FAFSA for funded programs?

[pachel]

I'm one of the people fortunate enough to be attending graduate school in the sciences, where programs seem more likely to be fully funded. The program I'm attending does fully fund its students for the first year through the program itself, and then fully funds its students through their advisors' labs once they pick a mentor. There is also a stipend, and financial assistance is not dependent on teaching. 

 

My question is (and it may be a very dumb one), but is there any merit to filling out the FAFSA for graduate school for this type of program? I qualified for federal aid in undergrad and am fairly sure I would qualify again, but not sure if I need to.

 

I haven't yet received my financial package from my program either, though I know there are additional fellowships available for some students.

[stmwap]

I don't think it's necessary unless you intend on taking out federal loans.  

[foodie]

I'm one of the people fortunate enough to be attending graduate school in the sciences, where programs seem more likely to be fully funded. The program I'm attending does fully fund its students for the first year through the program itself, and then fully funds its students through their advisors' labs once they pick a mentor. There is also a stipend, and financial assistance is not dependent on teaching. 

 

My question is (and it may be a very dumb one), but is there any merit to filling out the FAFSA for graduate school for this type of program? I qualified for federal aid in undergrad and am fairly sure I would qualify again, but not sure if I need to.

 

I haven't yet received my financial package from my program either, though I know there are additional fellowships available for some students.

 

For graduate programs, it is unlikely that you will get anything other than loans offered to you through a finaid package.  I was fully funded through my master's and still filled it out.  They will offer you loans, and you can choose if you want to accept them.  Obviously, if you are fully funded it is unlikely that you will accept them, but it may be nice to have it processed for what if scenarios.  I intend on processing my FAFSA for my doctoral program this year, but I do not intend to take out loans.  (Just in the rare chance my stipend does not cover EVERYTHING or I need to attend a conference here or there (without funding).  I would prefer to take out a low interest loan than put expenses on my credit card).  Just one perspective. 

Edited March 5, 2014 by foodie

[pachel]

Thanks foodie - that was very helpful. Do you happen to know how long the FAFSA loans are available for, if you're offered them? For instance, if they offer you a loan at the start of your studies, but then a year later you find out there's an unfunded conference, can you still accept the loan?

[med latte]

You complete a new FAFSA form every year, so you can reconsider your financial situation every year. If you anticipate travel expenses only during your second year, you can decline aid the first year and then agree to a loan at the level you need when you submit the FAFSA for your second year.. (They will tell you what the max is that you can take out that year; and then you tell them how much you need the loan for). 

[PhDerp]

To add on to the same question, when are the loans offered the year of your application? Is it a full year-long window? Or do you need to accept as soon as you enter the program?

Edited March 11, 2014 by PhDerp

[Quantum Buckyball]

To add on to the same question, when are the loans offered the year of your application? Is it a full year-long window? Or do you need to accept as soon as you enter the program?

 

You have to accept the loan offer in August and the amount of loan they offer you is for both Fall and Spring semester. 

[TheFlyingScholar]

You can submit or revise a FAFSA later in the year, though.

 

During my first year of PhD I took out a $5,000 Perkins loan at 0% on top of my stipend a couple months into first semester.  It's still in a bank account as my emergency fund, earning a small amount of interest.  While Stafford loans are no longer subsidized, if you qualify for the Perkins it is both harmless and financially wise.  You just need the discipline to avoid spending it!

[Quantum Buckyball]

It is very important to make sure you have an emergency fund in grad school, the amount of stipend I get is enough to pay for everything. The rule of thumb is to have a emergency fund  worth ~5 months worth of living expenses.

[geographyrocks]

You can submit or revise a FAFSA later in the year, though.

 

During my first year of PhD I took out a $5,000 Perkins loan at 0% on top of my stipend a couple months into first semester.  It's still in a bank account as my emergency fund, earning a small amount of interest.  While Stafford loans are no longer subsidized, if you qualify for the Perkins it is both harmless and financially wise.  You just need the discipline to avoid spending it!

That's EXACTLY what I plan on doing.  Here's hoping I have the discipline...

And definitely fill out the FAFSA just in case.