Mh31 Posted April 18, 2012 Posted April 18, 2012 Hi Everyone, I was wondering if you could give me your opinions on my financial aid situation. I have been offered a place at the MFA Graphic Design program at Yale and have also been offered financial aid. Not to get too specific in terms of numbers, but they are offering to give me a scholarship which covers 99% of my tuition cost, a thing called 'work-study' where I work at the school and make 3k per year and a 13k loan. I main worry here is the loan. As I am an international student, I am not eligible to a Federal Loan so Yale have provided two options: --Take a loan directly from the school, which has a 8% fixed rate, and interest is incurred while I study with a 6 month grace period before I have to pay it back upon graduation. --Take a loan from a US bank affiliated with a school--I choose the bank and Yale does the rest. I know it's common for people to take out loans in the US, but I am worried how I would pay it back as I am uncertain what my financial and job situation will be once I graduate. I took a loan out during my undergrad in Europe, but I dont need to start paying it back until i'm making a significant amount of money. Even then it is a very small amount taken out each month at around $40. Also, it terms of paying my tuition fee, how does it work. Do I tell the school I would like to use my scholarship to contribute towards that? Anyone know how much they take out at a time? I'd appreciate your thoughts. Thank you!
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