Financing

[rgerwin]

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How do people pay for post-baccs and living expenses when the stafford loans only cover $12.K and the private loan market sucks right now?

 

[TheGoose]

gradPLUS loans.

 

[DrMidlife]

gradPLUS loans.

Yes for SMPs, but not for undergrad postbacs. I'm curious too.

 

[rgerwin]

right, this is for an undergrad post-bacc. Not for me , obviously. A career change program.

 

[MissIrish]

...

 

[ali20685]

Pending your situation, some are eligible for a small amount of stafford loans for the post bac program. The loan eligibility ends after one year. I am going part time so that I can work to save money for books as well as tuition for next year. Other people take out private loans for their studies as well. As far as I know, these are the only options. If anyone else has another way, I would love to hear it.

 

[rgerwin]

what do you mean lose eligibility after one year?

 

[aphios5]

.

I'm interested in hearing more responses to this question, too🙂...how do folks survive on the 12.5K per year? Cat food sandwiches? Paper route? Move into a hostel? Seriously though, bumping for more answers!

 

[csc123]

It has to be just loans (banks, etc.). And partly with savings/part-time job of some sorts? You have to have money, so parents? and trust fund would be the best bet. This is ofcourse is my opinion with just finishing undergraduate this past May, but I assume its better to start a post-bacc as soon as possible (right after graduating for non-traditional students to do the pre-reqs).

 

[cetac]

If you're under a certain age (26 IIRC, but you should check for yourself) you are eligible for ParentPLUS loans as well.

 

[betterlate]

Loans & savings, but mostly loans. I was turned down for student loans b/c my credit score (good enough to get a car loan on my own eight months prior) was no longer good enough in the current economic climate for me to get student loans. My parents offered to cosign w/ me, and that was enough to get me approved. I'm in my mid-thirties, so I definitely don't qualify for ParentPLUS or whatnot, and career-changer postbacc programs don't qualify as grad school, so no gradPLUS loans, either. Just good, old-fashioned private loans.

I know that more than one person who was accepted to our class ended up postponing because they couldn't get funding. I suspect this will be an increasingly common problem for students and programs alike.