<p>As others have said, it’s now time that he is expected to advocate for himself. BrownParent has given you great advice. If your son wants to this program, he needs to call and let them know that he would commit to go there except for the cost and that he does not have family resources with to back him up so that a loan for him is inadvisable. If they cannot increase his award or stipend or offer job opportunities, he can’t afford to go there.</p>
<p>My friend’s daughter applied to a number of graduate programs, and only got partial funding for one. I suspect that these days, schools are running very short on money and are hoping that parents step in and help out even though the student is independent. Some programs out and out ask for parental financial resources and do expect money from parents who can pay. Remember schools can dole out their own money just about any way they please. Though my friend was loathe to do so,she and her DH did as many parents with the resources do–come up with the money so that their DD could go to the best regarded program. Because she did not take out any UG loans, they decided that some grad loans made sense. After two years in the program and getting her masters and getting the go ahead to continue for her PHD, she did get additional funding so that she does not have to take out any more loans and her parents do not have to pay either. But they did, for the first two years.</p>
<p>For certain programs; the kinds that tend lead to good job prospects with good pay scales, there are few or no grants and stipends. Most everyone has to pay. My son’s SO is in a master’s program that is full pay. It’s borrow or find someone to pay for you or come up with the money yourself. But upon completion, the pay scale is such that the loans for the program do pay off. </p>
<p>If the program is in a field that pretty much guarantees a good paying job, it might be worth while to take out the loans. If it’s in some field where the job opportunities are not so good, not a good idea at all, given that you don’t have the finances to help out much. My suggestion is for him to take a job for the year, and look for a number of schools/programs and apply again next year. Just like someone who is applying for undergraduate colleges and needs financial aid, your son needs to cast a wide net. He might want to look at programs that are within a commutable distance so that he can live at home so that if he does not get full funding he can still make it work with three squares and a cot provided. It’s a stereotype that is reality about the poverty stricken grad student, by the way. Many barely make ends meet as most stipends are not generous and do not cover living expenses unless cut to the bone, and taking out an loans is not usually a good idea. If absolutely necessary, and it looks like a promising way to go, it’s still important to take out the absolute minimum.</p>
<p>In my day, if a program was not worth borrowing for in expected increase in income and a pretty sure thing that jobs would be available after completing the program, if the school did not cough up the money, one did not go. You and your son might want to do some research and find out what percent of grad programs in his field are how well or how poorly funded, and what job prospects are after completing the program. There are a lot of PHDs out there who cannot find anything in their fields, feel lucky getting adjunct teaching positions or post grad jobs that are not even paying a living wage. To owe money on top of that is like a financial death knell. </p>
