Funding your graduate education

Graduate school is the perfect next step as you build your career, and Union Adventist University can help you turn your dreams into reality. Financing your graduate education may seem daunting. But we’re here to help make it possible. Here’s what you need to know.

Graduate loans

Many students don’t have the funds to pay for their tuition and other expenses up front. But that’s okay because education loans make it possible for you to invest in your future through graduate school.

What loans are available?
You’ve probably heard a lot in the news recently about changes to federal loan programs and limits on borrowing. It’s true — new laws have made some significant changes to graduate loan programs, but there are still plenty of ways for you to get the funds you need.

• Federal loans
  If you fill out the Free Application for Federal Student Aid (FAFSA), you will likely qualify for federal unsubsidized loans. These are available without a credit check, up to $20,500 per year for graduate students. Your payments are deferred until six months after you leave school, but interest will begin accruing immediately. Also, these loans are subject to a lifetime limit of $100,000, excluding undergraduate loans.
• Private loans
  A number of private lenders offer many great loan options that can help you make up the difference needed to fund your education if federal loans aren’t enough. Private loans are subject to a credit check, and interest rates will vary depending on creditworthiness and repayment options. Most do not charge application or origination fees, which will save you up front. Explore and compare companies through our private loan partner Elm Select.

More about private loans below ...

How do I figure out my graduate school finances?

Step 1 - Understand your tuition and fees costs.
It is important to know your costs. Examine the cost pages for your program.

• Physician Assistant
• Occupational Therapy
• Public Health
• Leadership

Do you have money saved to help pay tuition and fees? Do you have family planning to help? Figure out how much you expect to borrow in the first year and over your entire program to fund the gap and cover your tuition and fees.

Note: Union will allow you to pay your student account balance over 10 or 12 months at no extra cost.

Step 2 - Factor in how much you’ll need to live.
You’ll need to live and eat while in graduate school, so it is important to understand your monthly expenses. How much do you spend on rent, car, food, insurance, etc? Do you plan to work enough to cover these expenses, or will someone else help?

Figure out if there is a gap between how much you will earn and your living expenses. If you won’t have enough, you can borrow more in education loans than just your tuition costs. On the tuition pages listed above is the cost of attendance, which is calculated by the school to help you borrow enough money to provide funds for your living expenses while in school.

If you have more than you need to live, consider putting those funds toward your student account each month to reduce the amount you have to borrow for tuition and fees.

Step 3 - Fill out the Free Application for Federal Student Aid (FAFSA)
If you need to borrow funds, start with the FAFSA. This will unlock access to federal student loans. Unlike undergraduate programs, you’ll be considered an independent student regardless of your age or living situation. So your parents won’t need to do anything.

What to remember about federal loans:

• Federal loan interest rates are fixed and based on a specific formula not related to creditworthiness.
• You do not need a separate application beyond the FAFSA to apply and qualify.
• Federal graduate loans are unsubsidized, meaning you will start accruing interest when the funds are disbursed to your student account.
• Payments are deferred until six months after you leave school (whether you graduate or not).
• The loan will be subject to an origination fee, which is taken out of the loan amount up front, meaning the amount put on your student account will be reduced.
• Federal graduate loans are limited to $20,500 per year and $100,000 lifetime (excluding undergraduate federal loans.
• After receiving your FAFSA information, Union’s financial aid advisors will have information about what you qualify for.

Step 4 - Connect with Union’s Financial Aid Team
After we receive your FAFSA information, Union’s financial aid advisors will be able to confirm your qualifications for federal loans and help you figure out your next steps with private loans.

You also need to fill out the Union Financial Questionnaire, which helps us make sure we have an accurate financial plan in place for you. You can fill it out on the student Portal. Click the piggy bank icon (My Financial Aid), then select “Financial Questionnaire” from the top left dropdown menu.

Step 5 - Explore private loan options
If your total expected borrowing needs exceed the $20,500 federal loan limit, explore private loan options. You can borrow money from anywhere, but we have included lenders that Union students typically use through our partner Elm Select.

Here are some things you need to consider when looking for private loans:

• Shop around - Many private lenders will give you estimates without going through the full application process. Many offer an estimator on their website.
• Weigh your options before submitting applications - Each private lender will require you to complete an application to get official approval. However, before you apply, make sure you know how long your approval will be valid. Some approvals are only valid for six months, meaning you don’t want to apply more than six months before the beginning of the school year to ensure you don’t have to go through the approval process again.
• Work on your credit - Your loan options and interest rate will be at least partially determined by your credit score. If you don’t have any credit, start using a credit card to build a credit history. If you have a bad credit history, do everything you can to improve your score, such as resolving defaults.
• No fees - Most private lenders do not charge up-front fees.
• Pick the right product for your needs - Many lenders will offer both fixed and variable interest rate options — each with their own advantages depending on your situation.
• Have a plan for repayment - Private lenders provide a host of payment options and payment incentives. Be sure you have an overall plan for paying tuition over your entire program before selecting loan options.
• Using a cosigner - If your credit history makes it difficult or very expensive to borrow, most lenders will give you more favorable terms with a cosigner who agrees to take on the loan liability if you don’t make payments. Make sure your lender offers a cosigner release program that removes the cosigner liability after you’ve made a certain number of payments in a row (usually a year).

Financial aid timeline

September - February: Complete the FAFSA
Fill out the Free Application for Federal Student Aid (FAFSA) and have your results sent to Union Adventist University (code 002563).

February - April: Complete the Financial Questionnaire
By mid-February, you’ll be added to Union’s systems and will be able access the student Portal and fill out the Financial Questionnaire (see instructions above). You’ll also receive emails from Union’s Financial Aid Office with additional information about next steps.

May - July: Work on Loans
Assuming you have completed your FAFSA and Financial Questionnaire, you’ll likely receive a financial plan from Union outlining your estimated costs and federal aid. This is also a great time to finalize what private lender(s) you want to use and get the application process underway.

August: Accept awards
You’ll need to accept or decline any federal loans you have been offered. Union’s Financial Aid Team will send you additional instructions for anything else you need to complete. If you are planning to make payments directly to Union, your first payment will be due on August 10. You’ll be able to see your monthly payment along with charges, credits and pending aid using our student statement.

Other ways to find aid

What financial aid is available for graduate students besides loans?

Most graduate students don’t qualify for scholarships or grants from Union or the federal government, but there may be scholarships available through outside organizations. ScholarshipUniverse may be able to help you discover these opportunities.

Questions?

If you have questions about financial aid, Union’s financial aid advisors can help. However, after they receive your information, they will typically reach out to you at the end of February to explain the next steps.

Financial Aid Office

Make an appointment
Phone: 402.486.2505
Email: financialaid@uau.edu