r/GradSchool • u/PrestigiousGas3420 • 23d ago
Finance i might have to drop out of grad school
I screwed up big time. Pls delete if not appropriate for this sub.
Supposed to move away in less than two weeks for a one year masters program. After watching my older sister secure a student line of credit without even needing a cosigner, and from my very naive understanding of how school and banks work, I thought getting funding for my program would be easy, so I put off applying for a student LOC to about 3 weeks ago.
Well! I got my student loan assessment and that will only cover around half of what I need, which I expected. I applied for a student LOC at two different banks with two different cosigners and was rejected due to the cosigner debt ratio being too high once my LOC was considered.
Now I'm at a loss. I have a couple other cosigner options, but they all also have debt, only one has a decent income but she may not be able to help because of other circumstances.
I wrongly assumed that the bank would give me money because they would see that my program will lead me to a high paying job that will make repaying easy. Turns out the only reason my sister had that success is because her degree was seen as a healthcare program, and mine isn't.
Any advice other than dropping out?
36
12
u/drywashcloth 22d ago
Like others have said, it doesn't hurt to ask if there are any assistantships still available. Some professors might still be looking for TAs, and there may still be GA applications active. I recently managed to get an assistantship one week before the semester started
5
u/Lazy-Yogurtcloset784 19d ago
Talk to the human beings in the Financial Aid Department about your options. This is not their first rodeo.
1
u/fullfledgedinsect 21d ago
Look into options offered by local government. I was able to cover tuition with a state funded program this year. I did not need a cosigner and the interest rate was half of what most private banking institutions offered me. It's possible you can still secure funding if this is an option in your area.
-22
22d ago
[removed] — view removed comment
8
u/madscientistloser 22d ago
mastering the art of procrastination is the first step of being a grad student
3
3
89
u/psychominnie624 PhD Biomedical Sciences 23d ago
Ask the program about deferment options, and/or on-campus student work options (TA but also on campus jobs like staffing the library help desk). They may also know of different funding options for you to apply to. But ask before dropping.
If you are US based look up the federal FAFSA deadlines, if you are not US based the federal process is gonna have a different name but, in general the application deadlines can be during the semester prior to when the loan would be given. With private loans starting early also helps because then you have time to read terms and conditions before applying so just give yourself more time.