm 42 years old. Getting in shouldn't be the hard part, as I'm pretty certain I can make myself an attractive student under their "mature student" entry requirements. But, I don't know how to pay for it. Hoping I can find some free money, but will probably have to rely on loans. Plus, I'll be full time in a 1 year program and won't be able to work (due to full time school, plus some restrictions on work for international students). I'll need loans to pay for something like $11,000 (U.S.) in tuition for the year, plus books, supplies, on-campus housing, food, travel for research, etc.

It makes my head swim, just thinking about it. No idea where to start (or when)!

I feel your pain! Hopefully we can both benefit from this thread!

Good luck!

 

[golfgal]

I'd love to know all this information, too. I'm planning to go to grad school in the Fall of 2012, if all goes according to plan. My plan is complicated a bit, because I'll be applying to a university overseas (England), plus I'm 42 years old. Getting in shouldn't be the hard part, as I'm pretty certain I can make myself an attractive student under their "mature student" entry requirements. But, I don't know how to pay for it. Hoping I can find some free money, but will probably have to rely on loans. Plus, I'll be full time in a 1 year program and won't be able to work (due to full time school, plus some restrictions on work for international students). I'll need loans to pay for something like $11,000 (U.S.) in tuition for the year, plus books, supplies, on-campus housing, food, travel for research, etc.

It makes my head swim, just thinking about it. No idea where to start (or when)!

A friend of ours has 2 master's degrees and 2 PhD's and didn't pay a dime for any of them. Somehow he even lived in the president's house when he was getting his second PhD. He spent a lot of time writing companies for scholarships, researching grants, etc. He got some TA jobs to help as well. At your age I would think you would be an easy hire for a prof for a TA job if that is available.

 

[jlder72]

I just checked- it is. Thanks so much for bringing that up!

I don't know what her field is or what school she is looking at but make sure it isn't a "diploma mill". Some employers won't give credit for some on-line grad programs.

 

[Rora]

I don't know what her field is or what school she is looking at but make sure it isn't a "diploma mill". Some employers won't give credit for some on-line grad programs.

I checked again. It says the school and online portion is accredited by "SACS - Southern Association of Colleges and Schools". That seems legitimate right?

It is an online program attached to an actual University.

Again, thanks for the help and raising questions. I'd rather be safe than sorry!

 

[LilyWDW]

I checked again. It says the school and online portion is accredited by "SACS - Southern Association of Colleges and Schools". That seems legitimate right?

It is an online program attached to an actual University.

Again, thanks for the help and raising questions. I'd rather be safe than sorry!

It should be okay then.

One thing I learned in all the time I spent deciding where I wanted to go was that if I went with an online program, I would ONLY go with one connected to a school with a good name. None of the online school junk.

I applied to East Tennessee State University, Texas A&M (online), Oklahoma State (online), and Fort Hayes State University (online).

 

[Rora]

It should be okay then.

One thing I learned in all the time I spent deciding where I wanted to go was that if I went with an online program, I would ONLY go with one connected to a school with a good name. None of the online school junk.

I applied to East Tennessee State University, Texas A&M (online), Oklahoma State (online), and Fort Hayes State University (online).

That definitely seems like the smartest thing to do.

I don't even know where to begin with loans. I guess the first step is applying and seeing what her fiancial aid package will be.

Again, many thanks. Any more responses greatly appreciated!

 

[RitaE]

I'm just curious as to why - if she is only working a minimum wage job - is she going to an online Graduate program? The reputable programs like that are commonly utilized by those who have a full time career type of job where they have to work school around their other obligations.

If she is single/no kids or other type of obligations she would be much better served getting housing via RA or other type of live in job, working her minimum wage job as a tutor or TA and then participating in the On Campus program.

 

[Rora]

I'm just curious as to why - if she is only working a minimum wage job - is she going to an online Graduate program? The reputable programs like that are commonly utilized by those who have a full time career type of job where they have to work school around their other obligations.

If she is single/no kids or other type of obligations she would be much better served getting housing via RA or other type of live in job, working her minimum wage job as a tutor or TA and then participating in the On Campus program.

To be honest, I have no clue. I have asked her this question myself and she says she simply prefers online work. She likes to teach herself and work at her own pace.

Rita, I agree with you 100%, but I don't feel that I'm in any position to press the issue as she's not my child and an adult.

I will add that she is about to be engaged and her soon to be fiancee is unable to move due to his schooling. Maybe that's a part of it? Regardless, even though I think she'd be better off at an actual school, I don't think I could say much more without hurting our relationship.

 

[arminnie]

I always got all of my scholarships and loans directly from the university. Part of the acceptance package outlined the financial aid package that went with it.

Most people do not rely on parental aid for grad school. Tuition waivers or scholarship help is pretty common. But if you have been working for a few years and have a substantial net worth you are expected to use it.

 

[Rora]

I always got all of my scholarships and loans directly from the university. Part of the acceptance package outlined the financial aid package that went with it.

Most people do not rely on parental aid for grad school. Tuition waivers or scholarship help is pretty common. But if you have been working for a few years and have a substantial net worth you are expected to use it.

Great! We'll keep our eyes out when the package comes!
Thanks!