MFA Outside Funding dilemma

[jwu]

so, April 15th is approaching, and $$ is my only concern at this point, if I decide to go to grad school this fall, I will be in debt for about 60k (for part of the tuition, rent, food, books, art supplies, transportation, travel, and everything else).

 

I really don't want to take more loans for grad school, cuz 1, still have 19 more years to pay off my undergrad loan; 2, I know I won't be making big $$ after grad school and the interests will put me in debt for the rest of my life.

 

I did applied for some outside funding, my initial thought was, if I get the funding, I will go; if not, I will apply for more programs next fall, and hoping to get more $$$ aid, and maybe take 10k loan or something.

The problem is, I won't find out about the funding result until May, and the school needs an answer by April 15th: Yes, No or defer to Fall 2014

 

If I say yes, send in my deposit in April, and it turns out in May that I didn't get the outside funding and won't be able to go, what will happen?

I don't think I will decline the offer at this point since there is still a little hope..

 

anyone can offer some insights??? what should I do now? ask the admissions?

thank you!

 

[aethiryn]

I think it might depend on the school, but you should ask your school about the deferment process. I think if you have an open conversation with them about where you are financially and how you are looking for additional funds, they can help clarify what you should do. Also, ask if they are willing to allow you to place the deposit but give a firm answer yes or no in 2 weeks once you hear about funding. It wouldn't hurt to try and the most you would lose is the $500 deposit (I'm assuming). 

Edited March 26, 2013 by aethiryn

[jwu]

I think it might depend on the school, but you should ask your school about the deferment process. I think if you have an open conversation with them about where you are financially and how you are looking for additional funds, they can help clarify what you should do. Also, ask if they are willing to allow you to place the deposit but give a firm answer yes or no in 2 weeks once you hear about funding. It wouldn't hurt to try and the most you would lose is the $500 deposit (I'm assuming). 

thanks, I just emailed the admissions.