<p>Hi everyone,
Our oldest son is graduating college in May. He plans on attending grad school in the fall 2010 (MA, not Phd). He's been accepted into two programs so far and he's still waiting to hear from a few more. I have a few questions regarding financial aid.</p>
<p>We didn't qualify for need based aid for his undergraduate schooling. Our income is too high. Today, for the heck of it, I decided to check out some info on the FAFSA form.
After answering a series of 4 or 5 questions regarding dependency, it appears that he is now considered Independent (based on answering YES to the question, Will you be enrolled in a Master's program for 2010?).</p>
<p>I'm very confused. According to FAFSA, now he doesn't have to include parental information.
Does this mean that we should not declare him as a dependent on our tax returns? </p>
<p>This is new territory for us. </p>
<p>I guess it's time to call the accountant for some answers.</p>
<p>Your son is independent for financial aid purposes because he HAS a bachelors degree.</p>
<p>BUT you need to know that financial aid for grad students is VERY different than for undergrad. There are no schools that guarantee to meet full need. There are no Pell grants. Most grad school aid comes in the form of merit aid…scholarships, assistantships, fellowships, etc. There are Stafford loans for grad school too.</p>
<p>Having a $0 EFC in grad school really isn’t going to help you much.</p>
<p>I work at a state U. Most of our grad students have only loans available to them for grad school. Some lucky ones have assistanceships or fellowships. We don’t have any need based grants for grad school, though. The max per year for Stafford is $20,500 - of which up to $8500 may be subsidized (6.8% for both sub & unsub) - limited by the COA. Grad PLUS loans are another option, although like Parent PLUS, they require good credit. And, as with undergrad, who claims the student on the tax return is irrelevant for financial aid purposes.</p>
<p>Thanks. I wish he would have considered Phd programs which are funded but he doesn’t want to commit to a Phd program. He has a plan and he doesn’t need a Phd to accomplish his goals. I suppose we won’t bother with filling out the FAFSA. </p>
<p>As an undergrad, he’s worked full time during all of the academic breaks (Thankgiving, 6 wk winter break, Spring break, and the Summer). I suppose as a grad student he’ll have to work year-round to help supplement his living expenses. He’s determined and he’ll manage.</p>
<p>I am sure it will be worth it for him in the long run. It’s refreshing to hear of a student who will be working for his living expenses. I see so many students who just borrow to live … the loans really add up, so keeping them to a minimum is very mature.</p>
<p>He should submit the FAFSA ASAP, both in hopes of work study eligibility and potential stafford loans and just in case his school needs that as part of their process.</p>
<p>I agree with somemom, unless you are planning to pay for the whole thing out of pocket, your son needs to file the fafsa for work study and stafford loans.</p>
<p>OK–I decided to fill out the FAFSA. I submitted it online this morning.
He’s (we) are not planning on taking out loans—hoping for (but not holding our breath) a grant or something. </p>
<p>Two more years to get the younger one through his undergrad (he is not planning on going to grad school) and about 3 semesters to get the oldest one through his Master’s program.
Oh goodness, hopefully in 2 years we’ll see the light at the end of the long and expensive college tuition tunnel.</p>