financial aid

[Music333]

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When do schools offer financial aid packages? Is it before April 15th?

 

[premad]

When do schools offer financial aid packages? Is it before April 15th?

When I applied, this varied greatly. Most schools where I was accepted offered packages after their deadline date (pre-SOPHAS schools had slightly different deadlines, not sure about now). However, I was able to call schools with earlier deadlines and ask them to post-pone my reply date until after I had heard about financial aid from all schools, in the last week of April or so. All were happy to do this. Again, not sure if this will work now, since it seems the process is much more standardized.

 

[Music333]

When I applied, this varied greatly. Most schools where I was accepted offered packages after their deadline date (pre-SOPHAS schools had slightly different deadlines, not sure about now). However, I was able to call schools with earlier deadlines and ask them to post-pone my reply date until after I had heard about financial aid from all schools, in the last week of April or so. All were happy to do this. Again, not sure if this will work now, since it seems the process is much more standardized.

Thanks, premad.

Are we allowed to change our FAFSA information after we initially submit it? (if I don't have a job now, but get one after I submit FAFSA)
And should we send in the financial aid forms for the schools themselves ASAP as well?

 

[werd814]

Music, you shouldn't have to alter your FAFSA data because of a job begun after 2009-- FAFSA, I believe, is only concerned with what your fiscal circumstances were in 2009. If you need to change it for other reasons, though, you can "make corrections" to it (see FAFSA.gov--> #3 "FAFSA follow-up"). Some schools, however, may prefer that you to make that correction on their school-specific forms.

I'm getting antsy to send in my financial aid stuff... I'm still waiting on W-2 stuff. Boo waiting. But from my past experience, I'd say: the earlier the better. All of the financial service admins I have ever spoken with have confirmed this mantra, too.

 

[premad]

Music, you shouldn't have to alter your FAFSA data because of a job begun after 2009-- FAFSA, I believe, is only concerned with what your fiscal circumstances were in 2009. If you need to change it for other reasons, though, you can "make corrections" to it (see FAFSA.gov--> #3 "FAFSA follow-up"). Some schools, however, may prefer that you to make that correction on their school-specific forms.

I'm getting antsy to send in my financial aid stuff... I'm still waiting on W-2 stuff. Boo waiting. But from my past experience, I'd say: the earlier the better. All of the financial service admins I have ever spoken with have confirmed this mantra, too.

👍 Exactly right re: FAFSA & submitting forms early. Also know that you can 'bargain' with some schools financial aid departments if you've gotten a package that you don't like and/or a better offer elsewhere. Not all schools will deal, but it's always worth a shot, and it worked out well for me.

 

[Music333]

How long do schools take to offer financial aid?

I sent my FAFSA form last week, and I think UMich has a deadline of March 1.

For those who have been admitted to UIC epi/biostats, did you fill out and send their financial assistance form? Does anyone know when they respond with aid info?

 

[Music333]

Someone explain loans to me! I assume I'd only apply for it after I know how much aid I'm receiving. I know that there are Stafford loans, but what else is there?

UMich said they won't announce aid until mid-March to May, and Emory said after April 1. Grrrr, why does UMich have such an early deposit deadline??

 

[JMM051]

When you submit your FAFSA it will estimate your "need."

From there it will match with info from the schools to offer you your aid package. Your report will go a little something like this...

If the school has any financial based aid and you qualify it will show up as a certain amount..(In undergrad I received a Trustee Grant for 12k a year).

From there, if you qualify, there is the Perkins loan. ("Some schools offer low-income grad students federal Perkins loans, which charge no interest while the student is in school and only 5 percent afterward. These are the cheapest education loans currently available. Unfortunately, Perkins funding is limited, so many otherwise qualified students can't get them")

Then there is the Stafford. (Almost all grad students can get at least $20,500 a year in federal Stafford loans, which will charge a maximum annual rate of 7.14 percent (after counting all fees). Low-income Stafford borrowers will be charged no interest while they are in school and only about 5.9 percent (counting fees) after they leave.

Also, if you checked work-study if will show up on there but it is your obligation to go out on campus and seek this position.



Basically the FAFSA report will let you know what federal aid you can receive. If after that you still need more you can apply for a Federal PLUS loan (Students who need more than the Stafford maximum can borrow their remaining cost of attendance, even covering books, transportation, and rent, through the federal Grad PLUS program) or a private loan to cover the extra.



As for the early deposit deadline. Last year it seemed a bunch spoke to the schools about extending their deposit since they were still waiting on aid packages. Many of the schools seemed willing to accomodate.

 

[FeedMeSushi]

Thanks for the above info, JMM051.
This is my first time applying for finaid and I have no idea how it works. I was fortunate that I didn't have to take out any loans for undergrad (grant and generous parents) but I'm on my own now for grad school! 😱

 

[Music333]

I'm in the same situation, FeedMeSushi.

Thanks for the info, JMM051.

As I posted in the UPitt thread:
Tuition only for both years: UMich costs $72800 (out-of-state), Emory costs $50400, and BU $76000 ($64000 with my scholarship).
Fin aid office at UPitt told me we can apply for residency after 1 semester, which would make UPitt cost $47000. UIC would cost $44000 if you get residency after 1 year.
*All of these are approximate. And there's always I chance I screwed up the calculations...

I can't believe how expensive grad school is! It's so scary!

 

[dime]

FYI: I submitted by FAFSA on the web this Tuesday, and they processed it by the next day! They should be sending my SAR to my designated schools within the next 3 business days.

 

[werd814]

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