It can be difficult to find funding for graduate study; however, believe it or not, getting financial aid or a student loan is not nearly as confusing as you might think. The financial aid process can be a little bit different for each student. First of all check with your school about what types of fund is available.

Most graduate students will turn to a student loan. A graduate student can apply for as much as $20,500. For a Health Professional student, they can apply for as much as $38,500 through the Federal Stafford Student Loan Program. They can also borrow through the Federal Graduate PLUS program, however the student loan is based on credit history and repayment begins promptly after the second disbursement. However, there are deferment programs that will allow you to delay your payment while you are enrolled half time or more. Under the Federal Graduate PLUS you may be able to borrow as much as your cost of attendance minus other financial aid including other student loans. There are also alternative or private graduate student loans and lender options to help meet costs not covered by Stafford. Many lenders will offer programs that will allow you to defer repayment until after you have graduated.

If you must borrow, only borrow what you need. It is important to keep in mind your expected salary when you are signing your promissory note or accept a financial aid offer.

The financial aid process will be a little bit different for each student, but there are also many things that hold true for just about everyone. First, apply even if you think you will not qualify. There are so many variables involved in determining eligibility and there is just no way to know if you do not apply.

Second, the Free Application for Federal Student Aid (FAFSA) will determine your eligibility for Stafford Student Loan programs as well as for many private student grants, fellowships and scholarships. Filing the FAFSA is critical to your finances.

You should also be sure to contact both your school’s financial aid office, and your department to find out about the availability of assistantships, tuition remission, and or school specific fellowships.

For many graduate students, financial aid is a fellowship, student loan or assistantship program. The majority of graduate students rely on some form of financial aid such as the Federal Stafford Student loan, to pay for their college tuition and expenses.

Colleges use the processed data from the Free Application for Federal Student Aid (FAFSA) and or the CSS Profile to determining all eligibility for financial aid. Whether you complete the FAFSA or the Profile, the information for determining your award is the Expected Family Contribution (EFC) determined by ones household, demographic and financial data.

The EFC is a measure of ones family’s ability to pay for education based on student and parent income and asset information, your state of residence, household size, and number of household members in still in college. You may request a free copy of the EFC Formula by calling 1-800-4FED-AID and requesting the current SFA Handbook.

The college of your choice will establish a Cost of Attendance (COA). The COA includes tuition, room and board, applicable fees and estimated living expenses including books and supplies.

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