2008 Woodie Awards
Students Look for Aid at WPU
Kassandra Barnes
Issue date: 11/1/06 Section: Campus Briefs
- Page 1 of 1
It is the end of October. Rent is due, utilities need to be paid and that private loan that was taken out to cover these expenses is quickly dwindling away. This is the reality of many graduate students struggling to live on financial aid at William Paterson University.
With 355 full-time and 1,505 part-time graduate students last year, the race to fund a master's degree is becoming more and more competitive.
Most students rely on some form of financial assistance provided through the university, which can include scholarships, grants, assistantships and loans. Due to the scarcity of graduate scholarships, most students are forced to rely on subsidized and unsubsidized loans to pay for their tuition, living expenses and miscellaneous costs.
However, many graduate students say paying for the cost of living in northern New Jersey eats up a majority of the money the university provides; therefore, students are forced to seek other options of financial assistance.
One option for students is to petition the financial aid department for extra funding to help them defer the costs of education.
Another option students use is private loans. Most lenders will allow students to take out a large amount of money, but beware of the large interest accrued on loans.
Many companies, such Sallie Mae, charge a variable interest rate composed of the prime rate plus 1 percent to 7 percent; therefore, students could average 9.25 percent to 16 percent interest on these loans-a far cry from the low interest rates of public federal loans dispersed through the university.
The Internet is available for extra assistance. Scholarship websites, such as FastWeb, allow students to fill out individual profiles matching them up with scholarships they qualify for. Even though many of the scholarships are national, there are plenty from which to choose.
Students always have the option of entering the work force and finding a job that offers tuition reimbursement. Many companies, especially larger ones, are willing to pay students while they get their degree. If this option is available, it is important to understand its requirements. Some businesses only allow a specific number of credits each semester and others require written approval for classes.
No matter which way a graduate degree is funded, in the end, a degree will help pay for many of these costs and will be worth all the borrowing.
With 355 full-time and 1,505 part-time graduate students last year, the race to fund a master's degree is becoming more and more competitive.
Most students rely on some form of financial assistance provided through the university, which can include scholarships, grants, assistantships and loans. Due to the scarcity of graduate scholarships, most students are forced to rely on subsidized and unsubsidized loans to pay for their tuition, living expenses and miscellaneous costs.
However, many graduate students say paying for the cost of living in northern New Jersey eats up a majority of the money the university provides; therefore, students are forced to seek other options of financial assistance.
One option for students is to petition the financial aid department for extra funding to help them defer the costs of education.
Another option students use is private loans. Most lenders will allow students to take out a large amount of money, but beware of the large interest accrued on loans.
Many companies, such Sallie Mae, charge a variable interest rate composed of the prime rate plus 1 percent to 7 percent; therefore, students could average 9.25 percent to 16 percent interest on these loans-a far cry from the low interest rates of public federal loans dispersed through the university.
The Internet is available for extra assistance. Scholarship websites, such as FastWeb, allow students to fill out individual profiles matching them up with scholarships they qualify for. Even though many of the scholarships are national, there are plenty from which to choose.
Students always have the option of entering the work force and finding a job that offers tuition reimbursement. Many companies, especially larger ones, are willing to pay students while they get their degree. If this option is available, it is important to understand its requirements. Some businesses only allow a specific number of credits each semester and others require written approval for classes.
No matter which way a graduate degree is funded, in the end, a degree will help pay for many of these costs and will be worth all the borrowing.
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