Graduate Fellowship? (financial aid/loan question)

In summary, the conversation discusses the options for repaying loans after graduating with a Bachelor's degree, including deferring the loans through a Graduate Fellowship Program. The speaker also expresses concern about taking a year off and starting graduate school, wondering if the loans will be deferred again. The conversation concludes with a mention of the speaker's own experience with graduate fellowships and assistantships.
  • #1
denjay
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Not sure if this is the right place for this question but this seems the best place to me.

So after I graduate (with a Bachelor's degree) my loans require repayment after a 6 month grace period. One option I have with that is to defer the loans (make it so I don't have to pay back right away) and one of the satisfactory requirements for defering a loan is to be in a Graduate Fellowship Program. My question is: is this the same as being a graduate student? Is this something that you have while being a graduate student?

Through all this I'm just wondering if I can take a year off, get a job just to take a break from school. My grace period will end during this time. I'm wondering if I start graduate school that the loans will be deferred again or if I'll still be required to pay them back while in graduate school. Typing this all out makes me realize this is probably best answered by the financial aid office at my school but it can't hurt to ask you guys.
 
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  • #2
A "fellowship" is a kind of scholarship so, yes, being a "Graduate Fellow" (having a graduate fellowship) is being a graduate student. But not all graduate students have fellowships- some are "graduate assistants", being paid for assisting professors with their classes and/or teaching some freshman courses- some are on loans (frankly if you already have loans you need to pay back from undergrad (as I did) I would avoid those like the plague!).

When I went to graduate school at University of Florida, I had a fellowship but was told that I would have to teach one PreCalculus class a year- because making teaching a requirement, the students who did have assistantships would not have to declare their stipends as income on their taxes- besides it was good training. BALONEY!

After two years my fellowship ran out and I finished my degree on assistantships. Many years later I saw a person wearing a sweatshirt that said "University of Florida Graduate Assistantships- It's not just a job- its an indenture!"
 

Related to Graduate Fellowship? (financial aid/loan question)

1. What is a graduate fellowship?

A graduate fellowship is a financial aid award given to students pursuing graduate studies. It typically covers tuition costs and may also include a stipend for living expenses.

2. How do I apply for a graduate fellowship?

The application process for a graduate fellowship varies depending on the institution or organization offering the fellowship. It usually involves submitting an application form, transcripts, letters of recommendation, and a personal statement.

3. Who is eligible for a graduate fellowship?

Eligibility for a graduate fellowship depends on the specific requirements set by the institution or organization offering the fellowship. Generally, students must have a strong academic record, demonstrate financial need, and be enrolled in a graduate program.

4. Is a graduate fellowship a loan or a scholarship?

A graduate fellowship is typically considered a scholarship, as it does not need to be repaid like a loan. However, some fellowships may have certain requirements, such as maintaining a certain GPA, in order for the award to be considered a scholarship and not a loan.

5. Are there different types of graduate fellowships?

Yes, there are different types of graduate fellowships available, such as merit-based, need-based, and specific field of study fellowships. Some fellowships may also be available for specific demographics, such as minority or international students.

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