<p>I have a friend that will be attending University of Kentucky for a Masters in Medical Science. She is starting this January, and still doesn't know how she is paying for it! Yikes! She said she filled out her FAFSA, and not knowing the rules, thought she would be independent. She is 23, and wont be 24 till June. I told her I have NO idea of what loans, Federal or other she could get, but I knew where to go to for the answers. :) Thanks all.</p>
<p>Well, she is correct, she is independent on FAFSA if she is in a grad program. All she will be eligible for as far as federal funds are concerned are loans. Grant money such as the Pell is only for undergrads. The loan limits are higher for grad students. $20,500 a year for Stafford/Direct. After July, Grad loans will all be unsubsidized.</p>
<p>* The loan limits are higher for grad students. $20,500 a year for Stafford/Direct. After July, Grad loans will all be unsubsidized. *</p>
<p>As a Spring Admit, she needs to be careful that she’s not misled by her FA package. Since she didn’t go in the Fall, she’ll be given more loans for her Spring semester than she normally would be given. This may mislead her to think that she’ll have enough for next year.</p>
<p>For instance, if Spring semester has a COA of $18k, then she’d get the full $18k in loans. </p>
<p>HOWEVER, for next year, when she’ll be paying for a full year (2012-13), she’ll only be given $10k for each semester, leaving her $16k short for the whole year.</p>
<p>Spring admits often get misleading FA packages because their entire year’s student loans are given for the semester.</p>
<p>Spring admits often get no merit scholarships for grad school. She may be better off applying for next fall if she will likely get a merit scholarship.</p>
<p>Financial aid for grad school is VERY different than financial aid for undergrads. First, there are no “meets full needs” schools based on your finances…so really it doesn’t matter if you are dependent or independent in most cases. Grad school aid is merit based and is based on the strength of your application, and the school’s desire to lure you into their cohort. Grad school aid comes in the form of scholarships, assistantships, tuition remissions (usually given in concert with an assistantship), sometimes work-study, and loans. As noted above, the loan limit for grad school is higher than that for undergrad per year.</p>
<p>Your friend should be in contact with the department she is enrolling in. Typically grad school merit aid recipients are chosen by the department. It is possible that they might have some money available for her but in many cases, awards for grad school are made in the fall (I will say…one of my kids did get an extra scholarship award one year for the second term…but I do think that is very unusual).</p>
<p>It is most likely that she will be paying for this degree entirely through loans. It seems that merit scholarships are reserved for med students.</p>
<p>Personally, I think that she would be better served applying to a PhD program with funding instead of getting a masters as there are very few funded Masters programs.</p>
<p>the Stafford loan limit fro grad students (who are not met students) is 20,500 a year (8500 subsidized and 12000 unsub). </p>
<p>For the spring term student will receive 10,250 in loans through Stafford and she is on her own as far as funding the balance. Student may be eligible for a gradplus loan based on her credit worthiness.</p>
<p>is there any reason that she must start in January, vs looking for programs that begin in the fall?</p>
<p>
For undergrad, if a student starting in the spring she can get more than 1/2 the loan eligibility for the spring semester (up to COA less any other aid). I am guessing it is the same for grad school. </p>
<p>I think sub loans are still available for eligible grad students this spring. For next fall they will no longer be available and the whole loan will be unsubsidized.</p>
<p>My daughter’s loans are through Wells Fargo’s loan program for grad students seeking medical professions. No co-signers required, which makes me very happy.</p>
<p>She might talk to the grad school & to financial aid. I know of some masters students who have cobbled together funding- being a dorm RA & getting free room & board, filing an early/on time FAFSA (say Jan/Feb for a fall admit) and getting a work study which allowed their professor to hire them to work in his/her research lab doing thesis research for pay, and also some have been able to work as TAs getting a stipend and tuition remission.</p>
<p>If she
that is a problem, she needs to check into the options, she may be better off delaying until the fall if that gets her the right financial aid.</p>