Scholarships do not have to be paid back; these are an ideal option to help you pay for your grad degree.
Q uestion: I am currently a part-time graduate student. Up until this point, my employer paid for my education, but I recently switched companies. I am currently enrolled in 3 credit hours each semester. What are my financial aid options? The first thing you’ll want to do is apply for the Free Application for Federal Student Aid (FAFSA). The college or university you’re attending for grad school will use your FAFSA information to determine your financial aid eligibility and the financial aid options available to you. It’s also important to note that you may qualify for federal emergency financial aid relief. However, you must have had applied or renewed your FAFSA to have access to these emergency student grants for college students—some of which you do not have to pay back.
Completing or renewing this will give you access, if eligible, to several types of financial aid resources to help you pay for your graduate degree. Students working toward their graduate degree are typically considered independent students when completing the FAFSA. This means you will not have to supply parent information or income when filling out your FAFSA.
According to Federal Student Aid, colleges have different specifications to what qualifies as being enrolled as a half-time graduate student. Most universities consider 4.5 credit hours as half-time enrollment for graduate students. In order to qualify for the most common federal financial aid programs, you must be enrolled as, at least, a half-time student. To take advantage of the possible federal financial aid funds, consider increasing your credit hours to qualify as, at least a half-time graduate student. Check with your financial aid office at the college you’re attending to find out what their credit hour requirements are to qualify as a half-time graduate student.
There are two types within this federal loan program, managed by the Department of Education. This is money loaned to you by the federal government, rather than a bank or private education loan company. The benefit to these loans is that your interest rate is fixed and lower than many private loans.
If you qualify for a DSL, you can borrow up to $20,500 per school year. Be sure to visit your college’s financial office to see if you may qualify for more DULs, as some professional health programs provide more funding.
If the amount of your DUL loan doesn't cover your graduate school costs for the year, you can choose to cover your additional education costs with a Direct PLUS Loan. You will have to have a credit check to apply for this type of federal student loan.
