stevenb said:
The Schwartzschild solution is the solution outside the region where there is a Stress Energy Tensor. For example, the exterior of a star is a region where there is no mass/energy, (i.e. vacuum is assumed). The full exact solution (including the star interior) would need to be modified, and the boundary condition would need to match at the surface of the star. However, as long as certain conditions are met (spherical symmetry being an important one), the exterior solution is not dependent on the structural details of the interior stress energy tensor.
I agree with this as far as it goes, but there's one point it doesn't cover: what about black holes? A black hole does not have an "interior" where there is a nonzero stress-energy tensor: the stress-energy tensor is zero right down to the singularity at r = 0.
Mathematically, the "eternal black hole" spacetime (the full Schwarzschild spacetime geometry, including the singularity, which is completely static in time, so it lasts forever in both "time directions"--from t = negative infinity to t = positive infinity) is a perfectly valid solution to the Einstein Field Equation in vacuum (zero stress-energy tensor); the fact that it appears to have a "mass" present that can be externally measured, for example by putting objects in orbit about the hole and plugging their observed orbital radii and periods into Kepler's Third Law, is an "illusion", so to speak, caused by the curvature of the spacetime.
Physically, however, this picture is not very satisfactory, because we would like an account of how this "eternal" black hole came into existence, and there isn't one--the mathematical solution just says "it's always been there", which isn't physically reasonable. Instead, we expect, physically, that an actual black hole spacetime will have come into being by the collapse of a sufficiently massive object such as a star. This works basically the way stevebd described--you match the "exterior" solution, which is Schwarzschild, with an "interior" solution that describes the star, the simplest one being a perfect fluid--except that it isn't static: the star decreases in size with time, until finally it is small enough that a black hole horizon forms around it (and at that point, the "exterior" vacuum Schwarzschild geometry must include a portion inside the horizon). Soon after that ("soon" as it would be seen by an observer riding on the surface of the collapsing star), the matter in the star collapses to zero radius and forms the r = 0 singularity; but that's hidden behind the horizon so it isn't visible externally. All that remains outside the horizon (and inside it, down to the singularity) is the vacuum spacetime geometry that now bears the "imprint" of the mass of the star that collapsed. This is possible because, as stevebd said, there can be spacetime curvature (usually called "Weyl curvature") even where there is no stress-energy; but again, physically, we expect that this curvature is there because, at some time in the past, some nonzero stress-energy was somewhere in the vicinity and left its "imprint" on the spacetime geometry as it passed.