Funding noob question

[Tupacalypse]

Hey yall, I have a pretty stupid question that will inevitably make me look really underqualified for grad school life.  Anyways...if I am eligible for the full amount of a federal student loan for grad school (20,500$) but this does not cover the entire cost, and I did not receive any financial aid from that school, what are my options for additional funding (other places to get loans etc.).  I am already in debt from undergrad (yay) but my parents were able to help offset the balance with parent loans.  This is not the case anymore for grad school.  Any help would be appreciated.

 

Sincerely,

A Grad newbie.

[MollyB]

If you're eligible for the full amount for the cost of attendance, you'll be able to take out the full amount of tuition, plus whatever the school estimates the living cost will be (the latter is usually about $20k per year). I'm not sure of your exact situation, but I think it's possible that you've confused the amount you can take out for living costs with the full amount you can take out from federal loans (full tuition + living costs). 

 

You'll probably be eligible for a certain amount as Grad loans then Grad PLUS for the remainder (the PLUS has a higher interest rate). 

[Tupacalypse]

If you're eligible for the full amount for the cost of attendance, you'll be able to take out the full amount of tuition, plus whatever the school estimates the living cost will be (the latter is usually about $20k per year). I'm not sure of your exact situation, but I think it's possible that you've confused the amount you can take out for living costs with the full amount you can take out from federal loans (full tuition + living costs). 

 

You'll probably be eligible for a certain amount as Grad loans then Grad PLUS for the remainder (the PLUS has a higher interest rate). 

Ah I see, so in addition to this Federal Unsubsidized loan (which I see as showing up for 20k) I can also take up as much as I need just with higher interest?  The former is the only one showing up for me on anything right now.

[MollyB]

Yup, you can take Grad PLUS up to the cost of attendance, where cost of attendance is tuition + the school's estimation of living costs. I'm not sure what you're looking at, so I don't know why you don't see the Grad PLUS.

 

There used to be federal subsidized, federal unsubsidized, and federal Grad PLUS, but two years ago the subsidized grad loans ceased to be. Now everything is unsubsidized (meaning you rack up interest even when in school, even though you don't have to pay it till you graduate).