You are an independent for graduate or professional school and you may qualify for $20,500 in US Government Loans:
- FAFSA required
- U.S. Citizen or PR
- Register with Selective Service
- Not in default
- Not convicted of federal drug offense
- up to $8,500 is a subsidized need based loan (no interest accrues while at least half time)
Your NEED is determined by:
Cost of Attendance (set by each school and costs can different greatly between two schools in the same geographic area)
-Estimated Family Contribution (you are a family of one if you have no dependents)
=Eligibility to borrow up to $8,500 subsidized
You will be eligible, if you meet criteria above, to borrow $12,000 unsubsidized (interest accrues but may be deferred) or if no need is determined, you may borrow the full $20,500 unsubsidized. Interest is currently at 6.8%.
You may borrow additional money, up to the Cost of Attendance minus all other aid.
- To qualify, you must have a good credit history (nothing on your credit report should be 90 days past due)
- Fixed interest rate: 7.9%
- 2.5% origination fees
- Repayment does have a grace period
If you need PLUS or private loans and you are not eligible to borrow, you may not be able to attend.
Access Group is a nonprofit student loan provider that specializes in graduate and professional student lending. Their web site features many articles and tools for students.
www.accessgroup.org/financial-aid-administrators/ The WiseBorrower Curriculum in the left margin is a series of online, interactive educational modules designed to help increase understanding of personal finance and debt management.
https://www.accessgroup.org/calculator# Calculators and an online loan ledger to determine how much student loans will cost and to help plan for successful repayment before a student takes out a loan.
www.accessgroup.org/paying-for-school/ The gateway to resources and articles to help students with every stage of financing their education.
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