What exactly is financial aid and how do you get it?

What financial aid could I get, and how much would the re-payment be monthly?

• I'm applying to the University of Bridgeport in CT (I'll be doing the courses online). It's a Master's in nutrition, and the tuition will be just about $20,000 for the entire program. I'm 50, and it's been a long time since I paid off my student loans for my BA. I have no savings, and I'm currently on VA and SS disability. My monthly income (tax-free) is $3433 (sounds like a lot, but it just covers my care needs!). Does anyone know how much of the tuition I will be able to borrow, and through what programs? I have bad credit after a divorce, and am not eligible for private loans. Also, as a function of how much I borrow, how much will my monthly loan payments be after I graduate and for how long?

• Answer:

  With that income you won't be eligible for grants, but you can get student loans from www.fafsa.ed.gov (grad PLUS loan) for up to the cost of attendance, minus any other financial aid. Your payments would vary based on interest rate and total amount borrowed. Current interest rate is 6.8 -7.9 depending on the type of loan. For a $20,000 loan at 6.8% on a 120 month term, your payments would be about $230/month.