Going to grad school, need some advice...

Paying for College
1

<p>ok, so I decided to go to grad school and get my masters. I finished my bachelor's and I took out student loans to help me while I was in college. I went ahead and got loans again for my masters and they said I could take the max if I needed it which was 20k. I am going to try to take as many classes as I can and I currently taking three now...my question is this, is this the ONLY year that I can get student loans? Or can I get going indefinitely? I saw one website that said something about the aggregate life total was 130k and then I saw something else that said if a person reached that mark, that they would pay just tuition but I forgot what the program name was called. Any help would be very much appreciated, thanks!</p>

2

<p>I see $20,500 per year in Direct unsub loans. You may also be eligible for Perkins loans if available. Also for Plus loans if you qualify. Only rely on .gov or your university pages. Contact your financial aid office if you have questions.
<a href=“https://studentaid.ed.gov/sites/default/files/graduate-professional-funding-info.pdf[/url]”>https://studentaid.ed.gov/sites/default/files/graduate-professional-funding-info.pdf&lt;/a&gt;&lt;/p&gt;

3

<p>Perkins loan - see [Perkins</a> Loans | Federal Student Aid](<a href=“http://studentaid.ed.gov/types/loans/perkins]Perkins”>http://studentaid.ed.gov/types/loans/perkins)

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4

<p>ok, now I am confused…one person says I can get 20,500 per year, another says the max i can get is 60k…is that 60k total?</p>

5

<p>Please read this link: [Applying</a> for Federal Direct Loans](<a href=“http://www.direct.ed.gov/applying.html]Applying”>http://www.direct.ed.gov/applying.html). You are eligible for $20,500 unsub per year, and also for Grad PLUS in the amount of Cost of Attendance - all other aid. Note that Grad PLUS requires a credit check, though, and if you are denied based on credit you will need a cosigner to get the loan.</p>

<p>Sometimes grad students can get Perkins, but that is not a sure bet … and I would definitely not count on being offered $8000 in Perkins if the school does offer Perkins to grad students.</p>

6

<p>thanks, that actually helped a bit. I can get the max for a few years, provided that I don’t go over the 138,500 that they have which is a lot anyway. Thanks!</p>

7

<p>What are you getting your Master’s in? What are you going to do with that degree? Do not go into debt for a Master’s in a liberal arts subject. I am a big proponent of undergraduate liberal arts education, but on the graduate level, unless you have a fellowship or grant, don’t pay for an MA in the liberal arts unless you have no need for making money, or you are a teacher and your employer is paying for it.</p>

8

<p>Also, talk to your grad department about opportunities for research assistant-ships, teaching assistant-ships, etc.</p>

<p>If I remember correctly, the Grad PLUS loans also have some high fees. The interest rate was lowered this year, but it could go up for all new federal loans in the future depending upon inflation.</p>