Financing Your Education

Your institution (school) may have a mix of scholarships, grants, loans, assistantships, fellowships and general employment opportunities.

Look carefully at institutional loan programs that are available. These loans can be an important resource.

Graduate students may be awarded assistantships (e.g. teaching, research) to help pay for the costs of education. A typical assistantship requires up to a half-time commitment (20 hours per week) and may also include benefits such as a tuition discount. Paid internships also enable students to receive financial support while gaining practical work experience and, in some cases, academic credits.

The U.S. Department of Education provides financial assistance programs for students attending eligible institutions.

To determine your eligibility to participate in federal programs, you must complete the financial aid process as established by your school and the FAFSA form.

The following student aid programs are available from the federal government:

• Federal Direct Subsidized Loan
• Federal Direct Unsubsidized Loan
• Federal Direct PLUS Loan for Graduate Students
• Federal Direct Parent Loan for Undergraduate Students (PLUS)
• Federal Perkins Loan
• Federal Work-Study Program

Health professions students may be eligible for additional loan programs offered by the U.S. Department of Health and Human Services.

Consider all sources of financial assistance before deciding to borrow. The more common non-loan options include, but are not limited to:

• Installment or prepayment plans - Institutions may offer you special payment arrangements to alleviate the burden of paying out-of-pocket expenses.

• Tuition remission - If you or your parents work full-time at the institution you plan to attend, you may qualify for tuition remission.

• Employer benefits - If you work while attending school, your employer may provide tuition assistance as an employee benefit. Ask your employer if you qualify for this assistance and what is required to maintain your eligibility, such as minimum grade point average. Be sure to ask how the benefit you receive will affect your income tax status.

• Veterans benefits - If you are a veteran and have completed at least one year of active service in the U.S. Armed Forces, you can use Veterans Educational Benefits for higher education. The amount of the benefit depends on your length of military service, number of dependents, and number of course credits you are carrying. Check with your school's office of veterans affairs. You can also visit the Department of Veteran Affairs at: www.vba.va.gov/, or call them at 1-800-827-1000 for more information about these programs, or see your financial aid administrator.