Graduate School Financial Aid

I have to admit I was luck enough to have my parents pay for my entire undergraduate education. They are well off and I did not have to apply for financial aid or student loans.

I will be paying for my own graduate school and want to know how I go about applying for financial aid. Obviously I would prefer some assistance that I would not have to pay back, but would also take a low interest loan to supplement. I am 25, make $35,000 per year and do not live with my parents. Would I be likely to qualify for anything? How far in advance do I need to apply and do I need to know which school I going to for sure before I can? How do I get started? I would appreciate any advice. My parents did offer to pay for this, but I am looking to go an out of state school and would like to pay on my own and invest inmy own future. Thanks!

First, you need to fill out a FAFSA form. This is to apply for federal financial aid. This form is online, I think at fafsa.gov. This will provide you access to what is generally called "Title IV" or "government" loans. Everyone can get this. You also may need to fill out the financial aid forms associated with the prospective schools.

However, graduate school is much different from undergraduate. Graduate students may receive fellowships, which are basically free tuition plus a stipend combination usually with NO work requirement, OR assistantships, which typically waive tuition or reduce it dramatically and provide a wage in exchange for research or teaching assistantship duties. Having one of these makes one a "funded" student.

Choosing to attend a graduate program as an "unfunded" student may not be wise. Generally, most of the better schools fund the graduate students that they feel have "potential." The unfunded students are often not given comparable opportunities for professional development or networking. Basically, they pay the bills, but receive the shorter end of the stick. Now, if your goal of going to graduate school is basically to tack on an M.A. in a discipline related to your undergraduate degree in order to be more competitive for basic jobs, then you will probably be unfunded and only want the degree and not necessarily professional development in the particular subject area.

As far as applying in advance goes, most schools have their own calendars. You should research institutions and choose wisely. From the sound of things, you could use a mentor or counselor. Perhaps your undergraduate school has such services for alumni. I would check into that first. If not, perhaps you should make an appointment with the graduate school admissions office of your state's flagship school (University of STATE/State U, etc.) at their main campus and discuss your future goals and plans.

Also, please be advised that professional school (law, medicine, dentistry, etc.) is not handled the same way as graduate school in terms of financial aid. Again, I would first figure out where I wanted to go, fill out the FAFSA form, fill out the schools' forms, and then go from there. Should you be planning professional school, the schools will steer you toward LawLoans, MedLoans. etc. as applicable.

Good Luck.

2007-07-06 11:25:13 by Snarf

A panel of graduate admissions representatives talk about the graduate admissions application process and financial aid. Recorded during the ...

I read somewhere that I could receive up to 18,500 a year in Financial Aid for Graduate school. I work full time and made some good money last year, but only enough to survive really. Is this 18,500 bases on financial need, or is it available to anyone no matter what the income level you earned in a year?

My brother got his MBA and worked full time at the same time. It is possible to get financial aid, but there are no grants out there once you enter graduate school. However, there are a limited number of scholarships out there. In addition, check with the human resources office of your employment because some companies offer a tuition reimbursement plan. I will include some helpful links below. Good luck!

2007-11-05 14:53:00 by Kevin M

Price: $21.95

I am having a hard time finding out details of what determines how much financial aid you can get for graduate school. What I need to know is -- how much does personal savings and salary influence your ability to get aid? I currently make approx $70k and have approx $30k in savings. About $10k of that is in a Roth IRA, another $10k in CDs (emergency fund) and $10k in stocks. I also have about $1k in a 529 plan I started this year.

I am an independent from my parents, so their finances will not effect my graduate school aid package, from what I understand. They do not have the money to loan to me for grad school. They did pay for my undergrad education, so I never had to go through the loans process then. Which is I am very thankful for. However now I am very confused about the loans available for graduate study and how to get them.

While I would like to get a TA position during grad school, I am not sure that will be possible. I am either looking to get an MBA or MS/MBA dual degree. I may not work during the 2-3 years of my education.

I've heard that you're actually better off having no savings when you apply for loans. Is this true? Also, is it better to have a low-paying job for a year before you apply for school and financial aid? Does my Roth IRA count in my savings?

Any information you can provide about my financing options and how my current savings and salary will effect my chances of getting aid would be greatly helpful. Thanks!
If I get the amount appropriate for my "family income" what is that based on? I might be making 70k now as a single earner, but when I am in school I will be making 0k. Does that matter?

It really won't matter what your income is. You will be eligible for Stafford loans. The only difference it could make is Subsidized vs Unsubsidized. They will both be Stafford loans. You will not longer be eligible for grants, but you should be eligible to receive up to your cost of attendance.

2009-11-06 12:16:18 by AD

Price: $9.95

There's a couple of schools I wanted to apply where the application deadline is around April or June. But I just found out that the financial aid or fellowship deadline is Jan. 15! Does this mean I have to submit EVERYTHING (letters of rec, transcript, personal statement, application) by Jan. 15 in order to receive the financial aid? Or do I only have to complete FAFSA by Jan. 15?

What if I wanted to apply for the spring semester instead, do I still have to turn in EVERYTHING by Jan. 15 to receive financial aid?

I emailed one of the schools, but they're out of office until Jan. I assume it's the same for all the other schools, since it's winter break. I'm so screwed...
@Suddenly Human:
Thanks, but I really think they mean send all paperwork by Jan. 15 to be considered for financial aid. That way, they can decide my acceptance by March 1, which is the deadline for FAFSA.

Well, too late now. I'm just gonna apply for the schools anyways, and hopefully, I can apply for scholarships and find a job.

First off, don't confuse the financial aid application deadline with an admission application deadline. The two are totally different and not dependent upon each other at all. If the fin aid deadline is Jan 15th then you just need to submit your 2010-2011 fafsa before that date. (you will still need to go back and do corrections since your taxes have not been done yet and you don't even have your W2's yet). In simpler terms, no, that doesn't mean you have to turn in the admissions application paperwork by this date also... unless of course the admission deadline is the same date (doubtful).

The grad schools website should list the steps and deadlines for admission.... it may be Jan 15th... but it is prob not.

Good luck and def don't panic!

2009-12-26 19:30:10 by FredA

I am currently applying to graduate school but I want to be sure that they offer financial aid. At the moment, I am getting no luck on financial aid, just loans. Are there financial aid opportunities in graduate school???

Once you earn your bachelors degree, your only options are loans. You are no longer eligible for federal or state grants. Sorry. Your only other options are scholarships and you would need to talk to your schools financial aid office (or possibly your grad program dean) to get more information on that.

2010-03-23 13:55:15 by Brooke S