FAFSA/Funding

[Dutt0058]

Hi, I was wondering if anyone knew more about having to apply for FAFSA... I didn't know if it is something you normally do for graduate school like you did in undergrad or not. I am just trying to figure out if it is something I should  be doing or not. My sister can't remember if she applied for FAFSA or not when she went to graduate school for Speech. If anyone has any information about how funding works in graduate school..any information is helpful.

[SLPtoBEweee]

If you plan on needing any financial assistance, you should definitely fill it out.  It is used by financial aid departments for grants, some scholarships, loans, etc.  At a minimum filling out the FAFSA will get you loan offers.  I think majority of students in grad school need at least SOME loans, if nothing else.  Hope this helps!

[queenleblanc]

Even if you are paying out of pocket, the FAFSA is the only way to get traditional grad school loans, but if you want to do private loans, you can. The traditional loans usually have lower interest rates, right now i think it's 6.8%. Both are deferred repayment until six months after you graduate, but you can always make some payments while you are in school, if you are capable of doing so. Private loans are around 9.75%.

[queenleblanc]

The FAFSA also can make you eligible for need-based scholarships.

[Dutt0058]

Someone had told me that the loans for grad school were different and that the school offers them through a different program. Thank goodness I thought more about it because I defiantly need loans to pay for my school. My dad does my taxes so I am glad he has not submitted them yet. Anyone know how you find out about funding? Do they let you know just a little after they accept you? or do you have to ask them? My sister has prepared me really well for grad school except apparently in the financial area.

[SLPtoBEweee]

The 2 schools I have been admitted to both told me about funding pretty quickly.  I think it varies by school.  As far as loans, I think you would find out about those a little ways down the line.  I am taking out loans right now that are basically what you get offered in grad school because I'm doing leveling and the school I'm at considers leveling students graduate students (since we are already done w/ undergrad technically).  They offered them to me each semester right around when school was starting. 

 

Also, once a school lets you in, it is definitely appropriate / acceptable to ask them about funding.  I think they expect it from a lot of students!  Grad school is EXPENSIVE and I think they understand that most people don't want to pay full price if they don't have to!!!  Good luck with everything!

[Tuck]

Someone had told me that the loans for grad school were different and that the school offers them through a different program. Thank goodness I thought more about it because I defiantly need loans to pay for my school. My dad does my taxes so I am glad he has not submitted them yet. Anyone know how you find out about funding? Do they let you know just a little after they accept you? or do you have to ask them? My sister has prepared me really well for grad school except apparently in the financial area.

 

The loans are "different" in that grad students can only get unsubsidized loans, I believe.

 

Also, you should check the FAFSA deadlines for schools you've applied to. Some of my mine were March 1. You have to do your taxes before you can do the FAFSA.

[ESLtoSLP]

Yes, you have to submit your taxes, and then you can fill out the FAFSA. I got an email from the financial aid department at one of the schools to which I applied that said,

 

"Recent regulatory changes require that if you and/or your parents, if applicable, file a 2013-14 FAFSA and do not use the IRS Data Retrieval option offered by the Department of Education, your FAFSA has a higher chance of being selected for verification (audit).

If you do not use the IRS Data Retrieval, you may be asked to obtain a copy of your IRS tax transcript to submit to our office (note: we are no longer able to accept individual copies of your personal tax returns).  Tax transcripts requests could take the IRS anywhere from 7 - 10 days to be completed."

 

I used the data retrieval tool for my FAFSA, but just wanted to pass on this information. Also, you may not be able to use the IRS data retrieval tool until 3 weeks after you submit your taxes. So, you definitely want to get your taxes filed ASAP.

[Dutt0058]

The loans are "different" in that grad students can only get unsubsidized loans, I believe.

 

Also, you should check the FAFSA deadlines for schools you've applied to. Some of my mine were March 1. You have to do your taxes before you can do the FAFSA.

Oh shoot! I hope mine are not due by March 1st. I couldn't even submit my taxes until yesterday due to a new law with working in education that the state was working on. I currently am an SLP with a temporary licence and they didn't get everything figured out until the 28th for submitting them, therefore I am submitting mine this weekend.