I can only get $30,000 in student loans. I need $20,000 more. help!!?

Question

I want to go to graduate school {Ed.D}. My credit is poor to medium, I may not be eligible for scholarships even though my GPA from my Masters degree is 3.68. I am not eligible for subsidized loans because my EFC is $28,580. I'm lucky if I can save $100.00 per month. What can I do? Help! Thank you.

Answer 1

Apply to the school! Most schools offer scholarships based on your GPA. 3.68 is pretty good!! You may qualify for one of the school's scholarships. Also apply for grants. Look on the internet for grants that are related your field. You may also think about asking an employer to fund it. Some employees will contribute toward further education.

Hope this helps!

Answer 2

The Federal PLUS Loan! This loan, which used to be just for undergrads, is now available to graduate students. It's a Federal loan, so it's federally guaranteed and you can consolidate it later (if you wish). You won't need a co-signer and the credit criteria is very forgiving -- in fact, some lenders claim that they are simply looking to see if you have any defaulted loans, so your poor/medium credit might be just fine for them.

A lot of graduate students are missing out on this loan because they assume that PLUS still stands for "parent loan..." but it's a wonderful new loan that the feds only just opened up to students in your situation. Almost all major lenders are offering this loan, so you can apply through reliable companies like Sallie Mae (http://www.salliemae.com/get_student_loan/find_student_loan/grad/grad_student_loans/grad_plus/ ), Citibank (https://studentloan.citibank.com/mbslcsite?op=apply_now&context=frame&app=PLG&flow=direct&exception=ffelp ), College Board (http://www.collegeboard.com/educationloans/pop_connectGradPLUS.html ), etc.

Answer 3

GIven the information you listed, you should be able to get a stafford load unsubsidized at least. I am about where you are (as you state) and I am currently in an EdD program for ed leadership. I received aid easily and I had a bankruptcy!. Just as long as you are not in default on any previous loans and you are in a degree seeking program at least half-time you will qualify for federal aid????

Oh yeah, and remember even if you get an unsubsidized loan and interest is accruing, you can apply for an inschool deferrment so you won't be required to pay the loans until you are finished with your current program. (this also appies to any loans currently in repayment;-)


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