FAFSA

[Dr. Old Bill]

Hey folks,

 

This very well may be a dumb question, but I can't seem to find the answer anywhere.

 

Like many (or most) of us, I funded much of my undergrad with student loans. These are deferred for six months after undergraduate graduation. I'm wondering -- if you get into a funded graduate program (or are expecting to) do you / should you still fill out the FAFSA paperwork? If so, do you simply list all grad schools you've applied to (if you're doing FAFSA early), or...what? Also, I'm guessing that additional funding through FAFSA is strongly discouraged, but is it even possible? (I'm not saying that I'll personally need more funding than any stipend, but it's good to know regardless). Just one of those things I've been wondering about lately.

Edited November 7, 2014 by Wyatt's Torch

[ProfLorax]

Also, I'm guessing that additional funding through FAFSA is strongly discouraged, but is it even possible?

Not the case at all! My program encouraged all of us to apply for federal financial aid, and there are a handful of need-based fellowships at the university-level that require applicants to have filled out the FAFSA. You can fill it out as you are waiting to hear back, but you can also wait until you know where you'll be going. The March 2 deadline is a priority deadline, so you can submit the application after March 2 has passed.

[unræd]

Also, priority deadlines for the FAFSA vary both by state and by institution--my current school's priority deadline is Feb. 15th, for example, which is months before the general state deadline. It looks like the deadlines for the 15/16 year haven't been released yet, but here's the state breakdown for the 14/15 academic year.

Edited November 7, 2014 by unræd

[unræd]

And I meant to say: yes, I was already planning on filling out the FAFSA, given, as Proflorax says, it's used to demonstrate need for other scholarships even if you aren't taking out loans. But how delightful that the thing doesn't even become available until the new year--one less thing to worry about as we complete our applications!

[Dr. Old Bill]

Thanks guys! I truly wasn't sure, so this makes me feel good and confident about doing the whole FAFSA thing again.

 

So do we simply list all the grad schools we've applied to in the appropriate section? I'll have time on my hands in the first few weeks of January, so I'm guessing I'll bang it out then.

[lyonessrampant]

I filled it out before my first year and took some loans to help cover the cost of moving and my partner (who finished law school right before we moved and couldn't take the bar in our new state until Feb) not having a job for the first 6 months.  You may (unlikely) qualify for some subsidized loans and probably certainly will qualify for unsubsidized, which are still better than private.  That said, fellowship income is considered different from income you make as a TA/grader, so make sure that the financial aid office at the school you attend has the right information from the department.  If you have a fellowship one semester and TA the other (and the fellowship comes second semester) the amount the FAFSA says you qualify for will be drastically different, and you may think you get a lot more loans than you do.  When you are counting on some loan money come January and suddenly learn that not only do you not get said money but in fact must immediately pay back several thousand, you'll have a bad day (yes, my experience).  So, do file but make sure to follow up carefully once you get an offer, especially if that offer includes fellowship funding.  

 

And you can just list the grad schools, but I would say it is actually going to be way more accurate if you wait to file it until you have an offer and/or know where you are going.

[unræd]

And you can just list the grad schools, but I would say it is actually going to be way more accurate if you wait to file it until you have an offer and/or know where you are going.

 

Excellent! A task I can put off for a good reason!

[toasterazzi]

I took out additional loans during my MA because even though the program was funded, it was still under what I really needed to survive.

 

However, the funding package for my PhD program is much better, so I decided I wasn't going to do anymore loans. Back in the spring, I emailed my department to see if it was necessary to fill out the FAFSA (this was after I knew what school I was going to and past my state's mostly meaningless deadline), and they told me that it wasn't necessary. Obviously, the case might be different at other schools.

[dazedandbemused]

It's not really necessary in my program, but if you submit it before the priority deadline, my state has a $2000 grant that you can get every year. I would check to see what kind of extra funding your prospective programs have at the university level because that can be a HUGE help.

[Dr. Old Bill]

I figure it's high time to bump this thread. I'm curious if any of you -- fully-funded, partially-funded or otherwise -- are planning on taking out loans to help with the transition this fall.

 

I'm considering it. I hate the thought of adding to the pile, but it might make the most sense in my situation right now.

 

Thoughts?

[rising_star]

I took out a loan in the first semester of my funded MA program. It wasn't that the funding wasn't enough to live on. It was more that I needed a car and, at the time, subsidized Stafford and Perkins loans were available for graduate students and student loan interest rates were much lower than used car loan rates (this is no longer the case). After finishing my MA and PhD, I still have that car and am now paying off the loan that helped me get it. If you can get a subsidized loan, it's really not a terrible thing to do. You could also take out the loan to have a buffer and start repaying it while you're still in school if you find you don't really need the money. The other option, depending on how much you need and your credit rating, is that you may be able to get a credit card with an low introductory interest rate (0-2.99% for 6-18 months depending on the issuing bank, your credit, etc.) and use that as a buffer for expenses. I've done the credit card option too and it's fine, provided you'll have the money to pay off the balance before the introductory rate rises.