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Grad School Loans?

kbiresearchkbiresearch Registered User Posts: 365 Member
My D is headed to grad school full time following graduation. In theory, she will get a full tuition grant supplemented by TA position. She still thinks she may need to borrow $7,000-8,000, at least the first year, to pay for her apartment. Is this even possible without a co-signer? Should she just go to the "reputable" loan providers, banks etc. recommended by her large flagship state university?

Does anyone have any experience or valid opinions on this?
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Replies to: Grad School Loans?

  • kbiresearchkbiresearch Registered User Posts: 365 Member
    She has already filled out FAFSA as independent.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,247 Forum Champion
    She can easily get a Direct Loan or a Grad Plus loan from the federal government....no co-signer needed.
  • ZBD5421ZBD5421 Registered User Posts: 429 Member
    Yes, my daughter did that. You automatically can get $20,500/year. Current rate is 6.8%, anything over that amount is 7.4% from a Direct plus loan. As long as no bad credit, like bankruptcy, defaults, no co-signer needed.
  • thumper1thumper1 Registered User Posts: 72,424 Senior Member
    Well...she is guaranteed eligibility for the Direct and Grad Plus loans as a grad student...but she does need to apply for them. They won't automatically appear in her account until she does.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,247 Forum Champion
    @thumper1 She's filled out FAFSA, and if she indicated that she'll accept loans, won't the Direct loans of up to $20,500 automatically show up? I can understand needing to separately apply for Grad Plus, but won't the Direct loan show up just like it does for undergrad after you fill out FAFSA?

    She has filled out FAFSA
  • thumper1thumper1 Registered User Posts: 72,424 Senior Member
    edited February 2015
    No. The student needs to complete the master promissory note for these loans.

    You have to do that for the undergrad loans too. There is also the initial loan counseling that must be done.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,247 Forum Champion
    ^^
    oh, ok.....I didn't know if that was part of the FAFSA process if you've indicated that you'll accept fed student loans.

    Is that done a few days after FAFSA processes or when?
  • thumper1thumper1 Registered User Posts: 72,424 Senior Member
    It's done when you know which college you are actually attending. Remember, often students submit their FAFSA to multiple schools.
  • kbiresearchkbiresearch Registered User Posts: 365 Member
    Thank you. U. Texas has given her federal loans totaling over $40,000, one half is subsidized, one half is unsubsidized -- full cost of attendance. Not sure if she will take them all but certainly some. Likelihood of TA position will come second semester. We are waiting anxiously to hear fin. aid info from Columbia, where she was accepted last week. Full cost of attendance there is stated at $82,000 for the first year, so we are all in a state of shock about that. She has received $15k scholarship money but FAFSA info won't come out until next week, she has been told. Quite a gap there to bridge.
  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,247 Forum Champion
    edited April 2015
    <<<
    In theory, she will get a full tuition grant supplemented by TA position.
    <<<


    ^^ What happened to THAT? Why is UT giving $40k in loans if she's getting a tuition grant?

    What grad program is this if she'll end up with at least $80k in loans (if this is a 2 year program)

    BTW....are you sure that half are subsidized? I didn't think grad loans were subsidized any more. Were any of them Perkins loans? (maybe for grad school those are still subsidized?)


    edited to add: I see that this is an architecture program....is it a 2 year program? If so, then $80k (total for two years) of loans is a LOT for architecture. Does she have any undergrad loans as well?

  • mom2collegekidsmom2collegekids Forum Champion Financial Aid, Forum Champion Alabama Posts: 84,247 Forum Champion
    edited April 2015
    <<<
    Columbia, where she was accepted last week. Full cost of attendance there is stated at $82,000 for the first year, so we are all in a state of shock about that. She has received $15k scholarship money but FAFSA info won't come out until next week, she has been told.
    >>>>


    Is the $15k from Columbia? or is it an award received from a 3rd party that can be used anywhere? You're right, $82k COA is shocking ~ especially if there isn't more "free money" forthcoming. Good luck! :)



    edited to add...the $15k is from Columbia. When my older son was accepted to grad schools, the "free money" was awarded with his acceptance letters.
  • Madison85Madison85 Registered User Posts: 10,604 Senior Member
    Did she know the COA at Columbia when she applied (why is it a shock)?
  • kbiresearchkbiresearch Registered User Posts: 365 Member
    She knew it was a top-tiered, top price school, but seriously, no, high 60s would not have been shocking but with all of the extras worked into it, I think most people would be with me that $80s is about the highest I have seen. Did she think she would be admitted to Columbia? No. Definitely not. The whole family is surprised and very happy for her.
  • kbiresearchkbiresearch Registered User Posts: 365 Member
    When I first posed my question back in Feb. we were sure she would stay at UMD, her undergrad school. They did not come through with promise of all of the money in writing after the Dir. of the program told her verbally she would get it. Having put together a great 4 years, her professors urged her to apply to the top tier programs, so here she is with more difficult decisions to make. We definitely do not want her to take $80k in loans and she will not need to if she decides on UT, fortunately. They will also grant in-state tuition if she gets a teaching position, which seems likely. Columbia is still a wild card as all of the aid info hasn't been released to her yet. She visits there on Monday. Thanks College Mom, you usually have sensible advice.
  • kbiresearchkbiresearch Registered User Posts: 365 Member
    Columbia is ranked #2 in the country for architecture grad schools. UT is #11. (UMD down in the 30s I think, and is now out of the running)
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