GradSchoolDreams

Hello! I am trying to understand the FAFSA and Gov Loans available for graduate study.

I know that the FAFSA asks for details on your checking and savings account, as well as investments and your salary. I am wondering if there is any chance of a single independent with an upper middle class income to obtain a subsidized loan.

While I currently make a salary of 70k (which is much higher than my salaries in previous years, which were more like 35k and less), I will not be working during grad school. So I'd go from 70k to 0k.

I also have approx 30k in savings. 10k of that is in a Roth IRA. I started to save in a 529 plan but it sounds like that will count towards my savings that the FAFSA counts, so maybe it's better not to have a 529 plan?

I heard that you should spend all your money and try to have a low-paying job for the year before you apply to grad school. Is this true? Why is saving funds and obtaining a decent salary before going to grad school looked down upon?