<p>This is so disconcerting to me. So my family qualifies for no financial aid. We aren't rich, but we have enough. It won't be easy for my parents so pay for college but they can do it. However, if I choose to go to grad school right after my undergrad, I have to put down THEIR financial information even though I will be a fully functioning adult with no financial support. I don't know of many 23 year olds who still depend on their parents for money. Basically, for this reason I will not be able to go to grad school until 24 because I would qualify for no aid at all and my parents would NOT be paying for any grad school. Why is 24 the rule, is it just to save the colleges money?</p>
<p>It’s not 24, it’s 24 or married with child or graduated from college. (That’s an oversimplification, but you get the drift.)</p>
<p>Once you’ve graduated you will be considered independent. However there isn’t much aid available from the government for post-grad students… just loans, I think, for the most part. Colleges may have their own aid policies, but most graduate aid is in the form of fellowships and that sort of thing.</p>
<p>Your parents’ info on the FAFSA may still be required by some schools, but it isn’t used in the formula in the same way.</p>
<p>Ahh. Thank goodness. Clearly I did not read the fine print. So even though I probably won’t get many grants, at least there are some subsidized loans and such.</p>
<p>Not subsidized, as far as I know. Graduate students can take out a student PLUS loan, I believe. The payments can be deferred, but interest will accumulate while you’re in school.</p>
<p>Grad students can and do get some subsidized loans but the amount usually is not the full cost of attendance. Stafford loans for grad school are usually a combination of subsidized and unsubsidized (son was offered both for grad school along with his grant, scholarship and assistantship). Plus loans are also available for grad students.</p>
<p>That’s interesting, Thumper! Good to know there is some subsidized borrowing for grad students with need.</p>
<p>The amount of my son’s Stafford loans was about 1/3 of the cost of attendance…that included the unsub and sub Staffords. He took only the subsidized loans…but financially he was able to do so.</p>
<p>Generally speaking, a Ph.D. program should be fully funded by the institution that admits you. Not being fully funded tells you something about how good a candidate they really believe that you are. Generally speaking, Master’s programs aren’t funded, and you would be expected to pay with cash, loans, work on or off campus, etc. Sometimes there is departmental money (teaching or research assistantship) after the first year for Master’s students in programs that require more than one year. Professional school (Med, Law, Pharmacy, etc.) rarely is funded. Students normally pay for them with massive student loans.</p>
<p>Professional schools normally take parental income into consideration. Ph.D. and Masters programs normally don’t. This is something that you need to find out more about before you get to that point in your education. Since so many factors are involved, you should visit the Grad School and professional school forums to read up on these issues. You can reach those forums by clicking on “Discussion Home” in the upper-left of this screen and scrolling down.</p>
<p>Wishing you all the best!</p>
<p>Currently, grad students may borrow up to $20,500 per year in Stafford loans of which up to $8,500 may be subsidized. Except for med students, the aggregate max for Staffords is $138,500 of which $65,500 may be subsidized. If the Stafford loans are not sufficient, Grad Plus loans are available up to COA (less other FA/Stafford loans) for students who meet the qualifications (basically, no adverse credit history). Hope that helps…</p>