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Qualifying for Financial Aid?

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  • Qualifying for Financial Aid?

    I will start grad school soon. I estimate the tuition may be around 25,000 for two years (not 100% sure yet).

    I currently make around maybe 11,000 a year, but have about 17,000 saved up in my main checking and savings account. Will they check ALL of my bank accounts? Do I look like a candidate who doesn't qualify for anything due to how much I already have? Will the fact that I have just purchased a brand new 2011 Honda Accord change the fact that I have some money saved up?

    Any past experiences any of you may have had would be much appreciated!

  • #2
    Don't let me forget to respond to you later when I have more time.
    Ph.D., Theoretical Physics '16
    kind of a douche


    • #3
      The amount I'm eligible for in student loans is only affected by my salary this year, but I don't know how your school works. Though I'd let you know though.


      • #4
        I think it's just based off your income... however if you have the money saved up I would try to pay for all of it yourself... taking out loans is a huge pain in the ass, and you end up paying on that stuff for a long time, and it seriously sucks...
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        • #5
          School is worthless. Take that loan and start a business.
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          • #6
            I didn't know they had fin aid for grad school. I mean I just started looking into grad school since I just graduated, and I want at least one semester off..

            anyway, lol. For my financial aid, they checked my TAX RETURN and they wanted my moms TAX RETURN. Since I never had a high paying job, and my mom isn't rich I always got aid.

            Now my gf doesn't work, and her mom doesn't either, but her dad makes way too much for her to qualify...


            • #7
              I was eligible for HOPE here in Georgia but not pell. Never really figured that one out. Also for the longest time they kept requesting my parents income information even though I had moved out, owned my own house, and made more than they did combined. Now that I've rambled about what you didn't previously stated they'll most likely just check your tax return and parents if your under 25 I believe. Also my wife couldn't get any aid for her masters and none now that she's getting her specialist..just loans


              • #8
                You will be able to get Federal subsidized loans for grad school, regardless of your credit or car now. Your eligibility for other forms of financial aid (grants mostly) will be the ones affected by your current financial situation.
                Ph.D., Theoretical Physics '16
                kind of a douche


                • #9
                  Originally posted by fade View Post
                  School is worthless. Take that loan and start a business.
                  Not when your employer pays every penny

                  Although, my employer pays for continuing education, I still had to pay for my bachelors on my own. Loans do suck, but some federal student loans have dirt cheap interest rates and you can also write off the interest for student loans on your taxes. Look for scholarships, grants and fellowships everywhere! Here is website to check out:

                  Also, check for campus based aid, a lot of schools have their own scholarships and grants for particular programs and for students that exhibit certain traits or have achieved a certain level of performance. Also, if you are going to private school, there may be more opportunity for aid because there are fewer state restrictions and often times individuals and families establish scholarships in their names for the school and simply request that you submit an essay following certain guidelines to the donors.

                  All the best
                  Last edited by mentalflex; 06-12-2011, 05:56 PM. Reason: To offer some info
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                  • #10
                    wouldn't a fellowship be more appropriate for grad school versus fin aid?


                    • #11
                      Originally posted by fade View Post
                      School is worthless. Take that loan and start a business.
                      I second that....



                      • #12
                        Wow, thanks for all the input y'all! I will see what I can do tomorrow.

                        Fade & Steel - I def don't have the experience or knowledge to open up a business . . do you have a business?


                        • #13

                          What are you studying in grad school?...

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                          Life's journey is not to arrive at the grave safely in a pristine, well-preserved body, but rather to skid in sideways, used up, worn out, and shouting, "Holy #$&^%$^... What a ride!!!"


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                          • #14
                            I'm starting grad school next fall too and just applied to financial aid recently. I doubt grants are given to grad will be mostly loans. I am, however, in the midst of applying to fellowships and scholarships though.


                            • #15
                              On the occasion (depending on the concentration) you can talk with one of your advisers that you have the best working relationship with and potential be hired to work as there aid or lab or even student teach some of the introductory level courses. During my experience I was actually able to teach a general biology course as well as work in the lab for one of the guys on my thesis committee, the university gave me a stipend and made me tuition remission. At first I thought they were just throwing money at me for being 1/1000 native american, but apparently a lot of these professors have a ton of over head money worked into their grants (again, depending on the area of study) for this type of thing. You will effectively become there bitch while your there, but it's worth it to avoid the debt.