Graduate Students Get the Shaft | 10.16.09

Posted in Financial Aid, Graduate Loans By Student Loan Network Staff

Grad Students AngryOpinion Piece – Friday Rant

As anyone who has gone through the financial aid process knows, Pell Grants are only offered to undergraduate students and have a maximum lifetime limit of 18 semesters or its equivalent and are not offered to Grad students.

So let me get this straight.  I can toil around in the undergraduate ranks for years until I get my degree but can not attend a four year school, secure my degree in 8 semesters, and then qualify for any grant assistance if I elect to go to Grad school?  How is that fair?

What are we doing to help the future leaders of our country?  Oh yeah, we are keeping the interest rates on their federal loans at levels well above the federally mandated yield.  I think it’s really great that Grad students are paying the mandatory government rate of 6.8% on Grad Stafford loans and not the student market rate of 2.5%.  And since the federally mandated yield to lenders for Stafford loans dropped to 2.08 percent, which is an earnings cap for lenders, where does the rest of that money in interest go?  You guessed it, back into the pocket of the federal government to spend frivolously.

If nothing else your graduate degree may give you better insight as to why the system is the way it is.  Of course that’s assuming you can afford to pay for grad school.

Sound off below!

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One Response to “Graduate Students Get the Shaft”

  1. Nicole says on January 21, 2010 at 9:44 pm:

    Preach it, friend!!! I chose to attend a grad school out of state, and all of the scholarships offered through my program went to students who attended undergrad here. I have earnestly search for as many possible and applied for them, but have yet to receive one. My graduate gpa is a 3.85. I am a graduate assistant and working my tail off to only take out subsidized student loans, while paying the remainder of my account balance through payroll deduction. In the fall, I only kept $90 out of each check. Try buying groceries, gas, school supplies, books, etc., out of $180 a month. Its extremely hard. Obviously, since we have to spend longer in school, its more expensive…I dont understand it either, kristen!

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