Financial aid, saving money, etc.

[Brmeg24]

I am starting grad school in January, and had a few questions regarding finances. I was very fortunate to not have to take out loans in undergrad, so I don't really know how financial aid works. I filled out the FAFSA and am waiting to hear the amount that I will receive. I am wondering if there is a chance that I won't even receive any amount? And does anyone know when you are usually notified? I don't want to wait until the last minute and then hear that I won't be receiving anything, and then have to figure out student loans with the bank. I am applying for a GA position and scholarships as well, but those are no guarantee either. Also, how much do you think is a safe amount to have saved up for your first semester (miscellaneous expenses and whatnot)? Thank you in advance!!!

[onedayslp]

Hi Brmeg24- all grad students are eligible for $20,500 per year in unsubsidized Stafford loans. So you are guaranteed to receive at least that amount. You could call the financial aid office of the school you are attending to find out when you should hear back. 

[Brmeg24]

Thank you for your response! I had no idea that was a guaranteed amount for grad students. That is a huge relief! Thanks again!

[dial1010usa]

Yes, graduate students get loan in the amount of $20k but interest rate will be very high around 6.25%. Financial aid is always first come first so school usually disburse for fall unless they have some money left over for spring. Go on fasweb.gov [not fasweb.com] to apply for scholarship and to your school as well.