Online Colleges with the Most Generous Financial Aid in 2023

Ramping Up Graduate School Loans For Dreamers

Immigrants who are Deferred Action for Childhood Arrivals (DACA) and Temporary Protected Status (TPS) beneficiaries face an often insurmountable problem applying to graduate school: They have the right to live and work in the U.S., but they can't borrow from the federal government.

Michael Grossman

Social Finance

That's why the Dreamers Graduate Loan Program exists. Launched in 2021 with the aim of helping immigrants with DACA and TPS status attend professional graduate schools, it just significantly expanded the pool of applicants who can apply.

"We're getting to the point where we can be meaningfully impactful for Dreamers who want to get an education," says Michael Grossman, managing director, Impact Investments, at impact finance and advisory nonprofit Social Finance, which is the program's fund manager. It worked with scholarship provider TheDream.US to create the program. Funding U, an education lending platform for underrepresented students, is processing the applications and originating the loans.

Jackie Andrade Ramirez, who arrived in the U.S. From Mexico when she was one-and-a-half with her parents and two siblings, is one recent borrower. Ramirez, 23, who attended Colorado State University on a TheDream.US scholarship, graduated with a B.A. In social work in 2021. Then she got her MA from the school's graduate program the next year.

Now she works for a school district in Ft. Collins as a mental health specialist focused on immigrants. "Working with undocumented youth is what I've always wanted to do," she says.

From Undergrad Scholarships to Graduate Loans

Six years after the launch of TheDream.US., which has given money to about 10,000 Dreamers to attend over 80 partner colleges, the nonprofit teamed up in an advisory capacity with Social Finance to develop a new program for students applying to graduate school. "We set up the loan program to support students' continuing education," says Grossman.

The plan: to award loans, because the task of raising enough money to fund scholarships would be so costly as to make it unworkable. The goal was to match the federal subsidized graduate loan program open to U.S. Citizens and award loans with an interest rate significantly less than the amount required by private providers. Other noteworthy features: no requirement for co-signing and no minimum FICO score.

To increase the likelihood of repayment, loans are awarded to students in select graduate programs in fields—think law or medicine—where students have high graduation rates, low loan default rates and salaries that can reasonably sustain loan payments.

Opening Up to More Applicants

Initially, for the program's pilot year, 34 loans were made available just to TheDream.US. Scholarship alumni recipients and current college seniors. "We wanted to walk before we run," says Tracy Palandjian, CEO and co-founder of Social Finance. For the second year, which was the 2022-2023 academic year, the program expanded to include Golden Door Scholars and Equal Chance for Education, two other programs that award undergraduate scholarships, and made 66 loans.

After that, program officials felt they were ready to open up to more applicants. To that end, for the 2023-2024 academic year, they're now targeting any grad-school applicants who have DACA or TPS status and meet a variety of other criteria, with 135 new borrowers so far. They expect that number to increase to around 170.

To make sure students' loan size isn't onerously large, on average they borrow about $30,000 a year, according to Social Finance. "By combining philanthropy with commercial credit, we can hold the rate down to what looks more like what those getting federal student loans receive," says Grossman. "We do our best to meet the federal government rate." Since grad school programs typically are two years or longer, the average total is about $64,000.

Grossman describes the loans as, "a replacement for last mile financing." By that, he means the financing will take the place of high-interest private loans students would typically need to pay for whatever a mix of scholarships and savings can't cover.

Ultimately, Social Finance wants to raise $75 million to allow 1,500 loan recipients to attend graduate school. So far, it has raised $23 million in grant equity and repayment guarantees from philanthropist Don Graham and the Pershing Square Foundation, along with several other philanthropists and impact investors. That money will take a first-loss, subordinated position. That's to encourage participation from other investors. The Ford Foundation provided grant funding to develop the program.

Best Graduate Student Loans Of September 2023

Earnest offers a fee-free private loan option—no origination fees and no late fees—and borrowers have the ability to skip² one monthly bill every year, in addition to applying for standard forbearance when necessary. Borrowers have multiple repayment terms to choose from, and graduate students receive a nine-month grace period³ before they must make payments after graduation, which is longer than the typical six-month grace period.

Earnest doesn't have a co-signer release program. That means borrowers who use a co-signer must keep that person on the loan unless they refinance it into their own name.

Extra DetailsLoan terms: 5, 7, 10, 12 or 15 years⁴

Loan amounts available: $1,000 up to total cost of attendance (no aggregate loan amount listed)

Eligibility⁵: Students must be attending school at least half-time. International students can apply with a U.S. Citizen co-signer.

Forbearance options: Available for up to 12 months throughout the loan term

Co-signer release policy: None

¹You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

²Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you've made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest's discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

³Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

⁴Earnest's Loan Cost Examples: These examples provide estimates based on principal and Interest payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $118.28) and a 11.69% APR would result in a total estimated payment amount of $21,290.40. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $126.82) and a 13.03% APR would result in a total estimated payment amount of $22,827.79.

These examples provide estimates based on interest only payments while in school. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $145.41) and a 11.69% APR would result in a total estimated payment amount of $26,173.03. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $156.59) and a 13.03% APR would result in a total estimated payment amount of $28,186.67. Your actual repayment terms may vary. Other repayment options are available.

These examples provide estimates based on fixed $25 payments while in school. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $169.92) and a 11.69% APR would result in a total estimated payment amount of $30,584.74. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $188.42) and a 13.03% APR would result in a total estimated payment amount of $33,915.55. Your actual repayment terms may vary. Other repayment options are available.

These examples provide estimates based on deferred payments. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $174.79) and a 11.69% APR would result in a total estimated payment amount of $31,462.16. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $193.75) and a 13.03% APR would result in a total estimated payment amount of $34,874.28. Your actual repayment terms may vary. Other repayment options are available.

⁵Loan Eligibility criteria: Eligible students must: 1) For college Freshmen, Sophomores and Juniors, attend, or be enrolled to attend, a Title IV school full-time. For college Seniors and Graduate students, attend, or be enrolled to attend, a Title IV school at least half-time; and 2) be pursuing a Bachelor's or Graduate degree. Earnest private student loans are subject to credit qualification, completion of a loan application, verification of application information, self-certification of loan amount, and school certification.

Responsible borrowing tip: Explore all scholarship, grant and federal options before applying for a private loan.

Earnest Private Student Loans are made by One American Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104.

Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

© 2023 Earnest LLC. All rights reserved.

Juilliard's Top-Tier Graduate Acting Program Is Going Tuition-Free

The Juilliard School, one of the world's most elite conservatories, is making its top-notch graduate acting program tuition-free.

School officials said they hoped that the move would make the drama division accessible to a broader array of students, and that it would make it easier for graduates to pursue careers in the arts because they will have less debt.

"There's a mythology around a place with a name like Juilliard, and I know too many people who didn't apply because they thought, 'I couldn't afford it,'" said Damian Woetzel, the school's president. "We recognize that talent is so much greater than opportunity."

Juilliard's drama division, in which undergraduate and graduate acting students train together, was (once again) declared the best in the nation by The Hollywood Reporter earlier this year. The school's alumni have included Robin Williams, Jessica Chastain, Adam Driver and Viola Davis.

The acting program's Master of Fine Arts track, established in 2012, is relatively new; previously, postgraduate acting students received a credential called simply a diploma. The master's degree program, which currently has 35 students, is a four-year program — one year longer than most — and the fourth year has always been tuition-free to keep Juilliard competitive with three-year programs elsewhere.

Juilliard's tuition, for both undergraduates and graduates, is $53,300 per year. About 90 percent of undergraduate students receive some financial aid.

"The expense of being educated these days is an unrealistic burden, particularly for young artists," the actress Laura Linney, who is a Juilliard alumna and the vice chairwoman of the school's board of trustees, said in an interview. "Members of my class were paying debt into their 40s. That doesn't encourage young people to go into the arts."

Tuition for all graduate acting students will be free starting with the next academic year. To eliminate tuition, the school said it had raised $15 million, with key gifts from the commercial theater producers Stephanie P. McClelland and John Gore.

McClelland, a Juilliard trustee, has been credited as a producer on 87 Broadway shows over the last two decades; she donated with her husband, Carter McClelland, a longtime Wall Street executive. Gore is a British producer whose many ventures include the touring behemoth Broadway Across America and the website Broadway.Com. Other gifts, and existing scholarship funds, were combined to permanently replace tuition revenue.

"Many of our M.F.A. Students come in with significant undergraduate debt, and some have maxed out the federal loans they can take," said Evan Yionoulis, the dean of Juilliard's drama division. This will "allow them to be here without that financial weight on their shoulders, and allow them the freedom, when they graduate, to make choices to build their craft and to have the patience it takes to build their career."

Juilliard's move comes two years after Yale University made its drama school, which is also top-ranked and is larger than Juilliard's, tuition-free with a $150 million gift from David Geffen. James Bundy, the dean of what is now called the David Geffen School of Drama, said the waiving of tuition had already had a significant impact at Yale.

"We've seen a rise in applications — we've had the two highest years in the school's history, which tells me that a great many more people saw the school as financially accessible," Bundy said. "We've had a substantial increase in the portion of the applicant pool that identified as Black, Indigenous, or people of color. And taking tuition out of the equation has enabled us to increase stipends for living expenses for students with need, which has the long-term impact of driving down indebtedness."

Juilliard already has several other tuition-free programs, including the drama division's two-year playwriting program, which currently has eight students, as well as several specialized music programs. Once the graduate acting program goes tuition-free, 26 percent of all Juilliard students will pay no tuition to attend.

But many music and dance students, as well as drama undergraduates, will continue to have some tuition obligations; the graduate acting program is going tuition-free now because there were donors who stepped forward to make that possible.

"My aim is to make the school tuition-free — the ultimate artistic education deserves that access," Woetzel said. "Wouldn't that be something?"

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