I am returning to Grad School at 43. I need to finance the cost entirely, most likely by Stafford Loan.?

Question

I have a bankruptcy in my past and FAFSA says my estimated family contribution is 24000 a year, which is prohibitive. I need to finance the entire cost per year, about 15000 for four years. Will Stafford do that for a person with bad credit?

Answer 1

There are tons of scholarships that go unclaimed each year. Many $400, $500 or $1000 scholarships never even get applied for because people think it's chump change and not worth applying for. Well, get a few of those $500 scholarships and it'll really make a dent in your tuition bill.

Do a search on scholarships, search your major, your ethnic heritage, your town, your parents employers, your employer, hobbies, high school, local chamber of commerce/rotary/ lion's club etc. Left-handed? There is a scholarship out there for you! Older woman returning to school? There are scholarships out there for you. Do combined searches on more than one criteria "hispanic women aviation scholarships" etc.

Go to the library and ask the reference librarian for a reference book on scholarships. They usually have more than one. There are all kinds of scholarships out there, you just have to start applying yourself and make it your summer career to send out letters everyday for scholarships. Good luck!

Answer 2

Stafford and Perkins loans require no credit checks -- in fact, your school is prohibited from checking your credit as a condition for awarding you these funds. You should be able to borrow up to $18,500 in Stafford for the 2006-07 academic year. After that, Stafford Loan limits are set to increase, so you should be able to borrow up to $20,500/year (or up to the cost of your education, whichever is smaller).

Your $24,000 EFC *may* make you ineligible for a Federal Perkins Loan (though not always), but it won't affect whether you can borrow Staffords. The only effect that your EFC will have on your Stafford Loan funding will be to determine whether or not you are eligible for SUBSIDIZED Stafford Loan funding (as you may know, $8,500 of your loans can be subsidized if you show need; if you don't show need, you can still have the $8,500 -- it just won't be subsidized).

Finally, do your research into private scholarships. There are a multitude of scholarships available to students in all degree programs (for some ideas, try looking here: http://www.finaid.org/scholarships/other.phtml ). However, all scholarships, including the small ones, are competitive. Do yourself a favor and watch out for scholarship scams -- it is a huge myth that there are "tons of unclaimed scholarships." For information on this myth, try reading these pages:
http://www.finaid.org/scholarships/unclaimedaid.phtml
http://www.finaid.org/scholarships/protecting.phtml

Answer 3

The answer to funding graduate school depends a LOT on which degree/program and school you are admitted to. Graduate school funding can be a package of grants, scholarships, teaching assignments, loans and FELLOWSHIPS. Fellowships are sometimes need-based, sometimes merit-based, and sometimes both need- and merit-based.

There is more and better funding for academic PhD candidates. Fellowships are generally multi-year (3-5 years) funding that includes tuition, fees, and a stipend. You won't be rich while in graduate school, but some of the better Fellowships (like National Science Foundation, or Ford Foundation) offer over $30K/year in stipend support (PLUS tuition and fees). There are Fellowships for in-coming and continuing PhD candidates.

If you are looking at an academic MA degree (1-2 years, MPP, MPH, MPA, MSW), there is less funding and the packages are less complete.

If you are looking at a professional doctorate (e.g. PsyD, or JD) or a professional Masters (e.g. MBA or like something like University of Phoenix) then funding options will most likely be limited to loans. If you are limited to loans, I'd be certain that the school you elect to attend is part of the Federal Loan Program. If the school is not part of the Federal Loan Program, you will not be eligible for Federal Loans, even if your FAFSA indicates that you are otherwise eligible for Federal Loans.

If you are low-income, first-generation college going, and/or an person from a group under-represented in post-baccalaureate education you will likely be eligible for an even wider variety of graduate school fellowships.

Your first source for funding for graduate school should be extramural (meaning NOT from the university you plan to attend). Extramural sources are usually from the government (NSF, NIMH) and non-profit foundations (Ford, Gates, Mellon-Mayes). Extramural funding is the best, because you can take that money to any school you chose to attend. AND, for highly competitive PhD and academic MA programs (like Berkeley, Stanford, Harvard, Yale, University of Michigan etc.) having extramural funding can make you a MORE competitive applicant, and increase your chances for admission.

The best database I know for extramural graduate school funding is here: http://www.gdnet.ucla.edu/grpinst.htm

If you don't apply for or receive extramural funding, your next possible source of funding is from the school to which you are admitted. If you are admitted to a reputable and/or competitive school, you may be selected for a fellowship from the school. Usually, to be considered for university fellowships, you must fill out the school's Financial Aid/Fellowships Application. At some schools you will automatically be considered for any fellowship the school thinks you're eligible for. At other schools, on the application you have to check the boxes for the fellowships you want to be considered for.

In all cases of Fellowship applications, you will be required to write an essay about yourself and/or the work you intend to pursue in graduate school.