Maximizing your financial aid, or Do your FAFSA!

Financial aid can be an important way to supplement your funding during graduate school.  In some rare cases, it can even cover the majority of costs associated with your education.  Though the total amount of available student aid has decreased in recent years, many aid options are still available, and financial aid should not be overlooked as a potential source of support.

Student aid may be available from:

1. The federal government (this post is U.S. centric, sorry international readers)
2. Your state government
3. Your university or college
4. Private sources such as non-profits

Federal student aid is usually the largest and most readily-available support, coming to students in the form of grants, loans, and work-study.  Grants are hands-down the best type of student aid because they do not need to be repaid.  Loans are just the opposite.  As I've stated the, the purpose of this blog is to help you avoid taking on any further debt, so I won't touch on loans here.  The final type of federal student aid is work-study, which essentially provides funds to employ the student at their university.  Work-study can be a little tricky, as the university is responsible for arranging the work opportunities and not all schools participate in the program.

The remaining types of aid (state, university, and private) vary widely from location to location.  The best way to find more information on what sources of support may be available to you is to visit your school's financial aid office.  This office is responsible for managing financial aid funds for all students, and they should be able to provide you with a great deal of information regarding funding opportunities.

A nearly-universal first step in applying for financial aid is to submit a Free Application for Federal Student Aid (FAFSA).  This application provides information about yourself, your schooling, and your financial need to the federal government, allowing them to calculate how much aid you should receive. They do this by generating what is called an Expected Family Contribution (EFC), which is the amount of money you (and your family if your parents can still claim you as a dependent) are expected to provide for your education.  This value is weighed against the projected costs of your education, and used to determine how much money is required to make up the difference.  You can submit your FAFSA application here and in the mean time you can calculate a projection of how much aid you might receive using FAFSA4caster.

Once your FAFSA is received, the Federal Student Aid office will generate a student aid report for that year and forward it to your university.  The actual amount of funding you are given will be determined by your school.  Your FAFSA information will also be used to gauge your eligibility for other state, university, and private funding.  It is important to note that some independent scholarships, grants, and fellowships will require that you submit a FAFSA and may ask to see your student aid report or EFC.

There is a national deadline for completing a FAFSA (usually June 30th), but it is important to look up your state's deadline.  Student aid is often given starting on a certain date and disbursed until there aren't any funds left to give.  Thus, it is very important to have your FAFSA completed before your state's deadline.  After that point, they will begin to divy up the funding and your chances of receiving aid may be diminished.  Look up your state deadline here. 

A great deal more information can be found on the website of the Office of Federal Student Aid and on the main FAFSA page.  Also, I can't stress enough the importance of talking to someone in you university's financial aid office.  They will be best able to guide you through the specifics of obtaining financial aid in your state and at your school.

In summary, submitting a FAFSA is important.  Make sure you do it by your state's deadline.  If you miss the deadline, submit one anyway.


Best of luck,

Casey

Don't overlook the little guys

When applying to scholarships and grants, many graduate students focus only on "The Big Ones."  This is not without good reason, as these larger fellowships have the potential to cover the majority of the expenses associated with graduate education.  The downside of this, however, is that many students overlook the numerous smaller scholarships and grants available to them.  These smaller funding sources can be incredibly valuable in covering research and travel expenses, which may not be included in a larger fellowship, and may help ease your financial burden.  During my master's coursework, I pulled together $12,500 in small grants and scholarships alone, helping to pay for a large portion of my research and to cover the cost of some of my living expenses while I was in school.

The great thing about these smaller funding opportunities is that many of them are locally focused, on a school, a specific department, or on a particular geographic region.  To find scholarships and grants that apply for you, start simple.  Begin with a web search, and be sure to try including key words that apply to your field, your school, your department, and the region in which you are working.  Next, talk with people in your department.  Older students are likely to know about potential funding opportunities within the department and the university.  If you have a graduate coordinator, ask them.  Call the financial aid office, or check their website (next week I'm going to talk about maximizing your financial aid and funding opportunities within your school).  Be sure to keep your eyes open and check email lists, bulletin boards, etc.  Many of these smaller scholarships are poorly advertised, which can be to your benefit as that usually translated into fewer applicants.

The amount granted, funding frequency, and selection criteria of these funding opportunities varies widely.  Some are based only on merit, and do not take into account any financial need on the part of the applicant.  Some are just the opposite, and will ask you to enumerate your financial need in detail.  Often, the criteria fall somewhere in between, taking into account the merit and financial need of the applicant.  Many are focused specifically on funding research costs, and are not to be spent on personal expenses, while some are intended to be spent exclusively on living and educational expenses.

Like the specifics of the funding opportunities themselves, the format and content of the applications are highly variable.  Many ask for the generic materials: statement of purpose, research proposal, transcripts, a CV, and letters of recommendation.  Some, on the other hand, can be very, very easy.  For example, I got $1,000 for writing a 250 word blurb.  While my general advice is to apply, apply, and apply again, I definitely think that some of the smaller scholarships and grants require far too much work for the amount of money they offer in return.  For me, a full application package including transcripts and letters of recommendation might not be worth a chance at winning $200.  For you, it might be worth the time and energy.  Just remember to take the time to analyze the costs associated with applying and weigh them against the potential benefits of winning the award.

Another category of grant to keep an eye out for is travel awards.  These are often associated with conferences or meetings, and are to be used to cover any expenses associated with attending.  Usually, these are advertised on the hosting organization's webpage, but there are some independent travel awards funded by specific endowments or departments.  These awards also have different criteria, but they are usually reserved for students who will be presenting a talk or a poster at the conference.


So, in summary, search broadly, apply early, apply often, and reap the rewards!


Until next time,

Casey