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Q - FAFSA and going back to school
Perhaps someone can help me out here...
I'm thinking about going back to school full time for a graduate degree. H would still work, but the degree says I can't work the first year (I'm not sure all the programs are like that, but at least one of them was). So our income will decrease by half. We own our house.
My question is, when filling out the FAFSA, is financial aid based on both of our incomes from the previous year, or what our income would be once I was in school? If it's based on both of our incomes, then I can't afford to go back to school if I can't work, since we have a mortgage to pay. H doesn't make enough to pay for everything!
I'm thinking loans are going to be the answer, but again, is the need for a loan based off of both of our incomes? And could I take out enough in loans, at least for the first year, to pay my half of the mortgage and other expenses? At least our mortgage payment isn't outrageous, it's similar to what rent would be.
I really want to go back to school, but trying to afford it is going to be stressful!
Re: Q - FAFSA and going back to school
What are you going back to school for? SLs are a biitch and a half, I'm not going to lie. I'd want to make sure they were worth it - especially if you want to take out enough to cover your salary.
FAFSA is based off your tax return IIRC so it would consider your combined incomes at least for the first year of your program. But I think you would stil be eligible for the stafford loans.
My husband just went back to school to get his MBA and had to use our combined salary for the FAFSA. However, he still got the full amount of aid and didn't have to take out any additional private loans. I was actually surprised by the amount because we do have a higher than average income.
Thanks. I was worried that we'd have to use both of our incomes even though I wouldn't be working during the school year, but maybe it won't be a problem.
Where I'm at right now with my current degree (BS Bio/MS Biotech), I think my career is going nowhere. I've tried applying for other jobs, and there is always someone else better qualified for the jobs I'm really interested in, and I really don't want to go back to research, so I'm thinking a career change is in order
I'm pretty excited about going back to school!