Confused about Aid

[veronicak5678]

I am a college senior and I just applied to begin an MS program in Accountancy in Fall 2012. I will file a FAFSA in January, but I was hoping to get an idea of what aid is like in grad school. I have depended on grants and scholarships to get me through undergrad, but I hear once in grad school it's all loans. Is that true? Can someone please give me an idea of what to expect?

[ktel]

I'm doing an MASc in Aerospace Engineering and it's completely funded through scholarships and fellowships. A LOT of grad school programs provide this kind of funding. I suspect your degree might be more of a professional degree, in which case you might not get any money.

[long_time_lurker]

Well as compared to undergrad, yes the aid picture is entirely different. Things like Pell Grants go out the window. You're expected to shoulder the cost of your education either by working and/or by taking loans. The good news is the loan limits are much higher, and you'll probably be considered an independent student for FAFSA.

What ktel is talking about would really only exist for you if you are going for a PhD in Accounting. It doesn't hurt to ask though when you apply to schools. The whole stipend scene though is more geared towards "professional students" (for lack of a better term) who are doing research or TA'ing and/or studying for a PhD.

Guys I knew who went into accounting/are accountants said they took jobs after their bachelor's for small firms and studied for their CPA exams. One of them ended up at a big firm after he got certified and was going for his MBA when he changed gears and went into education (which is how we met).

You going into Forensic Accounting? That's a big deal right now.

[veronicak5678]

Thanks to both of you for the answers. I am definitely an independent student, but I was hoping to not have to take out giant loans.

I know an MS isn't necessary to take the CPA exam, but I have never even taken an accounting class. I'm a math student now and have been looking for a job and realizing that a degree in math isn't all it's cracked up to be! So I'm trying to find something more practical.

[long_time_lurker]

A BS in Math is good! Do you have any interest in becoming an actuary? Also with a pure math degree I'm sure you can get a job at an accounting firm while you do your MS. Also you can teach math too. That's what I do part-time (used to be full time, for 8 years). A guy I worked with did the opposite, he worked in accounting and got burned out so he became a math teacher.