Fed Financial
Graduate School, FAFSA EFC 0 and Financial Aid?
I am 40 years old, a recent grad with my Bachelor's Degree and applying for grad school. I completed my FAFSA and my EFC is 0 (I have a son starting college in the Fall, his is 0 as well)...I understand financial aid is different for grad school than for undergrad...can anyone tell me if there are federal grants for grad students, or is it primarily all loans? I'm already $52,000 in debt from my undergrad degree, so it is quite scary the thought of more loans for grad school, plus more loans for when my son starts college in the fall. Thanks,
Public Comments
- It all depends on the school that you go to. FAFSA just processes your application and tells you what your EFC is. Technically they give all this money to your school, sends them your Student Aid Report and tells them go for it. Your school will have a set amount of how much they give each student for the amount of their EFC. Since yours is 0, you'll get the full amount of financial aid that you can get from that school. You also qualify for the Pell Grant. And, Sub Stafford loans as well. I would get in contact with your school's Financial aid office and talk to them about how much you'll recieve. Your school (if you applyed at that school and they have recieved your Student Aid Report) they should be sending you an Award Letter in the mail stating the amounts of financial aid and grants you'll be recieving. Hope this helps, and good luck!
- Some states allow grad students to qualify for the state grant program, even if you don't qualify for the federal Pell grant anymore. I also a scholarship from the department in my grad program my second year. But neither the grant or the scholarship was enough to cover everything and I did take out loans as well. 52,000 for grad school is outrageous, be sure before you borrow more you can pass the "I'll be able to afford my payments with my degree test". How much will your starting salary be when you graduate with that grad degree? If its more than your total overall student loan debt, say another 20K in loans, so a total of $72,000 total, then your starting salary after you graduate will need to be at least $72,000 when you graduate to afford those loans. Hint: if you anticipate your salary to be 52,000 if you were to start working now, then I'd do the grad school part time, or wait until you can pass the "test" before you borrow again. A debt of 72K will earn you a payment of around 720 a month. Good luck. PS: Don't take out PLUS loans for your son, you have to start paying on them IMMEDIATELY and it sounds like you aren't' going to be able to afford them anyway... He will be the one who benefits from his education, he can pay for school himself... having a parent pay for school is a perk, not a requirement. Don't put yourself in the poor house, he'll appreciate his degree more and will be more likely to finish if you aren't footing the bill anyway.
