Grants and Scholarships

Grad School financial aid-no scholarships, only LOANS-expensive school, no money, no current debt- Any advice?

I'm graduating from college this year and will be entering grad school next year. (Specifically the Elliott School at GWU in Washington DC) It is a grad school so it doesn't offer grants, and it is a highly ranked school, so fellowships and assistantships are hard to come by. My current financial situation: My parents paid for my undergraduate, so I don't have any current debts (including credit card), but I am on my own for grad school. I only have a measly several thousand dollars in the bank, which with school, will disappear in seconds. As it stands, it looks like I will need to take pretty much the full amount out in loans, which is about $42,000 per year (so $84,000 total). Since I have never taken out loans before I am not sure how much to take out especially because I will have to estimate living expenses. Should I grossly overestimate when applying? Can I borrow more later? Are private loans (which?) better than the Student PLUS loans? How long does one usually have to pay them back/how much per month? With this size of a loan do I need to get a well paying job after I graduate? The classes of this program are in the evening because they encourage you to get experience through jobs and internships (although many of the interesting ones are unpaid) but HOPEFULLY I will be able to start paying back the loans while I am still in school through work. Any other ideas on what grants/scholarships to apply to? Anyone with personal experiences with these types/sizes of loans? I am pretty clueless on how to deal with this negative value in the bank type of thing.... Thank you!!!!

Public Comments

1. I'm in the same boat as you. In fact, I also just got into the Elliott School @ GWU. I'd suggest that you contact the Student Financial Assistance Department. They've been pretty helpful with my questions so far. http://my.gwu.edu/mod/deptdir/index.cfm?dept_id=190 You can also try the Office of Graduate Student Assistantships and Fellowships. http://www.gwu.edu/~fellows/ I believe that cost you quoted includes their estimate for living expenses, which is pretty decent IMO, unless you have a car. Living in DC isn't cheap. The usual payback period is 10 years, but you can get an extended time frame depending on the source. You don't have to start paying back Stafford loans until 6 months post-graduation. My impression is that you want Stafford loans if possible. The variable interest rates that often accompany private loans are something to be avoided, especially in these uncertain times. This link has a calculator that can calculate the amount that you'll have to pay back each month. I can't vouch for its accuracy. http://apps.collegeboard.com/fincalc/sla.jsp See you in the fall! :P
2. there might be something out there from financial aid, never hurts to try...you can start looking into scholarships, writing essays etc. that always helps. a little money is some money...are you working?? try finding a part time job since you're parents aren't helping you pay anymore...