<p>Hello! First of all, thank you for taking the time to read this. </p>
<p>My situation is this: I was taken off of the waitlist for the only grad school that I was accepted at in early June. I filled out all financial aid paperwork, etc as timely as possible, but I did have to resend a few documents as I gradually received new info from the school. I am growing more and more concerned as I am going to be a full time student, I have to give my full time job notice (I have been a full time worker since I graduated from undergrad a few years ago) and I would like to have the reassurance as far as how much my award will be, time to go the private loan route if necessary, etc. My award package status as of now is still pending, based on the message from my school's financial aid office. They told me it should only take 2-3 weeks to determine, but it has now surpassed that time. I've reached out, made phone calls, sent emails, but have been told multiple times that it just takes as long as it takes. </p>
<p>I now have a bill for the cost of the 1st quarter at school (over $12,000) and have begun freaking out even more as it is due in the month of September. Is it unusual to <em>still</em> not know, at the end of August, how much financial aid I'm receiving from the school? I am looking at quitting my full time job to become a full time grad student, but I'm very concerned at this point that what I'm hoping to do isn't possible/realistic. I feel like coming off the waitlist when I did overcomplicated things, but surely I can't be the only person in this position? I've been researching and reading about students (seems to be law students specifically) that might find out the day before the semester starts that they have been accepted, what their financial aid package is, etc. Long story short, I am looking for advice and maybe some other people who have been in a similar position? What to do? Thank you again!</p>
<p>I am not sure what you are expecting in terms of aid. For the vast majority of grad students, the only available aid is student loans. The maximum Stafford loans a grad student can borrow is $20,500 for the year. Grad students may also apply for grad PLUS loans … the combination of Stafford & PLUS loans is the school’s Cost of Attendance.</p>
<p>The school’s aid office must be overextended, as many are due to cutbacks in staff. You are guaranteed the $20,500 Stafford - half each term - but the PLUS depends on the results of a credit check. The PLUS credit check is relatively lax … probably easier to be approved for PLUS than for a private loan. If you are not approved for PLUS or private loan, you will need to find a cosigner.</p>
<p>Oh - I see that this is a quarter school. You will not receive half the loan for the term - I think quarter schools pay a third per term, but you can check the school’s website to find out for sure.</p>
<p>Hm… I guess I’m just confused as there are people posting that their aid seems to differ. I’m waiting on whatever my school determines I will receive in terms of federal loans… they have told me what I’m eligible for when I specifically asked (in terms of subsidized and unsubsidized loans–I believe that is the federal Stafford loan referenced above) but does that mean that that is what I can expect to receive? I filed my FAFSA as well as the school’s required paperwork that they will use to decide what federal amounts I will receive. I know that I will not be receiving any scholarships, etc as they have told me that my program doesn’t have that available. </p>
<p>Thank you, kelsmom, for the response, by the way! My school’s financial aid office did send me some information about the grad PLUS, but I got the feeling that I needed to wait to apply for that until I knew for sure how much I was already going to receive in terms of loans. Do I move forward assuming that I will get all $20,500 in federal Stafford loans? Like I said, my confusion stems from some of the research that I have done where I was under the impression that grad students aren’t necessarily guaranteed to receive all $20,500, it was up to the school’s discretion. Am I misinformed on that one? Thank you again!</p>
<p>For what kind of grad degree is this? For what desired career?</p>
<p>Grad school tends to get paid for in a few ways…</p>
<p>1) Grad school loans</p>
<p>2) Institution-based scholarships/assistantships/fellowships/stipends…usually based on merit.</p>
<p>3) employer-paid </p>
<p>It sounds like your grad degree will be in a subject that doesn’t provide any institutional funding. </p>
<p>If it would at another school, you might want to decline, take the GRE again, and reapply.</p>
<p>However, if your degree will be in a subject that doesn’t provide any funding then you’ll be borrowing all of it. Beware of that…that can be a problem if your future career doesn’t pay well.</p>