posted
Mostly this question is for rivka, but if anyone else has knowledge to impart, I would appreciate it.
My wife and I are about to begin a summers-only graduate program for our Masters degrees. We applied for financial aid and received some offers for federally subsidized loans. Since I had a full-ride grant as an undergrad, and her parents paid for her undergraduate degree in full, my memory on loans and financial aid is hazy at best.
As I understand it, 'subsidized' means that they government pays interest on these loans while we are full-time students, and often continues to pay interest for 6 months after 'graduation'. Where I'm confused is the following points:
1) Since we are only taking classes during the summer, are we considered full time students? Our credit load will be 15 credits, but due to our teaching responsibilities, we cannot take courses during the school year.
2) We will receive our Masters degree at the conclusion of the three-summer program (assuming our coursework is completed satisfactorily). Is this the point at which we are deemed to have 'graduated'?
Many thanks for your help and advice.
Posts: 1099 | Registered: Apr 2005
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posted
Sub loans are actually subsidized any time you are half-time or more, and for 6 months thereafter. Sounds like you are going to have about 3 months per year that you don't qualify for that and you'll have interest accruing and be expected to pay on the loan.
However, this is NOT a scenario I am familiar with, and you should absolutely contact your school and not just go by what I'm saying. They must have this come up a fair bit if this three-summer program is common.
Posts: 32919 | Registered: Mar 2003
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posted
Thanks rivka. I was guessing this was the case, but I will go ahead and contact the university.
Posts: 1099 | Registered: Apr 2005
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