<p>I'm looking way too far ahead here (I'm a senior in HS), but how does financial aid work in grad school? Essentially the same as undergrad (FAFSA, etc.)? I realize there are fellowships and funding sources like that, but what about need-based? Would it be at all helpful if I were to have a cash/savings/investment balance of near 0 upon entry into grad school (or rather filling out the FAFSA)?</p>
<p>Most universities will offer grants to cover at least tuition (often with stipend for living expenses) for most students aiming for a Ph.D in the arts or sciences, if the student does not have an outside fellowship or something. Few students will study for a PhD if they had to pay tuition every year because there are little material benefits for doing so.</p>
<p>For business, law, medicine, or other professional schools, the salary after graduation is quite large. In most cases, students borrow money, up to the cost of attendance, to pay for professional schools.</p>
<p>So, for a grad student in engineering, financial situation wouldn't really matter in getting funding? Graduate grants/fellowships are not need-based at all? (I'm just wondering because I might be able to pay my way through undergrad myself - or mostly so at least - but the parentals are willing to pay a nice chunk as well. I'm wondering how best to distribute cash throughout my college career).</p>
<p>None is a little off in his/her assessment. With the exception of PhD programs there is very little financial aid for Masters programs out side of loans (your stafford loan limits increases to 20K per year however keep in mind that there are still stafford loan caps which also still take into consideration undergrad stafford debt).</p>
<p>Even in grad school (unless there you are going into a fully funded PhD) there is still a need based component to financial aid. Still most of the financial aid will come in the form of loans.</p>
<p>Another option is that depending on who you work for once you graduate undergrad, many companies offer tuition remission or tuition rembursement. So if your company may end up picking up the cost for part or all of your grad school expense (you will just be working full time and balancing grad school)</p>