I’ve been told that FAFSA for grad school is very different than for undergrad. For undergrad, all the students’ assets are fair game that decreases need dollar-for-dollar. Is this true for grad school? I’m wondering if a small investment that messes up UG should be sold and used prior to grad school or if it’s fine to leave as is. I’m planning ahead as I know there are lookback windows and may be tax implications.
Thanks.
At least in our limited experience financial aid seems to be very different for grad school compared to undergrad.
One issue is that at least in our experience grad school did not care about the parent’s financial situation at all. They did not ask and we did not send them any information.
However in our extended family we only had one student who did grad school for music. I think that his master’s degree was probably fully funded but this was in Canada (and he is Canadian). I think that his PhD was also fully funded, in the US, but it is normal for a PhD to be fully funded (with a stipend that is enough to live on, assuming that you live frugally).
We do not have any experience with a doctor of musical arts, and I have heard that these can be partially funded, or fully funded, or unfunded, but I do not know the details.
As far as I know PhD’s are usually fully funded, at least in the US and Canada. I have heard of a few cases of a student applying for a PhD, being accepted for a master’s degree instead, and being full pay. In some cases this can actually work out quite well (for example master’s degrees don’t take as long, so it might be full pay but only for a relatively limited period of time).
This sounds right to me.
I am curious what experience other students and parents have had.
My daughter went to grad school, no assets, all she was eligible for was a federal student loan, I don’t think grad students get anything else.
My DS has a masters in music performance.
Grad school funding is merit based, and loans. The grad school student’s merit aid or eligibility for things like assistantships and scholarships are based on the strength of their audition and the school’s desire to have them as a member if that cohort. The FAFSA has no relationship to these aid forms.
The FAFSA must be completed to be eligible for federally funded direct loans and/or grad plus loans. But really…anyone completing the FAFSA is likely eligible for these loans.
There are no federally funded grants for grad school…like the Pell Grant or SEOG. Any Grant or scholarship money will likely come from the grad music program (based on that audition).
My kid had an assistantship and three named scholarships that helped with his grad school funding. He took a very small Direct Loan.
We paid his living expenses.
I’d be happy to answer any additional questions…if you pose them. Or you can message me.
I’ve been told that FAFSA for grad school is very different than for undergrad.
Adding…the FAFSA is actually the same for grad school music students except that they don’t include any parent finances. @kelsmom
This is a pretty good article How The FAFSA Differs For Grad School – Forbes Advisor
My kid did master’s as part of a PhD program in music so was funded for both, with free tuition, free health insurance and a stipend (for TA duties and later teaching). Money guided some of their decisions for sure.