The federal methodolgy to determine financial need is generally less invasve than the methods employed by individual schools. Each school will requre detailed information about income, assets, and other obligations by the student, the student’s spouse, and possibly the student’s parents. The resulting "need" is then weighed against the resources available at the school.
Students who apply for grants are often required to supply more detailed information regarding their parents' financial status. This is because in the course of assessing an applicant's need, the FAO makes a comparative analysis of parents’ financial strength and factors it into the student's overall ability to pay tuition.
If you're financially independant and don't want your parents' financial status as part of the equation, be prepared to submit copies of your federal income tax return dating back as far as five years prior to your base year (the year prior to the start of attendance). Even if you consider yourself financially independant, your parents' status may be required if you have been declared as a dependent or were eligible to be declared as a dependent on their tax returns during those years.
Grants from the school, taken from both departmental and college or university funds, further minimize your future debt. While the grant is technically free -- the student has no legal obligation to repay the funds -- most graduate schools give grants with the understanding that those who receive them will donate an amount as close to if not more than the amount of the assistance they were given once they are financially able.
Among the federal funds available to pay for graduate school is the Perkins Loan, awarded to students with the greatest need at the schools' own discretion. Among its advantages is the guarantee of no interest or repayment as long as the borrower remains a full- or half-time student.
Stafford Subsidized and Unsubsidized Loans are limited to $8,500 per year and the recipient must demonstrate financial need to qualify. Unsubsidized loans may be as great as $18,500 per year and are available to students regardless of financial need. The total of subsidized and unsubsidized loans cannot exceed $18,500 per year.
After you've explored all the federal, state and school loans, grants and scholarship resources available to you, consider alternative loans available through private lenders. With a good credit history to ensure eligibility, students can utlize alternative loans to make up for other expected sources of money such as the parental contribution. Our selected lenders have full complements of loan options in addition to those that may be offered by the schools to which you are applying.
Work-study can also provide significant funds to pay the cost of business school. Money earned on campus through work as a research assistant, for example, is bolstered still further by federal subsidies (as much as 65% of the wages earned).
Fellowships, available through the school or the state, can also provide funds for first- and second-year students who are able to work at summer public interest and public service jobs for little or no pay.
Finally, after receving your Masters, comes the big payback. Consult with the FAOs at each school to learn whether they have a debt management and/or loan forgiveness policy to provide graduates with professional opportunities that may be linked to accelerated payback of your debts and loans.
