Student LoanDown readers, I’m pleased to share another question and answer series with you from Ask the Expert:

I am starting graduate school in the Srping of 2008 and going full time. My intended graduation date is May, 2009. I applied for financial aid. I am awaiting my award package.

The maximum amount of federal stafford loans (subsidized and unsubsidized) for grad students is about $18,000 per academic year. So my question is, will I get $18,000 starting this spring (2007-2008 school year), and another $18,000 starting in the fall (2008-2009) school year? Or will I get screwed and only get half ($9,000) for the spring, and then like the whole amount for the next school year ($18,000) in the fall???

It is pretty important because I have to take summer classes also, so my average cost per academic year is about $23,000, which is more than the aid I will receive. So depending on the timing of their disbursements, upfront for each academic year, or they split it in half, makes a big difference to the kind of leverage I can have with that money and determine wether I can move out, have some breathing room, etc.

Hmmm, a bit of a quandary. What do you do when the cost of your graduate school education and the amount of financial aid don’t add up? Fortunately for this reader, the math had changed slightly:

Generally, school certified student loans are disbursed in multiple installments throughout the academic year—not just in one lump sum. So you should receive separate disbursements for the spring semester of 2008, the fall semester of 2008, and the spring semester of 2009. Check with your school's financial aid office to be sure. Your school also might have a special financial aid application process for summer classes, so I'd recommend you ask about that now.

The good news is that the maximum annual Federal Stafford Loan limit for graduate students has increased a bit—to $20,500. That will give you some breathing room!

There was also a change to the Federal PLUS Loan program last year that extended eligibility to graduate students. You can apply for this loan after you've applied for your Federal Stafford Loan if you still need additional funding. There's no annual maximum, so you can borrow up to the cost of education (tuition, rent, books, etc.) minus other financial aid you've received. This loan has a fixed interest rate and after the Federal Stafford Loan, it's one of the most affordable loan options available. If this loan isn't included in your award package, ask your financial aid office if it's an option for you.

One last bit of advice: Borrow only what you really need, because you have to pay it back—with interest.

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