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WestrnMom
Super Moderator
| Joined: | Fri May 26th, 2006 |
| Location: | West Coast, USA |
| Posts: | 1162 |
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Posted: Mon Mar 3rd, 2008 02:28 am |
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We began talking about this in the undergrad FAFSA discussion, but Thumper pointed out that grad school aid isn't need-based. Any more information on this would be helpful. I added a subheading that seems to fit the overall questions Lynda and I have right now.
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Lynda
Member
| Joined: | Mon Mar 6th, 2006 |
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| Posts: | 215 |
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Posted: Mon Mar 3rd, 2008 03:36 am |
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Thanks WestrnMom,
Son's profs seems to have influenced his change in plan, now he wants to stay for a masters.
Thumper, Thank you so much for the info. Son's school does not use TA's. I am going to ask him to find out what is available.
LA
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mackinaw
Member
| Joined: | Mon Mar 6th, 2006 |
| Location: | Michigan |
| Posts: | 776 |
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Posted: Mon Mar 3rd, 2008 03:42 am |
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I will comment mainly on doctoral programs. Financial aid for doctoral students is virtually entirely merit based. While some doctoral students do also rely on loans (e.g., if they run out of support from the university), at the better-ranking schools students are financed 100% by fellowships, research assistantships, and teaching assistantships, typically for 4 to 5 years assuming they're making normal progress. Most of that money will come from the universities. Some may come from competitive success in obtaining external sources in the forms of grants and fellowships (e.g., to cover costs of special training, field work, dissertation write-up, and so on).
As I put it to my son when he was (briefly) considering going on for a PhD, "If you can't get sufficient financial support from your doctoral program, you shouldn't be seeking a PhD."
The situation is very different for professional programs including MBA, JD, and MD. The largest source of funding for those is loans, though for JD (law) programs parents may be expected to contribute, and there is sometimes also merit money in the form of fellowships/scholarships. FAFSA does come into play to help determine eligibility for federal loans.
I'll let others who have more knowledge of masters-level programs aside from the MBA speak about those.
Last edited on Tue Mar 4th, 2008 03:02 am by mackinaw
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Thumper
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| Joined: | Sun Mar 5th, 2006 |
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Posted: Tue Mar 4th, 2008 12:13 am |
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I just cut and pasted this from the other thread.
DS is in his first year of grad school. Just keep in mind that the financial aid process for grad school is VERY different than for undergrads. First...almost all of the grad students are independent and many have EFCs that are very very low...if not zero. There are not schools that "meet full need" and there are no federal funds that are awarded based on the FAFSA except the unsubsidized and subsidized Stafford loans. There are no Perkins loans or Pell grants for grad school. To be honest, I'm not sure what they use the FAFSA for!! There really isn't "need based aid" the way there is in undergrad school. For many grad students, awards are in the form of fellowships or assistantships that have little or nothing to do with need, but are awarded based on merit...or what the school is looking for in a student.
The good thing is that it doesn't take long to complete the FAFSA for these grad students as most of the numbers are ZERO...
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leftcoast
Member
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Posted: Tue Mar 4th, 2008 01:27 am |
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Thumper, I agree that most grad students will tend to have very low EFC's, but I dont think that means that they are entering -0- on their FAFSA. Not all grad students go directly into their grad programs -- some may have worked a year or more -- and even undergrads do have earnings to report. (My 2 kids, both undergrads, both have to wrestle with the schedule C this year, as they have income from grants or stipend reported on a 1099-Misc in addition to W2 wages).
I actually think it might be a little harder for a kid who is not so accustomed to doing taxes to get it all figured out and entered properly on a FAFSA.
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MaizeBlue
Member
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Posted: Tue Mar 4th, 2008 02:39 am |
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| Agree with Mackinaw. From my extremely small sample size of 2: S was considered independent by his law school at age 22. His need was met by loans - maximum allowed Perkins, sub Stafford, and Unsub Stafford. His EFC went up a bit his 3L year and he lost the Perkins. D is about to enter a doctoral program in Atmospheric Science. Schools have offered fellowships, RAships, TAships, tuition waivers, paid health insurance, and in one instance, travel reimbursement to work occasionally at a lab 100 miles from the University. Also considered an independent at age 22, she was asked by each school to file a FAFSA, and one school wants a tax return, but none of her support is based on it. Since she will have no life for the next few years, she says she'll live just fine and dandy on what's been offered. Last edited on Tue Mar 4th, 2008 02:41 am by MaizeBlue
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