gcnole

I just found out that in a few months I will be receiving a $10,000 inheritance from a relative that passed away recently, and I was wondering if it would hurt my chances for being eligible for a Perkins loan next year. I just enrolled in an expensive 2 year Master's program, and for this year I was initially offered just Stafford and Grad PLUS loans - but after contacting the financial aid office, I was able to receive $8,000 of the Perkins loan as well. They seemed very reluctant to offer it at first though, and said only those with extreme financial need would be allowed to get it. Seeing as I made very little income from a minimum wage part time job this year, I qualified, but I am worried about the next FAFSA. It doesn't seem like they give out the Perkins loan to many people at this school. How do I properly report the $10,000 once it comes in, and will it prevent me from being eligible for the Perkins loan next year? If so, is there any way to legally avoid this like transferring it into a parent's name temporarily and having them hold onto it for me until I graduate? I plan on asking my financial aid office as well, but I just wanted to see if anyone else has had a similar experience.

I understand where you all are coming from. I think that is what I am leaning toward too. It's just such a hard choice!! In the end, my degree will be the same after either program, just different experiences along the way I guess. So it probably is worth it for many reasons to go to the funded school. Thanks for everyone's input!

The field actually has a great job market. Most programs I interviewed at had all or almost all graduates (4-12 students depending on the school) get jobs in the area they wanted within 6 months, and usually half find them before graduation even. So that is not what I'm worried about. I will only make $50,000 though and I already have almost $40,000 in undergrad loans so it will just take a lot of time to repay (and interest will be rough). And the program is funded with a stipend. So you get around $2,500 per month totaling to $30,000 per year, and you can spend that on tuition or housing or whatever you want, but basically it covers barely more than tuition which is what I'd use it for. No other housing/living expenses are covered. This is the only real financial aid they provide (no assistantships or anything are available) and nobody works in the program because they said they're too busy for it.

I recently applied to several Master's programs, and most will cost $30,000 a year (for a two year program, so $60,000 total). My favorite program that I interviewed with provides no financial assistance (so loans would be used to pay for all of tuition), but I REALLY loved the program. It felt like somewhere that I would be really comfortable living, the sense of community was great, and it is a really prestigious university so I know I would get a fantastic education. There are also specialty clinics there that I could work at that are not available at any other program. This is also in the area I might want to live when I graduate, so networking is a big deal too (although all programs have directors that are very well-connected all over the country). On the other hand, another program that is also at a very prestigious university provides FULL funding covering all of tuition, but it's a much smaller program (only 4 students total… makes me worried about finding friends), the courses are known to be extremely difficult (more than necessary), and it lasts a half year longer than all the other programs. I also am not as comfortable living in that city since safety concerns were brought up by almost everyone in the interview process including the current students. However, people have told me I would be stupid to not accept their offer considering the funding and the fact that it is a really great university. I am wondering if it is worth it to choose the university that provides full tuition coverage just for the fact of saving $60,000 in loans, or if I should pick the program I feel most comfortable with that provides no funding at all. It is such a hard decision because $60,000 is A LOT of money, and I would feel awful rejecting that wonderful offer. But I just want to make sure that I am happy and comfortable where I go to school. Both schools are really far away so none are close to friends/family so I want to make sure I am happy there in a brand new place, but funding is so important too. I am stuck! If anyone has advice or experience with this please let me know!