Questions about Federal Loans

[gsams]

Hey all,

You have been so helpful in the past, so I thought I would post.

I am nominated for a pretty big fellowship and have a generous TA-ship currently. If I get the fellowship, loan money won't be an issue at all. If I don't, I will be taking out a couple thousand a year to cover the extra expenses. My problem is not taking out the loans. The placement rate in the program is very good and I am confident after a visit that I can finish in 5 years and get a good job. My potential advisors just placed two students in top-ten TT positions and in this economy - that is a LOT to do!

I only have $20,000 in undergrad debt and it is deferred (federal). However, I don't know about getting loans from the Fed? My school covers everything tuition wise but $900.00 in student fees (including out of state for the first year which is really good). Does this mean I cannot get any money to cover tuition? Also, when would loans be disbursed to me? The point is that to move and have a place, I may need some money up front (as in July or so).

Thanks in advance!

[rising_star]

You will be probably eligible for the standard Federal Stafford loans at the graduate level. Those amounts are up to $20,500 total and up to $8,500 subsidized. The exact amount you are eligible for will be determined by the university after you have filed the FAFSA. You'll get a letter from their financial aid office detailing all of this. Once you do, apply for loans ASAP so that you get them right after the semester starts. The exact timing will vary, so contact your university's financial aid office.

[murpstud]

Yeah, I'll probably have my tuition covered, but I want to get loans to live off of so I don't have to work. I've read that only after you max out the Stafford (20,500), you can apply for the Grad PLUS loans, but they require a credit check. I probably need 10-15k a year to live with. So hopefully I can get that in Stafford loans.