Graduate Plus Loan, Anyone?

[Opt4theBest]

Hi everyone! I'm applying for a masters program and considering to take out the Graduate Plus Loan to cover both my tuition and living expenses (housing, transport, etc) during the next 2 years of studies. However, I do not know as to when and how to start the process. I wonder if anyone has ever experienced or applied for this type of loan before. FYI - I applied for FAFSA in January and I believe that is the first step. Am I right? 

Thank you so much!

[Bschaefer]

You should qualify to take out regular loans before the graduate Plus loans. At least I had that choice. I would check to see what is available and go from there. Otherwise, I would also see if there are funding opportunities in your dept. or other depts. because you will rack up immense debt living in the Bronx/NYC Lincoln center area (Sorry I can't remember which campus houses which). 

[Opt4theBest]

Thank you so much Bschaefer. Yes, I am qualified for regular loans. 

[Bschaefer]

No problem! Sorry - I'm just seeing this now. The regular loans have a significantly reduced interest rate compared to the Grad Plus Loans too. I forgot to mention that! 

[Phallosopher]

What do you mean here by "regular" loans? Are you talking about loans other than student loans?

[Levon3]

On 2/20/2016 at 3:04 PM, Opt4theBest said:

Hi everyone! I'm applying for a masters program and considering to take out the Graduate Plus Loan to cover both my tuition and living expenses (housing, transport, etc) during the next 2 years of studies. However, I do not know as to when and how to start the process. I wonder if anyone has ever experienced or applied for this type of loan before. FYI - I applied for FAFSA in January and I believe that is the first step. Am I right? 

Thank you so much!

I see you are at Columbia, which is where I got my master's as well. Their financial aid office helped me apply for the grad plus loan, and answered all my questions.