Fed Financial

Anyone frustrated with financial aid/student loans?

I am going to graduate school and I'm on financial aid - I get student loans. No, I'm not poor, but I don't have a spare 20K for a year of university...kind of like most people. I'm just really frustrated with it right now. I already have a job on campus to supplement my income and my parents are helping me as well. I don't live an extravagant lifestyle or have expensive hobbies or even go on vacations. But after tuition, university fees and books, I get a little under 8K to live on all year long. That's below the poverty line. And I'm not a single parent or a recovering addict, so I don't qualify for all the free stuff they get for going back to school. It just doesn't seem fair. Maybe I'm missing something because it seems like the system is set up to reward and perpetuate people who aren't responsible. Plus the whole financial aid/student loan situation after graduation seems like indentured servitude. I'm just really frustrated. Anybody else go through this? How did you handle it I have a roommate who is also a student. You're right - it cuts costs a lot, but I'm still scraping by and having to ask my parents for help sometimes. It isn't fair how the middle class are left out of these programs. Why can't they be merit-based or have some basis other than "Oh gee, you're an ex-homeless crackhead with three kids. Since you're breathing and all, please have free housing, free food, free clothes, free health care, and a free college education. Get a job if you feel like it, or don't - because of your "disability" - we'll still pay your way for everything you need." Why do those kinds of people get everything served to them on a silver platter, and I, as a middle-class upstanding citizen, get punished for not being a screw-up? It really ticks me off.

Public Comments

1. I know it's frustrating - all grad students feel this way, myself included. Unfortunately, this is the way the system is built. I would say, check out scholarships etc, but I know the chances of getting one even if you're the perfect student is slim to none. For those who were raised in a middle class family, there really is no help. Low-income families have more support than middle-income families when it comes to education. I'm not saying low-income families should not get assistance, I just think it should be extended to middle-income families as well. This is probably not what you want to hear, but try to deal with it. The reward comes when you're done with your degree, and make more money that people with just an undergraduate degree. It sounds like you're doing everything possible to reduce your expenses, which is very smart. My only other suggestion would be to get a roommate if you don't already have one. Good luck and try to stick it out. Ask your school whether they have scholarship/fellowships for your school's students only - there's usually a greater chance of you getting those...
2. Do you have to claim your parents income, or are you considered independent? If you have to claim parental income, there isn't anything you can do unfortunately. The one thing you can do if you are independent, and this is kindof a messed up way to get more money, is to work less. Your financial aid loans/grants/etc is based on your tax reportings..so the less income you have to report, the more you will get. The first year I was in school I barely got anything because I had to claim my previous years income. The last three years, because I worked very little, I got more loan money, grants and work study. As I am sure you know, you will get more financial aid if you go to a University over a Community College, there is just more available to them to give you over all. It can be VERY frustrating to try to live, work and go to school. I don't know how people work 20+ hours a week and get their grades every term. I have been working six months now and just started to pay back my loans each month... $350 a month. For five years of college and two degrees, I owe $48K. So there is a balance I guess. Do you want to pay more later so you can live better now, or do you want to skimp by so you don't have to make the monthly payments I make a month?