FAFSA Grad School Question

<p>I just graduated from Cornell and I will be going to Columbia for a master's degree. I plan to cover tuition expenses through loans/grants. I will be living at home in NYC with my parents. I'm currently in the process of filling out the FAFSA. Because I am studying to receive a Master's FAFSA automatically considers me "independent". Is it in my best interest to fill out the "parents" section of the FAFSA?</p>

<p>If you have your bachelors degree, you cannot put your parents’ information on the FAFSA (unless your school specifically asks that it be provided). You are independent for FAFSA purposes. BUT you do need to understand something. There is no federal aid (i.e. Pell Grants, and the like) for grad school. The only thing the FAFSA will guarantee is the awarding of a Stafford loan…and even with an EFC of $0, there is no guarantee that your whole grad school Stafford will be subsidized (we know this because DS had both subsidized and unsubsidized Staffords). SO…if you are anticipating that grad school will be very funded based on your need, you are misinformed. There are not schools that “meet full need” in the same way for grad students. There is not the same type of federal funding for grad students.</p>

<p>Most grad school financial aid is merit based…assistantships, scholarships, fellowships, and the like. These are usually decided on the basis of your application to the school. Students who the school really wants to attract are awarded this type of merit aid for graduate studies. </p>

<p>But do complete that FAFSA…as it’s part of the process.</p>

<p>Thumper1, do you know if you have to fill out a new master promissory note for grad school stafford loans if you had stafford undergrad loans also?</p>

<p>Yes - if you are changing schools, you’ll need to do entrance counseling & a new MPN.</p>

<p>Grad students are eligible to borrow up to 20,500/year, of which up to $8500 may be subsidized, depending on need (COA-EFC). If the COA (Cost of Attendance) for the year is less than $20,500 you will only be able to borrow the COA.</p>

<p>Don’t they also give you some allowance for living expenses? I was under the impression that you could borrow the tuition plus about $11,000 for living expenses.</p>

<p>Also, do you have to do the exit and entrance interviews (online?) and the new MPN if attending the same institution as undergrad?</p>

<p>If you need more than stafford will give you, is there any deadlines or limitations to the Grad Plus loans?</p>

<p>Thanks!</p>

<p>Oops! I saw your info on the other thread kelsmom. Thank you very much! We need all the help we can get!</p>

<p>To the OP…you need to check Columbia’s website to see exactly what you need to do to apply for financial aid as a grad student. The form(s) you need to complete and deadlines will be clearly stated on that site. If you can’t find it there…call them.</p>

<p>CUgrad, there are certain federal loans that require you enter your parent’s info on FAFSA even though you’re independent. One of these is the Health Professions Loan. Afaik, that’s the only time you’re required to, or benefit from, entering parent info.</p>

<p>There are Grad PLUS loans - again, though, the total of all aid cannot exceed the COA. The COA is set by the financial aid department. Grad PLUS requires a credit check. If turned down, there are no other options through the school (unless the school itself has some loan programs).</p>