Fund Your Graduate Degree

The financing of professional and graduate education in the United States is viewed primarily as the responsibility of the student. There are very few federal or state grant and scholarship programs designed for graduate students. There are a number of things, however, that prospective graduate students can do to help themselves prepare financially to meet their educational costs. These include: 

• Reduce consumer debt. The financial aid budget does not provide sufficient funds for students to carry substantial consumer debt. If you have credit card debt or other consumer obligations, you will be much better off financially if you eliminate or reduce these obligations before you begin at Bastyr. 
• Credit history. Check credit reports on the Annual Credit Report website and repair adverse credit history. Graduate PLUS and private student lenders review credit. 
• Have some funding set aside for emergencies, if at all possible. If you have savings, work with the financial aid advising staff to determine how best to plan for the use of your funds in conjunction with available financial aid. 
• Consider the relationship between enrollment pattern and available aid. Many students choose to attend four quarters per year and, in the ND program, may opt to spread their education across five years. Students are eligible for new loans every three academic quarters. Naturopathic medicine students must consider that their Stafford borrowing lifetime maximum is capped at $224,000. When this limit is reached, the only federal aid available is the Graduate PLUS Loan. It is the student's responsibility to look at their program's length and keep track of how much has been borrowed. Other graduate programs have an aggregate maximum of $138,000 for Stafford Loans. 
• The Federal Government has a website to assist students in managing their money. You can also get a "My Money" tool kit that has helpful tips on savings, investing and protecting your money. 
• Check out our Outside Scholarship Search brochure to help identify possible outside scholarships that you may qualify to receive. Also check out our Scholarships page for good scholarship search websites. 

Funding a Graduate Education 

• Information from the Department of Education 

Unsubsidized Federal Direct Loan 

Students do not need to qualify for need-based assistance to receive this loan, and the interest accrues while students are enrolled in school. Students can choose to let the interest capitalize, or they can make interest-only payments while they are in school. ND students may qualify for up to $40,500 per three-term award period. All other graduate students may qualify for up to $20,500. The aggregate loan limit for all graduate programs other than ND is $138,500. The ND aggregate is $224,000. Interest rates on Stafford loans are set each July 1st. A list of current interest rates can be found here. There are origination fees that the Department of Education takes out of your loan. Visit the Department of Education for more information. 

Federal Direct Graduate PLUS Loans 

Graduate PLUS Loans are part of the Federal Direct student loan program. Graduate PLUS Loans offer convenient terms such as the ability to defer payments when you are enrolled in school at least half time. Interest rates on PLUS loans are set each July 1st. A list of current interest rates can be found on the Federal Student Aid site. You may borrow up to the cost of education minus any other financial aid you receive. There are no annual or aggregate borrowing limits set by the federal government. There is a credit check requirement for the Graduate PLUS loan. Graduate PLUS loans have higher origination fees than Stafford loans.  Visit the site for more information.   

Private Student Loans 

Most private loans are restricted to U.S. citizens and international students with a U.S. co-signer. 
Private educational loans are also available for students who wish to receive additional resources to cover the gap in funding or to replace federal loans. It is the responsibility of the student to seek out a lender and apply for a private student loan. Private loans require a credit check and may require a co-signer. We encourage students to pay attention to interest rates, fees and repayment terms as these may be different than federal student loans. More information about private student loans can be found on the Fast Choice site.  

Entrance and Exit Counseling 

You are required to complete an online entrance counseling session on the Federal Student Aid site prior to receiving any federal loans.  We also strongly encourage you to complete entrance counseling for private loans, but it is not required.  Exit counseling for federal loans is required within 30 days of your graduation date (either 30 days before or 30 days after).  There is no exit counseling required for private loans.  You may also, at any time, make an appointment with someone in the financial aid office to discuss either federal or private loans. 

The University's work-study program has a wide variety of jobs available, on campus and off, that provide learning and earning opportunities that help students meet their living costs. There is also a small international student work-study program. Graduate students are eligible for consideration for both the federal and state (Washington residents) work-study programs. The average annual work study award for nine months is $1,800. 

For more information, contact Jenny Zhang, Work Study Coordinator, at (425) 602-3046 or [email protected].

Students should inquire into possible financial aid programs sponsored by fraternal organizations, clubs, etc., in their home area. Alaska residents should ask about the Alaska Student Loan Program. Canadian citizens can borrow under both the Canadian federal and provincial loan programs.