How can I afford graduate school?

There’s been a lot of discussion lately about the cost of graduate school. Rightly so… there’s no way to sugar coat the fact that grad school is expensive, especially at a private institution. While the Office of Graduate Admissions can’t reduce the tuition, we can certainly point you in the direction of resources that make it more affordable on the front and back ends.

For those of you in the early phase of your graduate school search, I encourage you to peruse our list of external scholarships for graduate applicants/students.
While this is by no means an exhaustive list, it is a comprehensive guide to external scholarships, grants and fellowships specifically for those interested in schools/careers in international affairs.

These external scholarships are of course in addition to Josef Korbel School scholarships which range from $10,000 to full tuition.

The thought of taking out $50,000 or more in loans to cover graduate school tuition is daunting to put it lightly. The thought of sleeping in your parent’s basement, inability to cover bills, exchanging your car for a bike and not indulging at your favorite restaurant every few weeks gives rise to sleepless, anxiety filled evenings when considering life after the six-month loan grace period.

There are two, fairly new federal programs that are particularly helpful to prospective and current graduate students interested in careers in international studies/affairs/relations: Income Based Repayment (IBR) and the Public Loan Forgiveness program.

Income Based Repayment
Income-Based Repayment (IBR) is a repayment plan for the major types of federal student loans that caps your required monthly payment at an amount intended to be affordable based on your income and family size.

To qualify for Income-Based Repayment, the following:

  • You must demonstrate partial financial hardship to qualify.
  • Payments are 15% of your discretionary income. (Discretionary income equals your Adjusted Gross Income minus 150% of the Federal Poverty Rate).
  • Payments are adjusted annually based on your Adjusted Gross Income and family size.
  • Payments can be as low  as zero.
  • If, after 25 years of payments, there is still a principal or interest balance on your loan, this remaining amount can be forgiven. For individuals who qualify for Public Service Loan. Forgiveness (see below), the forgiveness can occur after 10 years of payments.
  • Use this IBR Loan Calculator to determine if you qualify for the IBR plan.

Public Service Loan Forgiveness program
Under the Public Service Loan Forgiveness Program, you can qualify for forgiveness of the remaining balance due on your federal student loans after you have made 120 payments while employed full-time by certain public service employers. The 120 required payments need to be made under the Direct Loan (DL) Program (meaning you may need to consolidate your loans into the DL Program upon graduation if your current loans are borrowed through the bank-based FFEL program).

To qualify, you must make payments under one of the following repayment programs:

  • Income Based Repayment.
  • Income Contingent Repayment.
  • Standard Repayment.

I hope this information is helpful as you consider your graduate school options. Be in touch if you have any questions, Nicole.Vilegi@du.edu.

Nicole
Nicole Vilegi-Sandage
Associate Director of Graduate Admissions
Josef Korbel School of International Studies

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The 2012 Korbel Perspective

Why did our current students chose the Josef Korbel School? What does a typical day in grad school looks like? How much reading is required for each class? What’s one piece of advice a current student would share with a prospective student? Want the answers to these questions?  Then check out our 2012 Korbel Perspective videos.

Meet Mike Smith, an MA candidate in the International Human Rights program with a certificate in Humanitarian Assistance. Mike is a Peace Corps Fellow, having served in Panama from 2009-2011.

Meet Holly DeYoung, an MA candidate in the International Development program. Holly is originally from New York and wants to work as a project manager/director of an NGO.

Meet Ryan Economy, an MA candidate in the Global Finance, Trade and Economic Integration program. Ryan has a background in nonprofit management. Yes, that is his real surname.

Meet Montsé Garcia, an MA candidate in International Administration program. Montsé’s advice to prospective students: know what you’re passionate about but don’t pigeonhole yourself – be open to the variety of coursework offered at the Josef Korbel School.

Meet a few of our International students: Maria Torres from Mexico, Zhizhou (Joe) Zhu from China, Pallavi Gulati from England/India.

Stay tuned for the International Security video!

Ok, ok…Josef Korbel School students aren’t always in class, reading, writing and chatting about politics they like to have fun too. Check out these Ask Korbel videos…

Ask Korbel…Fantasy Football: Which world leader would you choose as the quarterback for your fantasy football team?

Ask Korbel…FBI: Where would you escape if the FBI was on your tail?

Ask Korbel…Superhereos: Which superhero would be the best candidate to retrieve the fallen U.S. drone in Iran?

Happy watching!

Regards,
Nicole

Nicole Vilegi-Sandage
Associate Director of Graduate Admissions
Josef Korbel School of International Studies
Nicole.Vilegi@du.edu