Check GMAT Club Decision Tracker for the Latest School Decision Releases https://gmatclub.com/AppTrack
GMAT Club

 It is currently 29 Mar 2017, 06:27

INSEAD (Join Chat 7) | Stanford GSB (Join Chat 6) | Your MBA Journey & Illinois MBA: Free Webinar Today

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

# Events & Promotions

###### Events & Promotions in June
Open Detailed Calendar

# Comprehensive US Scholarship/Financial Aid Discussion

Author Message
TAGS:

### Hide Tags

GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 72

Kudos [?]: 401 [0], given: 14

Comprehensive US Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

18 Dec 2007, 23:39
2
This post was
BOOKMARKED
Hey everyone,

I decided to start an area where all the info can be collected in ONE place, and eventually placed into a wiki. Below is a list of good scholarship discussions from the 07-ers to get people started. Please put all scholarship discussions here so one of us mods can fish out the nuggets to put in a wiki later on (I can volunteer to do this once I get an admit and finish my apps, haha)

K

123-t58749
Current Student
Joined: 18 Jun 2007
Posts: 408
Location: Atlanta, GA
Schools: Emory class of 2010
Followers: 11

Kudos [?]: 40 [0], given: 0

### Show Tags

19 Dec 2007, 12:43
Alright, here's a question for all the experts out there. I have not even looked at a FAFSA form yet, so I don't know how this applies. I am getting married in mid/late January. Should I apply as a single applicant prior to my wedding, when I still have a significant amount more money before the wedding expenses and honeymoon....or should I apply after the marriage...or should I apply before the marriage, but fill it out like I'm married, because by the time all of the paperwork is complete, I will most likely be married already.
Current Student
Joined: 04 Dec 2006
Posts: 440
Followers: 1

Kudos [?]: 8 [0], given: 0

### Show Tags

19 Dec 2007, 14:41
emoryhopeful wrote:
Alright, here's a question for all the experts out there. I have not even looked at a FAFSA form yet, so I don't know how this applies. I am getting married in mid/late January. Should I apply as a single applicant prior to my wedding, when I still have a significant amount more money before the wedding expenses and honeymoon....or should I apply after the marriage...or should I apply before the marriage, but fill it out like I'm married, because by the time all of the paperwork is complete, I will most likely be married already.

I would suggest contacting Emory's office of financial aid. I ran into the same problem last year. What I was told is to fill it out with current information but include a letter about your change of situtation in the near future when you submit your request to Emory (not FAFSA).
GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 72

Kudos [?]: 401 [0], given: 14

### Show Tags

19 Dec 2007, 15:08
well, the FAFSA looks at three main things:

2. Your investments (mutual funds, stocks, investment real estate)
3. Your most recent bank statements

They do not look at your retirement funds, Roth IRA, 401K, or primary household property.

I just funded my Roth IRA for 2007, taking a big chunk out of my bank account, so it sounds like it might be better for you to apply after the marriage. But I could be wrong, so that's why this thread is here for discussion.
Current Student
Joined: 18 Jun 2007
Posts: 408
Location: Atlanta, GA
Schools: Emory class of 2010
Followers: 11

Kudos [?]: 40 [0], given: 0

### Show Tags

20 Dec 2007, 07:01
kryzak wrote:
I just funded my Roth IRA for 2007, taking a big chunk out of my bank account, so it sounds like it might be better for you to apply after the marriage. But I could be wrong, so that's why this thread is here for discussion.

I was thinking of doing something similar. Filing after marriage, after spending a huge chunk of money, then funding my IRA to the max for the year. Then my assets look like much less (well, they are much less).
Manager
Joined: 24 Aug 2007
Posts: 192
Schools: MIT
Followers: 5

Kudos [?]: 9 [0], given: 0

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

01 Jan 2008, 21:24

I've read of couple of M7 schools offering loans to the extent of the cost of the program.

Any data on these loans, interest rates and how they compare with other borrowing options?
VP
Joined: 06 Feb 2007
Posts: 1023
Followers: 22

Kudos [?]: 182 [0], given: 0

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

03 Jan 2008, 20:22
I couldn't find the instructions on how to complete FAFSA for the longest time!
I thought I'd save you a lot of free time and post a link here:

http://studentaid.ed.gov/students/attac ... A08-09.pdf
GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 72

Kudos [?]: 401 [0], given: 14

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

03 Jan 2008, 22:14
the question I have is, they ask for your "most recent" bank statement, investment statements, and tax filing info. I currently owe a few K's on my credit card for some ski cabins I've been reserving for people, thus I also have a few K's more in my savings account than usual. Should I wait until I pay off those CC bills before I apply to FAFSA so that my balance is more like my average, or does it really matter?

Maybe I should call some of my b-school friends and ask them how they did it.
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

Director
Joined: 18 Sep 2006
Posts: 962
Location: Chicago, IL
Schools: Chicago Booth 2010
Followers: 6

Kudos [?]: 28 [0], given: 0

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

04 Jan 2008, 00:43
whats a reasonable amount of cash to have laying around? is 5k too much? id hate to have less than that at any given time.
GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 72

Kudos [?]: 401 [0], given: 14

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

04 Jan 2008, 00:47
I generally try to keep at least 5K of emergency cash in my savings, the rest goes into stocks, retirement fund, and other things. I might keep the emergency cash thing lower for the month I'm applying to FAFSA, not sure if that'll work. Not really sure how FAFSA determines things actually... it's been at least a decade since college apps...
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

VP
Joined: 06 Feb 2007
Posts: 1023
Followers: 22

Kudos [?]: 182 [0], given: 0

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

04 Jan 2008, 08:11
I also would like to know how much \$ in your savings would be considered too much by FAFSA and how it determines how much money you need based on your saving/checking balances.
Director
Joined: 18 Dec 2007
Posts: 983
Location: Hong Kong
Concentration: Entrepreneurship, Technology
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2010
Followers: 12

Kudos [?]: 134 [0], given: 10

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

07 Jan 2008, 18:15
I assume FAFSA is only eligible for US residents?

For me, looks like self funding if i go to the USA.
I get a 10% discount from Manchester because of early application, still waiting to hear about scholarships, as they are awarded at the end of each month.
GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 72

Kudos [?]: 401 [0], given: 14

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

07 Jan 2008, 18:23
I believe FAFSA is only for US Citizens or Permanent Residents.
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

SVP
Joined: 05 Aug 2007
Posts: 1502
Schools: NYU Stern '11
Followers: 15

Kudos [?]: 211 [0], given: 22

### Show Tags

07 Jan 2008, 19:04
While the FAFSA does not consider IRA's or 401(k) funds, some schools separately WILL consider your IRA's and 401(k) funds in determining need-based aid.

For instance: http://www0.gsb.columbia.edu/mba/home/faq#q3843

kryzak wrote:
well, the FAFSA looks at three main things:

2. Your investments (mutual funds, stocks, investment real estate)
3. Your most recent bank statements

They do not look at your retirement funds, Roth IRA, 401K, or primary household property.

I just funded my Roth IRA for 2007, taking a big chunk out of my bank account, so it sounds like it might be better for you to apply after the marriage. But I could be wrong, so that's why this thread is here for discussion.
GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 72

Kudos [?]: 401 [0], given: 14

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

07 Jan 2008, 19:35
thanks for the tip! If they do consider it, then I will be "penalized" for saving a lot of my salary into 401K and retirement funds, and not accumulating debt like many in the country...
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 72

Kudos [?]: 401 [0], given: 14

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

09 Jan 2008, 17:01
some insights from solaris1:

solaris1 wrote:
Your eligibility for subsidized (i.e. no interest while in school) Stafford loans depends on your EFC (expected family contribution) number, which the FAFSA calculates based on a lot of variables. As such, I'm not sure if it's possible to predict how much cash you can have in your savings account and still be eligible for subsidized Stafford loans. Unsubsidized Stafford loans (6.8% fixed rate, but most lenders offer 1.0 % to 1.25% less in discounts) are not based on financial need and can be (and should be, if I'm not mistaken) taken by everyone before applying for Federal PLUS loans or private education loans, which charge higher/variable interests.

However, some schools have their own loan programs that charge only around 5% interest, but these are offered on the basis of financial need.

And you can send your FAFSA to multiple schools.

disclaimer: This is all based on my experience with the FAFSA and financial aid in general while a college student. It obviously applies only to US applicants.

as for age, that is an issue for us over 30's. That's one of the reasons why I decided not to go after the traditional MBA jobs like consulting and banking, or even marketing/brand management.
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

Director
Joined: 18 Sep 2006
Posts: 962
Location: Chicago, IL
Schools: Chicago Booth 2010
Followers: 6

Kudos [?]: 28 [0], given: 0

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

10 Jan 2008, 12:06
are the fed cuts to the interest rates going to make our loans cheaper?
SVP
Joined: 05 Aug 2007
Posts: 1502
Schools: NYU Stern '11
Followers: 15

Kudos [?]: 211 [0], given: 22

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

10 Jan 2008, 12:11
Most federal student loan programs are now fixed-rate, dabots. So the fed rate cuts have no impact. Most private loans however are indexed to the prime rate so their rates will fluctuate based on what the Fed is doing.
GMAT Club Legend
Status: Um... what do you want to know?
Joined: 04 Jun 2007
Posts: 5464
Location: SF, CA, USA
Schools: UC Berkeley Haas School of Business MBA 2010
WE 1: Social Gaming
Followers: 72

Kudos [?]: 401 [0], given: 14

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

10 Jan 2008, 12:24
if that's the case, and the prediction of a 1.5% cut by end of the year is possible, then it's a great time for us to get loans, at least until somewhere in 2009.
_________________

****************************
GMAT Club Knowledge Vault:
http://gmatclub.com/forum/123
http://gmatclub.com/forum/128-t62555
Kryzak's Profile:
http://gmatclub.com/forum/111-t56286
Member Essays:
http://gmatclub.com/forum/103-t50969

SVP
Joined: 05 Aug 2007
Posts: 1502
Schools: NYU Stern '11
Followers: 15

Kudos [?]: 211 [0], given: 22

Re: Comprehensive Scholarship/Financial Aid Discussion [#permalink]

### Show Tags

10 Jan 2008, 12:42
Well that's a little speculative, but everyone has a different tolerance to risk.

While the Prime rate moves (generally) with the Fed rate, it's obviously much higher than the actual Fed Funds rate. For instance, the current Prime rate is 7.25% while the Fed Funds rate is 4.25%. Only really creditworthy borrowers would get student loans at Prime (others will pay Prime + x%). And until a few months ago the Prime was hovering at around 8.25%.

Compare this to the fixed 6.8% rate (before any lender incentives) of the Federal unsubsidized Stafford loans or the fixed 8.50% (again before any lender incentives) rate of the Federal PLUS loans.
Re: Comprehensive Scholarship/Financial Aid Discussion   [#permalink] 10 Jan 2008, 12:42

Go to page    1   2   3   4    Next  [ 68 posts ]

Similar topics Replies Last post
Similar
Topics:
Regarding external scholarships and financial aid 1 31 Mar 2014, 05:40
Full-time/Part-time scholarship/financial-aid options? 1 03 Oct 2011, 21:06
4 Financial Aid Discussion for Internationals 33 09 Jan 2008, 02:29
scholarships/financial aid 16 19 Dec 2008, 07:23
Display posts from previous: Sort by

# Comprehensive US Scholarship/Financial Aid Discussion

 Powered by phpBB © phpBB Group and phpBB SEO Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.