Financial Aid Disbursement 2010
Posted by Sandra WrightHow does a fellowship affect financial aid?
Hi,
I received a graduate fellowship for a doctorate program which I start in Fall 2010. It requires me to submit my FAFSA.
So I submitted FAFSA and it determined I have an EFC of 9k.
The cost of attending my university including room & board is about 30k.
So my eligible aid would be (30-9)=21k
The fellowship offer I received fully covers expenses and the aid varies
per year. But I receive about 33k per year, 18k in stipend, and the rest
for tuition expenses.
I couldn’t determine this from the terms and conditions, but would the
fellowship award be the difference of my EFC, or since it’s an award
based aid I should receive the amount specified? Is FAFSA only required
to track the aid disbursements?
Since it covers the full 30k to attend the institution, does that mean I will no longer demonstrate financial need?
If I wish to apply for scholarship or further grants, should I be eliminate any that require me to demonstrate financial need?
Snabby:
The only forms of Federal Student Aid that are available to graduate students are Stafford and Graduate PLUS loans. There are no federal grants for grad students – the familiar programs like the Pell, the ACG, the SMART and the FSEOG are awarded only to undergrads.
Fellowship/stipend money simply reduces the amount that you’ll be required to borrow if you hope to afford the school. If your fellowship covers your entire Cost of Attendance, then you’re not eligible for educational borrowing, as aid (which is intended for school expenses) can not exceed the total amount of those expenses.
An EFC score is basically irrelevant for graduate student financial aid – at least as far as federal aid goes. However, the schools themselves will often use the EFC as a guide when awarding institutional assistance, such as teaching or research assistanceships and fellowship funding.
Your fellowship will not be decreased to conform to your EFC score.
Good luck!
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