 We know that you have many important decisions to make at this time, and one of those decisions is how you will finance your doctoral degree regardless of which school you choose. Higher education is an expensive investment in your future career and, like any major investment, you should take some time to review your options and choose what will be best for you.
Thousands of graduate students face these kinds of decisions every year and have to understand a wide variety of financial options. The federal government provides several forms of financial assistance to qualified students which are designed to help you receive sufficient money to fund your educational investment. The list below highlights the major Federal Student Aid (FSA) programs available to Wright Institute students.
Stafford loans are funded by private lenders (banks, credit unions, etc.) participating in the FSA program. Interest rates are currently fixed at 6.8%. Students can apply for both the Subsidized and Unsubsidized Stafford.
Subsidized Stafford Loan:
On the Subsidized loan, the federal government will pay the interest on the loan until six months after you graduate, as long as you are in school at least half-time. Special rules apply for leaves of absence. Eligibility for a subsidized loan is determined on the basis of financial need.
Unsubsidized Stafford Loan:
Unlike the Subsidized loan, you are responsible for the interest from the time the loan is disbursed until it is paid in full. You can choose to pay the interest or allow it to accrue and be capitalized. Capitalizing the interest will increase the amount you have to repay.
Perkins Loan:
This is a low-interest (5%) loan for students with exceptional financial need. Federal Perkins loans are made through the Financial Aid Office. The Wright Institute is the lender and the loan is funded by the government. These funds are limited by availability. In some circumstances, Perkins loans have cancellation options for graduates who work in qualified occupations with low-income populations and at-risk children at federally approved organizations.
Federal Work-Study Program:
Although work-study is not a loan, it is also a federal financial aid program. FWS provides financial assistance through employment at the Wright Institute and other nonprofit agencies. Student wages are paid by the federal funds which are matched by the employer. Students who are awarded FWS are limited to an average of twenty hours per week during the academic year and forty hours per week during approved periods when classes are not in session. The amount of FWS offered reflects both financial need and a reasonable projection of possible earnings at a rate of pay commensurate with the student's skills and experience. These funds are also limited by availability.
Some Scholarship and Loan Information Websites:
www.scholarshipcoach.com/websurf.php
www.nyu.edu/gsas/fininfo/gigs.html
www.finaid.com
www.usnews.com/usnews/edu/eduhome.htm
www.nslds.ed.gov
www.finaidfacts.org
www.scholarships.com
www.lib.msu.edu/harris23/grants/3gradinf.htm
www.findtuition.com
www.freecollegescholarships.net
www.brokescholar.com
www.fastweb.com
www.apa.org
www.collegedata.com
www.awis.org
www.aauw.org
www.internationalstudentloan.com
www.internationalscholarships.com
www.internationalstudent.com
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Financial Aid 