I am working on filling out my FAFSA for grad school, and I have a decent amount in savings. I am not married and have no children. I am also independent so my parents income will not be factored into my loans. Will the amount of savings I have greatly influence the loans I receive?
From personal experience, yes, the amount of savings you have will definitely influence your aid package. I remember my sister applied for FAFSA support after my parents had deposited the funds for her tuition into her account. FAFSA looked at the savings and said, ok the student can pay X amount from this account, and the parents can pay Y amount from their accounts. They add X+Y and consider the remaining financial need. Problem was, in this case, both X and Y were the parent’s contribution, if Sis just had her normal amount in her bank account, as happened when I applied, then the aid package would have suggested a much lower “X” payment and so X+Y would have left more need for aid and the package would have been much more appealing.
Note that, regardless of what happens with your Stafford loans, you should be able to borrow as much as you need through the federal Grad Plus loans. Well, you’ll be able to borrow as much as your school will authorize - but the total amount of loans your school will authorize (Stafford and Grad Plus) is generally equal to tuition plus living expenses for the school year. If you think you’re paying more out-of-pocket than you want to, talk to your financial aid people - there’s no reason federal loans shouldn’t be able to cover everything, if you want them to.
I graduated law school in May 2009, and paid for it all on Stafford and Grad Plus loans. (And yah, that’s a terrifying pile of debt.)