Financing your Education

With a little explanation, anyone can finance their college education in a respectable and manageable way. Anyone who is thinking about going to graduate school but are worried about how you're going to pay for it, or you're confused by all the funding options that are available, rest assured. There are a variety of financial resources available to graduate and professional school students, including scholarships, grants, fellowships, assistantships, and loans. These resources can all be classified as institutional, federal, or private funding.

In addition, many graduate students are offered teaching or research assistantships by their academic department to help pay for their education. A typical assistantship requires a half-time commitment and may offer additional benefits such as tuition discounts as well as worthwhile experience in the field of study. Paid internships also enable students to receive financial support while gaining practical work experience and, in some cases, academic credit.

Institutional funds are funds that schools themselves provide in the form of scholarships, grants, loans, and part-time employment. They may be available through your school and you may have to demonstrate financial need to be eligible for them. Talk to the financial aid staff to learn about the availability of and requirements for financial assistance offered by the schools you're considering.

The U.S. Department of Education and the Department of Health and Human Services oversee financial assistance programs for students attending eligible schools. To be eligible for federal funding, you must be a U.S. citizen or permanent resident, enrolled at least half time, pursuing a degree or certificate. Federal student loans have low interest rates and do not require credit checks or collateral; however, there are limits on how much you can borrow per academic year. If you want to apply for federal student aid, you must fill out the Free Application for Federal Student Aid (FAFSA) or the Renewal FAFSA. Both are available online at www.fafsa.ed.gov or at any college or university. The FAFSA collects information that is used to determine your expected contribution and financial need.

The most commonly used federal student loan is the Federal Stafford Loan. There are several benefits to Stafford Loans. They have lower interest rates than on most student loans or other kinds of consumer loans. The also have flexible repayment options to help borrowers more easily afford their monthly payments. Repayment is delayed until after you leave school, and offers a "grace period" of 6 months. There is no credit check required. The interest may be deductible, up to a certain income level. Also, unsubsidized loans do not require you to demonstrate financial need.

Anyone who is thinking about going to graduate school but are worried about how you're going to pay for it, or you're confused by all the funding options that are available, rest assured. There are a variety of financial resources available to graduate and professional school students, including scholarships, grants, fellowships, assistantships, and loans.