Graduate school conundrum

Paying for College
1

<p>Hi everybody!</p>

<p>I applied and was accepted to graduate school last year. Due to financial obligations I was unable to attend and deferred for a year. I have since paid off bills/sold my car/basically done everything I could to come in to graduate school without any debt. However, by doing this I have exhausted my income and savings. Now my financial aid information comes through and school is an estimated $40k, and they are showing I am awarded $28k. $10k is supposed to be coming from my side of things, but that money is nowhere to be found. I realize that school itself is paid for with what they are awarding and this is really money that covers my expenses, but what are my options for covering this $10k as far as loans go. Personal loan, school loan, etc?</p>

<p>Thanks</p>

2

<p>You may be able to cover this with a Stafford loan. The limits are higher for grad students. Pick up the phone and call the financial aid office at the grad school and ask.</p>

3

<p>Grad students can borrow up to approximately $20K per year in Stafford loans to cover tuition and living expenses. When my son did this, he borrowed the maximum which was sent to his school. The school took what they needed for tuition and fees and wrote him a check for the remainder. He used that for his apartment, utilities, food, etc.</p>