Question about graduate school loans

[W_HAMILTON]

I am looking to attend a graduate program. My estimated tuition will be approximately 46k. With living and other expenses, I imagine I will need around ~66k total.

Between scholarships and taking out the maximum Stafford loans, I will still need to come up with approximately 30k-35k.

How difficult is it to get a private loan for graduate school? I am 29 years old, and have a perfect credit history. The only problems may be that I have other student loans already on the books, but I am not in default and have never missed a payment.

Will it be difficult for me to get a loan to make up for this difference? I am worried that I will not be able to pursue my dreams because I will not be able to get such a loan, and will not be able to afford the costs out-of-pocket.

Does anyone have any guidance?

Thank you.

[noamnety]

1. I don't know about the private loans, but

do you have to go full time? Both my husband and I went part time while we were working, so we could earn the tuition as we were shelling it out. I prefer that to the stress of spending a few years sinking further and further into debt - but I know some programs don't allow part time students.

[W_HAMILTON]

3. Yes.

It is an MPA program, so it is only a one-year program. I don't think part-time is an option, and they recommend not working while you are there, so you can fully devote yourself to your studies and internships.

I have some money saved up in my Roth IRA and 401k -- maybe around 16k-20k -- but I was planning to use that as a last resort, and mainly as living expenses rather than to help pay for tuition, books, and the like.

[FrenchieCat]

2. What about Financial Aid? Do you also work?

http://www.finaid.org/otheraid/grad.phtml

There are also many fellowships and scholarships available
depending on the field you are going into....
http://www.nafadvisors.org/scholarships.php
http://graduatescholarships.info/result.php?Keywords=Graduate%20School%20Scholarships

My daughter is in graduate school at WASHU. Her fellowship pays her $26,000 per year
to live on, plus $1,500 for books, medical insurance,
plus is paying for her entire tuition for the six years PHD program.

So certainly, programs are out there.....
beyond just loans.....

[W_HAMILTON]

4. I'm not sure yet.

I haven't filled out my taxes, so I haven't submitted the FAFSA to my school yet; I'm hoping I will get more funds that way, but I was just curious how difficult private loans were to get as a last resort.

[roody]

5. Can you get an assistantship and get the tuition waived?

[drthais]

6. ok. allow me to schol you on graduate school loans (!)

I did not take out any loans until the 4th year of my doctoral studies.
I took out a total of $26k for the remaining 3 yrs.
when I graduated, I was stuck with a beginning balance of 36k ( go figure)
I paid $350 a month for TEN YEARS
at which time, my loan was now down to $34k
I know it is from the 'museum of the hard to believe'
but it is the truth.

(and this was a Stafford Loan)

we finally refinanced the house to get rid of this mother of a loan
which obviously would have been with us until doomsday

I got through my masters degree as a graduate assistant
and the first 4 yrs of my doctorate as well
it pays all tuition and a small stipend
As a university professor
I tell my undergraduates to ALWAYS go for this...
graduate assistant positions can be had, and there is NO reason to pay tuition for a masters degree.

drp

[kristopher]

7. +1

I'd add that there may be an issue for funding that's related to a 1 year program. I'm amazed that it costs $46K for a one year policy program. That sounds like a money machine for the school. I'd recommend that W_Hamilton investigate 4 yr programs with funding as you've described, and then finish in 4 years if at all possible.

The funding might be a bit sporadic, but a good program will get him/her money for tuition through the entire program and most of the time there will be full funding.

[W_HAMILTON]

8. I was going to ask about that as well.

How do graduate assistants work? I've heard anything from simply they assist the professor, maybe grading some papers, to actually teaching classes! I definitely do not want to do that. I'm not sure how the graduate assistants and fellowships are figured out at the university I am going to, so I will have to inquire.

Anyone else have any advice on the difficulty of getting a private student loan for graduate school? I went through my finances, and if need be, I could completely liquidate my retirement savings and regular savings account and have enough to pay for tuition, so I guess I could get a small loan to make up for room and board, books, etc if I absolutely have to.