Graduate School - Go Figure!

[laz98]

so i'll be graduating in may with my bachelor's degree, finally.  i wasn't planning on going to graduate school initially, but i let my department convince me that it was the best thing to do career-wise.  i did my fafsa soon after the new year, trying to get a jump on things.

i kept checking my school's website, trying to see why they were saying they hadn't received my fafsa yet.  tonight i finally checked the fafsa website, & it said 2 things.  1, i'm not eligible for pell grants anymore because i have a degree.  2, because i had to take out so many student loans as an undergrad, i may not be eligible for any graduate loans.

WTH!!!  how do people go to graduate school at more expensive schools?  is everyone taking out enormous private loans???  UGH...sorry for my rant, just frustrated.  i didn't even want to go; now that i want to go, it's starting to sound like i won't be able to.  go figure.

[Tazman81]

You are correct that you will not qualify for pell grants anymore, but you should still qualify for federal student loans (if you have not already hit the fed student loan max).

[laz98]

yeah, i kind of knew about the pell grant thing (even though i had forgotten) because we found that out when my gf went back to school.

i only have about 40k of student loans, mostly unsubsidized because that's what they offered me.  i'm nowhere near the ceiling!  idk what the deal is.  the fafsa website said i should go talk to my financial aid office, but the work-study people that work there aren't usually very helpful.  sigh.

thanks taz

[Anonymous]

Laz98:  What is your major and what is your school if you don't mind me asking?  Some people are choosing fields (i.e. art, recreation, world lit, history, etc.) and/or expensive private schools, racking up student loan balances, and then not getting a decent job.  Obviously we can't all be MBA's from Harvard, but I wonder whether a private college or university is really worth it 90% of the time (unless it's a pre-med program or something like that.)

[laz98]

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@Anonymous wrote:

Laz98:  What is your major and what is your school if you don't mind me asking?  Some people are choosing fields (i.e. art, recreation, world lit, history, etc.) and/or expensive private schools, racking up student loan balances, and then not getting a decent job.  Obviously we can't all be MBA's from Harvard, but I wonder whether a private college or university is really worth it 90% of the time (unless it's a pre-med program or something like that.)

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i'm a linguistics major.  i don't go to a private school, i go to the local university.

[mazinaige]

I've paid for graduate school using the Stafford loan and the GradPlus loan. Once the Stafford loan is maxed out, a person qualifies for the GradPlus loan. If you intend to become a linguist and work at  a *public* institution (public college/university) you can apply for the Public Service Loan Forgiveness Program. After making 120 on time payments, the remainder of  the loan and interest are forgiven in 10 years. You may also be eligible for the Income Based Repayment plan. The 120 payments will be set at 10% of your income. For more info visit: http://www.ibrinfo.org/

[laz98]

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@mazinaige wrote:

I've paid for graduate school using the Stafford loan and the GradPlus loan. Once the Stafford loan is maxed out, a person qualifies for the GradPlus loan. If you intend to become a linguist and work at  a *public* institution (public college/university) you can apply for the Public Service Loan Forgiveness Program. After making 120 on time payments, the remainder of  the loan and interest are forgiven in 10 years. You may also be eligible for the Income Based Repayment plan. The 120 payments will be set at 10% of your income. For more info visit: http://www.ibrinfo.org/

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hi mazinaige!

thanks.  i know people have done it before, i don't know why this is turning into such a hassle.  i'm nowhere near maxed out on loans.

no, i'm definitely not going to work as a teacher.  i'm not worried about repaying the loans, i'm worried about GETTING the loans.  repayment is not an issue.

[mazinaige]

laz98, could you restate your question please. i am not sure what you are asking. are you asking if you are still eligible for stafford loans? are you asking how people finance their graduate school education? i don't understand what the hassle is. the fafsa said you *may* not be eligible for student loans. to me that reads just the same as you *might* be eligible for student loans. in order to know, you must talk to the people in the financial aid department. that is part of the work of being a graduate student, learning to navigate bureaucracy. 

another thing you might want to consider before you apply for those loans is how you are going to repay them. it is very easy to get in over your head with student loans. you may decide to follow a different career path and leave school early, or find out that your future job does not pay as much as you expected. as a fellow language professional, i wonder what your career plans are. do you *need* a master degree to make that happen?

i also wanted to clarify, in case it was misunderstood, that the Public Service Loan Forgiveness Program is open to anyone who works for a public institution, not just teachers. you could work for the police, fire department, hospital, city hall, any non-profit agency, university as a secretary, janitor or professor.

[laz98]

i wasn't really asking a question, it was really more of a vent/rant.

[kittylover]

The only federal aid available for grad school is student loans. From your loan amount, you should still be able to take out some loans. Is this a master's or doctoral program you're considering? This will affect options as well. Are you shooting for an academic career? If you can post a few more details, I bet we can give you some advice.