funding / aid / scholarships question

[jlgpoint169]

Hi,

This may seem like a silly question, but I was wondering if someone could explain how the financial aid / scholarship system works?

I am from Britain and live in the States now, so this is my first experience with the American system (when I got my original BA 15 years ago in the UK, tuition was free and cost of living loans/ grants were done through the college).

I see a few people on this forum talking about being offered funding so I wondered how that all works?

Do you have to ask each specific college about that?  Is it means tested or done on merit?

I filed my FAFSA form in January, but I'm just not sure if I should be doing anything else?

I know there are also separate scholarships available such as the NYC Teach one, which you have to apply for separately ....

Also, I've also read about federal loans being forgivable if you work in the public school system in a high need area  after a certain amount of years - but are the federal loans hard to qualify for?

Sorry for all the questions - as a foreigner I find the whole thing baffling!  Thanks to anyone who help me understand it all!

 

[nicoleac]

Don't apologize for having questions!! As a US native, I STILL find funding baffling. It's a horrible, confusing process, I don't quite understand all the details myself, and it oftentimes depends on the school to which you are applying.

 

To be offered tuition grants and loans, all you needed to have done was fill out the FAFSA and send it (on the FAFSA website) to each school that you are applying to. The schools themselves will then send you notices saying exactly how much you get, at some later time, and there is nothing else you have to do.

 

When people are talking about funding on this website and worrying about it, they're generally discussing any extra money the school will give you that does not come from the government. For most schools, you don't have to do anything extra to get this, either. Usually on the application to the school it will have a box marked "I would like to receive assistantships/funding/scholarships" or something like this. If you check the box you are automatically considered for extra scholarships. These are things that might include a TA position, which is a work position teaching undergraduate students or grading their papers or something. Also you may get an out-of-state tuition waver if you aren't a resident in the state in which you are going to school. Or it may just be a merit scholarship because you had a particularly good application. Sometimes, RA positions, which is work doing research for a professor, are included in this automatic category, and other times you have to email professors and ask them individually if you can work for them as an RA. This depends on the school.

 

Usually there are also additional scholarships, like the NYC Teach one you mentioned, that you have to apply for separately. There should be a listing of such scholarships on the school's website, and links to applications for each one. These are usually very competitive.

 

I have found it the most helpful to call the school and ask for specific information on their funding process--it is a pain in the ass, especially if you applied to many schools, but speaking to the school directly will give you the most accurate information.

 

Unfortunately I don't really know anything about loan forgiveness! I know it is possible, but I think it depends on the employer? I am not sure, sorry!

Edited March 18, 2015 by nicoleac

[nicoleac]

But by far the most important thing was filling out your FAFSA! So you are doing good as far as funding goes!  I hope I was a little helpful!

Edited March 18, 2015 by nicoleac

[loonybean]

You can receive loan forgiveness if you work in a non-profit or gov't entity for 10 years (most schools and hospitals) and stay current with your payments. After 10 years the balance is forgiven. It is worth signing up for income-based repayment if you plan to do this, which caps your payments at 10% of your income. Depending on the cost of the school, this could save you a lot. I don't think SLPs qualify for federal loan forgiveness programs for teachers, but some states have programs that SLPs do qualify for. Here is the link to the 10 year public service loan forgiveness plan.

https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/public-service

[jlgpoint169]

ok - this is all really useful info - thanks for your responses!

I've read that federal Perkins loans are 100% forgivable after working in a title 1 school for 5 years as an SLP.  But I was wondering if anyone knows, are Perkins Loans the kind normally taken for a teaching degree?  and are they hard to qualify for?

 

Here's the link with the details: https://studentaid.ed.gov/repay-loans/forgiveness-cancellation/charts (  Full-time speech pathologist with a master's degree working in a Title I-eligible elementary or secondary school (for service that includes August 14, 2008, or began on or after that date)

 

I've just been accepted to a very expensive program, which, in addition to the childcare costs I'll be incurring is going to make for a huge loan .... the thought of it is making me queasy!

[jlgpoint169]

Here's another article on this topic ... http://www.asha.org/Publications/leader/2008/080527/080527c.htm

[loonybean]

I think Perkins loans are offered to those considered low-income. Not sure the exact requirements, it's probably worth checking with the financial aid office.

That ASHA article has some great info, thanks for posting!

Edited March 19, 2015 by loonybean

[moosemoose]

I've read that federal Perkins loans are 100% forgivable after working in a title 1 school for 5 years as an SLP.  But I was wondering if anyone knows, are Perkins Loans the kind normally taken for a teaching degree?  and are they hard to qualify for?

 

It looks like graduate students are eligible for Perkins loans (up to a maximum of $8,000 per year), but I don't know how common it is for them to be awarded. I think most people are offered federal direct loans, which can be forgiven under the PSLF program Loonybean mentioned.

 

I've got my own funding/aid question that I thought I'd throw out there:

 

What does everyone think about accepting an offer of admission before being awarded any financial aid? I just learned that one of the schools I've been accepted to only awards aid to those who have accepted the offer of admission and are classified as fully matriculated students. This is in contrast to another of my schools which offered me admission and then followed up a few weeks later with information about the federal loans I'm being offered for the year. As far as I can tell there's really not a situation in which you wouldn't be offered federal loans given you meet the basic requirements, but I'm really having a hard time with the idea of essentially accepting the offer in blind faith without being 100% sure that I'll be able to pay for it. To make matters worse, they don't announce funding until late April, after the April 15th deadline for accepting offers has passed. I'm just getting hung up on this worst case scenario where I accept the offer, the April 15th deadline passes, and then for some reason am NOT offered any loans and am left up a creek without a paddle. Thoughts? Reassurances? Would it be crazy to accept an offer without hearing about loan money first?

Edited March 19, 2015 by moosemoose

[neucool]

It looks like graduate students are eligible for Perkins loans (up to a maximum of $8,000 per year), but I don't know how common it is for them to be awarded. I think most people are offered federal direct loans, which can be forgiven under the PSLF program Loonybean mentioned.

 

I've got my own funding/aid question that I thought I'd throw out there:

 

What does everyone think about accepting an offer of admission before being awarded any financial aid? I just learned that one of the schools I've been accepted to only awards aid to those who have accepted the offer of admission and are classified as fully matriculated students. This is in contrast to another of my schools which offered me admission and then followed up a few weeks later with information about the federal loans I'm being offered for the year. As far as I can tell there's really not a situation in which you wouldn't be offered federal loans given you meet the basic requirements, but I'm really having a hard time with the idea of essentially accepting the offer in blind faith without being 100% sure that I'll be able to pay for it. To make matters worse, they don't announce funding until late April, after the April 15th deadline for accepting offers has passed. I'm just getting hung up on this worst case scenario where I accept the offer, the April 15th deadline passes, and then for some reason am NOT offered any loans and am left up a creek without a paddle. Thoughts? Reassurances? Would it be crazy to accept an offer without hearing about loan money first?

 

Could you contact the admissions office and ask if anybody is ever in a situation where they are not offered enough federal loans? Or even get in contact with some current students? It would be very surprising if they didn't give you the amount of LOANS you needed. Fellowship/scholarship is one thing, but all schools should be equipped to set you up with loans, I would imagine...

[moosemoose]

Could you contact the admissions office and ask if anybody is ever in a situation where they are not offered enough federal loans? Or even get in contact with some current students? It would be very surprising if they didn't give you the amount of LOANS you needed. Fellowship/scholarship is one thing, but all schools should be equipped to set you up with loans, I would imagine...

 

Yeah, I've been talking to admissions & financial aid about this. Worried I'm making something of a nuisance of myself at this point to be honest! A financial aid counselor told me today that I'm eligible for loans so it shouldn't be a problem. I'm just having trouble shaking this paranoia about committing to the program without having officially been authorized for/awarded loans beforehand. I've seen a few other people mention that their schools don't offer any aid until after you've accepted their offer, so I guess it's not totally out of the ordinary. Just makes me really nervous!

[neucool]

Yeah, I've been talking to admissions & financial aid about this. Worried I'm making something of a nuisance of myself at this point to be honest! A financial aid counselor told me today that I'm eligible for loans so it shouldn't be a problem. I'm just having trouble shaking this paranoia about committing to the program without having officially been authorized for/awarded loans beforehand. I've seen a few other people mention that their schools don't offer any aid until after you've accepted their offer, so I guess it's not totally out of the ordinary. Just makes me really nervous!

 

That would make me nervous too, but honestly, they are probably just saving themselves the work of putting together a bunch of aid packages for students that don't end up matriculating. Probably not that uncommon, like you said. If they say you're eligible (and you have it in writing) it'll be hard for them to come up for some reason to not offer you the loans later. I say go for it

[SLPosteriorCricoarytenoid]

Interesting, does anyone know if the Perkins Loan qualifies for forgiveness if you work in a nonprofit medical setting instead of a school? I'm assuming it does since it's a federally funded loan and PSLF says the setting just has to be a nonprofit. Sorry if this is a silly question.

 

Also, the Perkins Loan isn't restricted to just teachers. I received some Perkins Loans in my undergraduate since they are typically given to students who have financial need. 

[slpwest]

Does anyone know any more details about the TEACH NYC scholarship? Do we get to chose which "high-need" school we work in or could they assign you to a school that's a 2-hour commute from where you live? Also does anyone know if we can participate in this for only one year instead of both years of graduate school? (that way we only have to commit working for 2 years instead of 4)

 

I couldn't find these answers on their website.

http://www.teachnycprograms.net/getpage.php?page_id=59

[blueskies0410]

I'm currently trying to decide between programs/how much I'll go into debt. I got into one of my top choice programs but it looks like it'll put me about 60k in debt. I've been fortunate enough to graduate undergrad without any debt due to paying off my loans as quickly as possible/working full time during school. Am I crazy to seriously be thinking about signing on to this much debt? Also. the program I got into is much more highly ranked than the other two I'm waiting to hear from (this one is #25 and the others are #150 and up). I know rankings don't play a huge role but does anyone have any input on the difference in these rankings? I feel so lost!

[Saila09]

I'm currently trying to decide between programs/how much I'll go into debt. I got into one of my top choice programs but it looks like it'll put me about 60k in debt. I've been fortunate enough to graduate undergrad without any debt due to paying off my loans as quickly as possible/working full time during school. Am I crazy to seriously be thinking about signing on to this much debt? Also. the program I got into is much more highly ranked than the other two I'm waiting to hear from (this one is #25 and the others are #150 and up). I know rankings don't play a huge role but does anyone have any input on the difference in these rankings? I feel so lost!

I'm in a very similar boat.

 

I have 2 "top 5" offers with price tags of $65-75k+!

In-state school about $25k. 

 

Undergrad debt: $5k

 

So I can relate to what you might be feeling. I don't know. I'm torn but I don't want nearly 6 figures of debt (above figures do not include cost of living) for 2 years of schooling.

 

Please take rankings with a grain of salt! Did you check the methodology for the rankings? They are just a survey ranking them 1-5. Average scores, and voila, rankings.