I's been searching around on this Forum and on the FAFSA website for information on loan options for grad school. As far as I can see, I would need to be enrolled half time (6 credit hours per semester) for the federal backed loans for tuition costs. Are there alternative options for DL students who may only take one class at a time?
You might check out the Student Loan Marketing Association, alias Sallie Mae www.salliemae.com to see if they'll fund part-timers.
Thanks Ted - but this information is pretty much the same as I found on FAFSA: Perkins - can be part-time, but is needs based, so not appropriate for working full time/studying part time Stafford - need to be enrolled half-time PLUS - only for parents Sallie Mae Signature Loan - need to be enrolled half time
I know Wells Fargo has Student Loans available for DL work (they provide loans for NCU learners). Wells Fargo
I went to a Techical school once (bootcamp) and got a loan from Key Finance. They do education loans too, and may be what you need. My Tech loan was 7k and my payment is $50/month. Just came to mind....
Thanks Eric From Wells Fargo Website http://wfefs.wellsfargo.com/jump/i_education.html Wells Fargo Education ConnectionSM Education Loan Loan description The Wells Fargo Education Connection Education Loan is an ideal solution for undergraduates, graduates, and career students who are enrolled at an eligible school and do not qualify for enough federal funding. Even if you are just taking one class or are not making satisfactory academic progress, this loan can help you pay for school. Eligibility Undergraduate and graduate students who: Are enrolled full-time, half-time, or less than half-time at an eligible school; Have established, positive credit histories, an acceptable debt-to-income ratio, and a minimum income of $12,000, or a cosigner who does; and Are U.S. citizens, permanent residents, or international students who are temporary residents. For permanent and temporary residents, a U.S. citizen or permanent resident cosigner is required. Amount you can borrow Annual amount: $1,000 - $25,000, based on cost of attendance Aggregate loan limit: $100,000 (including all other education debt) Fees No origination, disbursement, or repayment fees Variable APR Variable Annual Percentage Rate (APR) as low as 7.00%1, depending on the credit of the borrower and cosigner(s)
FAFSA is the way to go. I received loans through FAFSA despite taking one class at a time while working full time. In fact, my expected family contributions were much more than the actual cost of tuition and I still received loans for the amount of tuition (and a little more). Tip: applying is free and you have nothing to lose. Even if you make a good living and don't need the money, student loans may just be the cheapest money you can borrow.
I agree...FAFSA & the Fed student loan programs are the best. However, these loans aren't available to some schools (NCU for example) and/or for less than half-time students (last I checked).
I am currently attending Regis University and take one class at a time. Two of their 8-week sessions allows for 6 credits per semester. Anyone contemplating FAFSA should be mindful of shorter term school options that may still allow one to take one class at a time. NCU is a different story and has been discussed at length in different threads.
You may want to check with the school you intend to enroll into. Some schools will consider you enrolled half time if you take 3 credits per term as a grad studuent. I believe that this is because 9 credits is considered full time for grad students.
I think one course per semester with Touro (4 semester hours) is considered half-time. Would that qualify for loans?