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Grad apps, Step 8: Apply for financial aid and scholarships.

By posted March 2, 2009

Applying for financial aid.

8 of 8 in a series

Let’s be realistic: grad school ain’t cheap.

Now that you’ve completed the applications for admission at each of your schools and programs, you’re almost done. You’ll still need to pay for school, and in order to obtain scholarships and loans, schools require you to submit financial aid applications.

Step 8: Apply for financial aid and scholarships.

In order to apply for financial aid, you’ll need a massive stack of information. Perhaps most crucial in that stack of information: your taxes.

Gather all required application forms and information from each school’s website or other information provided to applicants.

Even if you haven’t heard anything from the programs you’ve applied to, go ahead and submit a financial aid application. Don’t wait for your decisions to start rolling in. In fact, most schools will tell you not to do so. Be sure to find all instructions and deadlines. You should have marked these dates on your application calendars a while back and you should have printed out all the required information and placed it into your application file box. Retrieve all that information now so you can complete the final step.

Retrieve or complete your current year’s tax returns.

In order to complete the FAFSA (Free Application for Federal Student Aid), you’ll need your tax information (and possibly your parents’ info, too). While it’s not 100% necessary to actually file your taxes, you’ll need information that essentially requires you to complete them, so why not submit them? Generally, if you’re under age 30, you’ll also need your parents’ tax information, too. Check with the schools to which you’ve applied to find out if parental information is required; requirements vary from school to school.

Complete a FAFSA.

Virtually all schools require the submission of the Free Application for Federal Student Aid (FAFSA). Your FAFSA is used to determine any need-based grants and your loan awards. New forms are available each year starting January 1st. Get started as soon as possible, as many schools’ deadline is as early as March 1st.

You’ll need the school codes for each program to which you’ve applied. Codes can be retrieved from each program’s website or you can search for a school/program by name and location as you complete the FAFSA online at http://www.fafsa.ed.gov/.

Complete any required school-specific forms.

Some schools have a separate financial aid application you’ll need to complete, and this application is often available online or will be sent along with admissions information. If you haven’t found anything yet, make a call to the financial aid office to find out if there’s anything you should be completing and sending their way.

Apply for every possible scholarship!

Schools and private organizations often offer scholarships ranging from one-time $500 awards to renewable full-tuition awards. Usually, applicants for such a scholarship are asked to submit a topical essay and/or other information (letter of recommendation, résumé, etc.). There are tons of books available at your local bookstore and loads of information available online regarding such awards. Check your schools’ websites and hit the bookstore or your local library. Make a list of all the scholarship programs you’re eligible to apply for, and make a run at every dime you might get to help fund your education.

Research educational loans.

Chances are good you’ll need some loans to help fund your life through graduate school, and it’s never too soon to prepare. Get a credit report so you’re aware of your current standing, then research educational lenders. The financial aid folks at the schools you’ve applied to can offer you more information on public and private lenders with whom they work. Here’s a good place to start researching the different types of loans available: http://www.gradloans.com/.

Hurry up and wait.

Everything is now officially on its way! Many schools will email you to confirm acceptance of your application materials, completion, and decision status, but some won’t. The waiting game you’ll play between application submission and decision notification can be nerve-wracking. Pick up a hobby. Throw yourself into work with new vigor. Read more books. You might hear in a week, but you might not hear anything for several months. Remember that each applicant is different, and try not to hedge bets on whether or not you’ll be accepted or rejected. There’s only one way to find out, and you’ve done all you can. Only time will tell.

Good luck!

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The Graduate School Application Process

By posted February 6, 2009

Where to begin

1 of 8 in a series

Okay, so you’ve decided you want to go to graduate school. Now what? This blog entry and the following seven will build and flesh out a “To Do” list for you, helping you find answers to questions from “What should I study?” to “How can I get financial aid?” Each entry will focus on one step of the process so that you know where to start and what to do next.

I strongly recommend starting this list a year before you plan to start graduate school, but this can definitely be done in six months or less; you’ll just need to be more resourceful in some steps. Here’s a good ordered list of things to do to get yourself started (we’ll fill in notes on each step in this and subsequent entries):

  1. Research.
  2. Manage the application process.
  3. Prepare for and take the appropriate test(s).
  4. Get your transcripts sent.
  5. Solicit and obtain letters of recommendation.
  6. Write your application essays.
  7. Complete and submit your application(s).
  8. Apply for financial aid and scholarships.

“But how do I dive into this list?” you ask. Well, let’s start at the beginning:

Step 1: Research.

Before you do anything else, do your research. Make sure you investigate each of the following points:

Research which graduate programs of study may be right for you.

Identify people who are in positions you’d like to obtain, and find out their educational backgrounds. Ask them, ask co-workers, and check company websites.

Research which graduate program formats are available to and appropriate for you.

Once you’ve identified the program(s) you wish to pursue, research the different program formats offered at different institutions. Many grad programs now offer many alternatives to tradition full-time studies. Look into part-time, fully-employed (weekend), and “virtual” (online) options that could allow you to continue working while you’re in school or enroll in courses at a non-local institution. Many employers will even contribute to tuition for such programs!

Find out which schools offer your intended program(s) of study in your desired format(s).

You may want to start with nearby institutions or with those with name prestige in your chosen field. U.S. News and World Reports publishes (in print and online) annual rankings for a broad range of undergraduate and graduate programs—and breaks them down by specialties, even—as do countless other organizations. Google “business school rankings” or “cost-effective master’s degree” or “part-time law school” and see how many results you find.

Determine the costs associated with graduate school.

Using the schools’ websites and other published resources, figure out annual tuition and expenses (books, parking, etc.) and, if you’ll need to relocate, expected cost of living. You can use a cost of living comparison tool, which you’ll also easily find online.

Figure out the reasonable expected Return on Investment for your graduate studies.

Many published rankings’ sources and school websites offer average starting salary for graduates of each particular program. You’ll need to be a bit more persistent in your research, but different schools offer different options. A strong alumni network, high rankings, and reputation are just a few factors that may impact graduates’ starting salaries. Before you hand over much of your hard-earned (and, likely, hard-borrowed) money, pick the best investment… because that’s exactly what you’re doing: investing in your future.

Research the schools and their surroundings.

If you’ll need to relocate for school, you’ll want to make sure that the city in which your program is located is, in fact, a place you can live comfortably. Research the size and demographics of the towns, check message boards, and visit the campus and city if you can. In addition, many schools place recent graduates best locally, so it’s definitely wise to make sure you like the area before you commit to two or more years there.

Once you’ve gotten a handle on your program and school research, you’re ready to start applying. In my next blog entry, we’ll focus on how to properly manage the application process.

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