Is it possible to go to grad school if my student loans are nearly maxed out?
Theres a supposed limit on how much one can borrow in federal student loans. Ive already accumulated a lot and Im not sure if I could borrow enough to pay for 2-3 years. Plus Im not exactly in good standing with Sallie Mae. Are there any alternatives?
- nancyLv 72 months agoFavorite Answer
As a graduate student, your aggregate limit for federal Direct Stafford loans increases to $138,500. (However, you can only borrow $20,500 per year, so take that into consideration when choosing a graduate program). If that is not enough, then you can apply for a credit based Graduate PLUS loan for any amount up to your Cost of Attendance. Although the PLUS loan is credit based, the credit standards are lower than they are for most private loans, so if you've maxed out on the regular Stafford loans, that might be worth a try.
- ibu guruLv 72 months ago
Work. That's it. 80% of American college students work at least 20 hrs/wk to help pay school and/or living expenses. Perhaps you did not work enough as an undergraduate & relied too much on loans. Now you can expect to work full-time to pay for grad school. You MIGHT qualify for some financial aid if you are an exceptional student, but that could well be Work-Study, a job as research assistant or teaching assistant.
- LaurieLv 72 months ago
Get a job or join the military. Pay off your existing loans. THEN go to graduate school.
- Mmm JLv 72 months ago
Absolutely! Please keep in mind that you're already on your way to being yet another statistic owing money on student loans that you can't/won't repay and you, like other "students" already demanding loan forgiveness, will follow by complaining that "education should be free".
That may even be true, but it wasn't when the loan was approved for you, so at some point you will need to pay it back... You may need to work a few years, pay down your student loan debt then go back to graduate school... under the condition that the graduate degree is for something useful and you can get a decent job in your degree area.
- How do you think about the answers? You can sign in to vote the answer.
- Spock (rhp)Lv 72 months ago
the alternative is to get a job in your grad school target field and make steady, regular payments for three years. Besides, the real world work experience will look good on your application