Have you heard anything about financial aid?

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I saw a story in MSNBC that college financial aid is drying up and that student loans are going to be very hard to get next year. They were speaking about undergrad specifically, but I assume the same will apply to graduate programs. I filled out the FASFA and my EFC is about $7500. First of all, I can't pay that, I have children in college. Secondly, all the programs I applied to are far more expensive than that. Their fin aid depts can't work with me until I am actually accepted obviously, but I am worried. All of this effort and angst and I may not be able to go anyway! :(

Those of you that are already accepted to a program, have you gotten an indication from the fin aid departments about how easy it will be to secure financiing?

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Specializes in Urgent Care NP, Emergency Nursing, Camp Nursing.

Grad students are eligible for Federally-backed GradPLUS loans, which are not drying up because they're not offered by private banks. You'll get those on top of the Stafford subsidized/unsubsidized loans. The maximum amount for a GradPLUS loan is $100k, which, combined with the $30-something-k ceiling on the Stafford, should be enough for nearly any grad program. If you want, you can ask the fin aid departments about whether or not their grad students get this loan - if you keep the questions general, they might be willing to give you the info in a non-person specific way.

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I really appreciatre your response!

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