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Financial Aid
The three major types of graduate financial aid--the first two primarily merit-based, the last need-based--are outlined below.
Fellowships
Most fellowships provide for tuition and a stipend. Many cover a student's full academic career, but some must be renewed each year. Most fellowship programs are highly competitive and are designed to attract students with excellent academic records. Fellowships are often limited to doctoral and post-doctoral students, though there are some that specifically target Master's-level students in particular fields.
"Portable fellowships" are offered by independent donors or organisations and can be used at any university. Several different guides to portable fellowships can be found in your financial aid office or public library. Institutional fellowships are awarded through specific university programs. The financial aid offices of the schools to which you are applying can give you information on any available institutional fellowships.
Assistantships
Many graduate students, especially after their first year, become teaching or research assistants. Through this arrangement, teaching assistants help professors by leading seminar sections, reading papers, and meeting with undergraduates. Research assistants, common in the sciences, oversee laboratories and assist professors on projects. Both arrangements allow students to earn money while gaining experience in their field. Some universities also reduce tuition for students working as assistants. You can generally get information about assistantships from the departments to which you are applying.
Student Loans / KapLoan
Loans are often a major source of financial aid for graduate students. Through KapLoan, the Kaplan Student Loan Information Program, students can be helped to get information and guidance about educational loans for college and graduate school. Through an affiliation with one of the nation's largest student loan providers, Kaplan directs you to the financing you need to reach your educational goals. For more information, call 1-800-KAP-1057 to speak with the student loan experts. There are other institutions too which can extend loans to students on a basis
College Costing
Components of College Costs
The cost of attendance at college consists of five components:
· Tuition and fees
· Room and board
· Books and supplies
· Transportation
· Personal expenses
Direct vs. indirect costs
There are two types of college costs for which you will need to plan:
Direct costs - charges established by the college and therefore fixed: tuition, room and board (on-campus student housing and meals).
Indirect costs - expenses controlled to some degree by the student: personal expenses, books and transportation. Your college may be able to give you some guidelines on typical indirect expenses at their campus.
While colleges will use an average indirect cost for the annual budget estimates, students can reduce these costs by:
Reducing the number of meals they eat out.
Buying used text books.
Reducing the number of trips home or car-pooling to reduce transportation cost.
Establishing a weekly budget and sticking to it.
In general, living moderately while in school.
An indication of exactly how much a course will cost will be given to you by the colleges you are interested in. Since costs generally go up every year, you must factor in this aspect in too.
How to Apply
The Ten Commandments
1. Keep the following points in mind.
· Start early by requesting information from colleges about admissions and financial aid.
· Find out the specific deadlines for the various colleges and other organizations that offer financial aid -- and meet them.
· Receiving aid in most cases is an ANNUAL process. A student must apply for college each year of college.
2. As soon as students begin thinking about college and financial aid, they should make a calendar that includes all the deadlines to be met when applying for college admissions and financial aid. Financial aid and admission for enrollment are two separate processes. Different deadlines could exist for admissions, federal financial aid and private scholarships. You need to find out what forms to complete and when .It may be necessary to complete an institution's financial aid application process BEFORE knowing whether or not you have been admitted. Each student's calendar may be different, depending on the colleges of interest.
3. In the fall semester, submit admission applications. Some colleges require the PROFILE form in addition to the FAFSA (Free Application for Federal Student Aid). If any of the colleges require the PROFILE* form, request the PROFILE application and submit it before the earliest college deadline. (To register for the PROFILE, call 1-800/239-5888.) The PROFILE is a fee-based form designed for colleges who have their own financial aid programs. The PROFILE requires more complete information that is not included in the FAFSA. Be sure to ask if colleges you are applying to require the PROFILE.The PROFILE form is available in the fall of each year. To register, call 1-800-239-5888.
4. By December, get a copy of the FAFSA from the college guidance office and start gathering financial information. A student must complete a FAFSA form to be considered for any federally-sponsored financial aid. Many colleges or other private organizations that award aid also require the FAFSA as part of their application process.
The FAFSA form is available at any
· Financial aid office or from the
· College Scholarship Service (CSS).
· College financial aid office.
· Many public libraries.
· The Department of Education.
5. One of the most important things to determine before filling out a FAFSA form is whether you qualify as dependent or independent. A dependent student's eligibility for aid is based on the student's and parent's financial status, while independent student's eligibility is based on his or her own earnings and assets and those of the spouse, if the student is married.
A student is considered independent for the 1997-1998 school year who meets one or more of the following criteria:
· Was born before January 1, 1974.
· Is married.
· Is enrolled in a graduate or professional educational program.
· Has legal dependents other than a spouse.
· Is an orphan or ward of the court (or was a ward until age 18).
· Is a veteran of the U.S. Armed Forces.
6. In addition to these forms, you'll probably have to supply schools and aid programs with copies of your tax returns and financial aid transcripts from your undergraduate institution. Details of the financial aid you are applying to can be obtained from the admissions co-ordinator of the universities.
7. Make a financial aid file. This file should include:
· Information you gather about financial aid programs.
· Forms you'll need to file to apply for financial aid.
· Copies of the documents you'll need to fill out forms -- including your driver's license, recent bank statements, latest federal tax forms and W-2s. (For dependent students, this would mean the parents' information. Independent students will need their own bank ad tax information.)
· Copies of all applications and the dates filed.
. Copies of all loan information (correspondence from you lender or loan servicer).
· A check list with forms, deadlines and procedures.
8. After January 1 (and before the earliest college deadline), file the FAFSA. Getting the FAFSA in early maximizes your chance for receiving all financial aid for which you're eligible. Many financial aid programs will be exhausted after the college deadline date. Some colleges
9. In March or April, you will start receiving admission decisions from colleges, along with "award letters" if you've applied for financial aid. Review these to decide which college best meets both academic goals and financial needs.If there are any questions, this is the time to ask. If aspects of the financial aid decision are not clear, then ask.
10. The financial award package may be a combination of one or more types of aid and may even include a loan that you may have to take. If your financial aid award package includes an education loan, you are responsible for applying for the loan. Instructions generally will be provided with the award letter. Even if an education loan is not a part of your financial aid award, you may use a loan if you cannot meet the Expected Family contribution from your savings or current income. Loans have made higher education possible for millions of students -- but students and their families should consider their options carefully before borrowing and limit their borrowing to only the amount necessary. The college financial aid officer may recommend a lender, or you can check Sallie Mae's Web site or call College Answer® (1-800/239-4269) to find a low cost lender in your area.
Organizing Aid
Sources of Financial Aid
Financial aid comes from a variety of sources. The most popular sources are:
1. Federal Government
2. State Governments
3. Colleges and Universities
4. Private sources
Federal Government
The federal government offers a variety of grants, work-study and loan programs. Federal programs include both need-based and non-need-based financial aid. Many federal aid programs are administered through olleges -- check with your financial aid officer for eligibility and application information or check Sallie Mae's Web site more detailed information.
State Governments
Many states offer a variety of financial aid programs. Eligibility is usually restricted to state residents or students attending state institutions. Contact your financial aid officer or your state education department for information on how to apply for state aid.
Colleges and Universities
Colleges and universities often offer their own scholarship, grant and loan programs to supplement federal and state aid. Higher cost private colleges are usually more likely to have additional aid available. Your financial aid officer can tell you what college-based programs you're eligible for.
Private Sources
Many organizations offer scholarships or loans only to members and their families. Check with churches, community groups, professional associations, hobby groups --any group to which you or your family belong. Many businesses offer loans or educational allowances to employees and their families. Check with your or your parents' employee benefits department. Many financial organizations -- banks, savings and loan associations, credit unions, etc. -- offer private loan programs. Check the ones you do business with -- or visit Sallie Mae's Web site (www.salliemae.com) for a list of lenders in your area who offer money saving borrower benefits.
Information is the key
There's plenty available, but competition, especially for popular fellowships and assistantships, is often fierce, so it's important to research the possibilities carefully and apply early. As soon as you've made the decision to go to graduate school, even before you know which schools you'll be applying to, you can begin to collect information about sources of financial aid. As soon as you know where you'll be applying, you should get information about aid sources from each school's financial aid office and from the individual departments.
On the graduate level, the administration of aid is often handled by the department rather than by the university, so you'll want to find out as soon as possible is who in charge of financial aid. What's even more confusing is that some schools won't let you apply for aid unless you've been admitted, whereas others require you to apply for aid at the same time that you apply for admission. Again, it's just a matter of being organized and getting information as early as possible.
You should decide what your area of specialisation is, and contact professors who are involved in these areas of work in the Universities applied to. Your aim should be to talk to professors who have funds. Typically professors having 5-6 projects are considered to have sufficient funds.
Secondly you some effort should be spent on finding what kind of students do the professors like to work with, a similar profile will improve your chances for aid/admission. It is imperative to show an interest in the area of work rather than the funding when corresponding with the professors.
The financial aid for pursuing an MBA is organized differently. With the cost of many full-time programs topping $25,000 a year, two thirds of MBA students require loans, according to the Graduate School Admissions Council. Besides state and federal loan programs, low-interest packages are available through the GMAC-sponsored ''MBA Loans.'' This forms the largest part of the financial aid in b-schools.
If more money is needed
Sometimes students and families need assistance paying the difference between the college cost and financial aid awarded. Two available options are:
1. PLUS loans
2. Private loans
PLUS loans
PLUS loans -- Parent Loans for Undergraduate Students -- are available to the parents or guardians of undergraduate students who are attending college at least half-time. Parents can borrow up to the cost of the student's education, minus any financial aid the student received. The interest rate is variable and is subject to change every July 1, based on the 52-week Treasury Bill +3.1 with a cap of 10%.
The borrower must not have an adverse credit history.
Repayment begins 60 days after the first loan disbursement.
PLUS loans are generally available from the same sources as Stafford loans.
Private loans
Some financial institutions offer private loan programs with terms tailored to the needs of college students and their families. An example is the Signature Education Loan Program, offered through a number of lenders who work with Sallie Mae. Borrowers may borrow up to the cost of education, minus other aid received.
Signature Student Loans and Signature Health Loans are available to either credit-ready or credit-worthy borrowers depending on the loan type, the year in college and the college the student is attending.
More information about the Signature Education Loan Program is available from: Sallie Mae's Web site, or Sallie Mae's toll-free College Answer® Service (1-800/239-4269)
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