2008 Official FAFSA thread

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LEdaddy

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A few questions for any experts out there...

If you are married and not a dependent (have your own kids even), do you have to submit your parent's financial info?

Is it best to wait until you have filed your 2007 taxes or not? I've heard conflicting reports on this... some people saying that you basically have to resubmit if you do it before you've filed.

Are there advantages to filing earlier?

Any other pointers? If there's a good thread, please post it. I didn't find one that answered all of my questions.

Thanks.
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LEdaddy said:
A few questions for any experts out there...

If you are married and not a dependent (have your own kids even), do you have to submit your parent's financial info?

Is it best to wait until you have filed your 2007 taxes or not? I've heard conflicting reports on this... some people saying that you basically have to resubmit if you do it before you've filed.

Are there advantages to filing earlier?

Any other pointers? If there's a good thread, please post it. I didn't find one that answered all of my questions.

Thanks.
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You will want to file the FAFSA as soon as possible because schools can't really start developing financial aid packages until you do. Also, while I don't think all schools require you to submit your parents info (regardless of age, up to a point, maybe 30 or so), financially the schools see all acceptees as the same (poor, haha) until they consider other factors (parent's income being #1).

I'd visit the financial aid forum for more detailed info: http://forums.studentdoctor.net/forumdisplay.php?f=30
 
You should read FASFA... If you are born before Jan 1984 and are indep. you don't need to give your parents income... tho some schools require it..... You can use 5 schools IF you know what they are.... file when you know what schools... If you get into a school that isn't on the list and wish to go there you will lose poss. money so be sure on what schools you choose...
 
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From what I've seen if you were born before Jan 1 1984 you don't have to provide your parent's financial info. Granted, this is from the 2007-2008 worksheet, the 2008-2009 worksheet may start from '85. I think the moment you enter a professional or graduate program you are automatically filed as independent. However, I've heard that many schools still want your parents' fianancial info. This is a bit confusing I'll admit because I have friends who haven't lived with their parents in years and have been financially independent for a long time, and yet they were still obligated to provide their parent's recent tax info, income, etc; even though they were over 25 and were entering grad or professional programs. Who knows.
 
medguy83 said:
From what I've seen if you were born before Jan 1 1984 you don't have to provide your parent's financial info. Granted, this is from the 2007-2008 worksheet, the 2008-2009 worksheet may start from '85. I think the moment you enter a professional or graduate program you are automatically filed as independent. However, I've heard that many schools still want your parents' fianancial info. This is a bit confusing I'll admit because I have friends who haven't lived with their parents in years and have been financially independent for a long time, and yet they were still obligated to provide their parent's recent tax info, income, etc; even though they were over 25 and were entering grad or professional programs. Who knows.
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Like I said before, when you all the accepted students are independents, they all look the same (we're all poor!) when we know that isn't true. So they use your parents info to decide who truly needs the aid or not. After a certain age, they may not be able to require it, but you probably still won't get the best deal unless you give it to them anyway. Also, the only case where giving your parents info might be a real negative is if your parents are "rich", in which case it's pretty understandable that you get less need-based aid.

This info is what they told me during my UTSW interview and I'm pretty sure it's somewhat similar though with slight variations across all schools.
 
You don't have to provide your parent's information on FAFSA if you meet the criteria for independent status. However, most medical school will ask you for your parents information when you fill their financial aid forms such as need access.

The only good thing about filling it early is that you get your aid package early.
 
I am moving this to the financial aid forum, hopefully you can check there for some more information related to this as well! :)
 
can we really only list 5 schools for the FAFSA? what if we get into more than 5 and want to compare packages to make a decision?
 
is it not possible to fill out the FAFSA until Jan. 1??
 
I beleive thats the firs tpossible date but you will most likely file sometime after that because you will need to file your 2007 taxes first.
 
To answer SigurRos question once your fafsa is considered "complete" then you can take a school off and put another school in. FAFSA will email you to let you know that your SAR report has been given to the schools on your list. Once a school receives your SAR it's saved on their system so you don't have to worry.
 
I work in the fin aid dept at my school so i am able to answer this one fairly well. One is considered independent after they turn 24, after that only your tax information, and not your parent's, is needed. You are encouraged to fill out the FAFSA for 08-09 as soon as possible so you can be complete with the financial aid dept, and be packaged accordingly. If you do fill out the FAFSA without your W-2s, and before you file your taxes, all you have to do is try to make it as accurate as possible on the worksheet before you turn it in. After you get your official tax information from your employer then one would just take that to the fin aid dept and have them adjust your totals, since they will most likely be a little bit off. You wouldnt have to fill out a new FAFSA and if the totals that you originally gave them arent too far off then your aid shouldnt really change that much, if at all. I have to go in to work tomorrow so i will ask the director if there is anything that i left out here.
 
One thing about submitting the FAFSA before you've filed your taxes is that some schools don't accept it and won't start working on your package until you've completed your taxes. I don't think that's the norm, but you might run into it. Personally I've always waited and submitted the FAFSA in February after the taxes were complete, but I've also never been offered any Perkins loans. :(

About the parents' info, yes, you are officially considered an independent for medical school (and all grad schools), but most schools really want you to include that information so they can determine whether or not you qualify for school-funded aid. But as mentioned above, you can always go back and edit the FAFSA, so you submit it without the parental info and then go back and add it.
 
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Okay so I'm reading differing opinions: are you considered independent or not? Because I always considered myself dependent since I live under a parent's roof and am therefore dependent on him for shelter. Also, how does it work if neither you nor your parent is required to file taxes? (parents are divorced, I live with father, who is on disability, my earnings fall under the threshold for filing) -- would I need my mother's taxes (with whom I do not have a relationship and do not see?) So then do I just fill out the FAFSA whenever? And send along father's disability paperwork as evidence? Also, I am still a bit unclear about the only 5 schools, then deleting and adding others rule. Sorry for all the questions!
 
Go start filling your FAFSA. You'll figure it out pretty quick.

If you were born before Jan 1 1985, working on a masters or doctorate program, married, have children, have dependents other than your children or spouse, both of your parents are deceased or you were a ward/dependent of the court up to 18, are on active duty in the armed forces, or a veteran.

Any of those make you an independent for FAFSA. You can still be a dependent for taxes.

You should give your parental information if you want school based aid. If you are an independent for the FAFSA their income plays no role in your EFC anyway so it doesn't matter if you include it. It can't hurt you.
 
Are you going to have your fafsa application sent to schools that you are waitlisted at/haven't interviewed at but really want to attend?
Are we allowed to do that?
Thanks!!
 
I'd like to know too....:confused:
 
No. I'm only listing schools on my FAFSA that I have interviewed at that haven't rejected me. IMO, I would list all the schools that you interviewed if you haven't been rejected from them post-interview (so acceptances + waitlists).
 
I don't think it's a big deal to send it to all schools.

If they interview/accept you, then it's already in the system. If nothing happens, then nothing happens.

I'll be sending out my info to all schools. Unless, of course, someone comes up with a reason why I shouldn't.
 
This is why I haven't finished my FAFSA yet, since I have all of the info. I didn't know if I should wait so that I can add any schools that I get the thumbs up from. Can you go back later and add schools, or is it a one time deal? If its one time I'm adding everyone, if I can edit it later then I'll just add those that I have been accepted at or interviewed at and wait to hear from the rest.
 
You can only add 10 schools at a time. Last year it was 5, so they decided to help us out a bit.

You submit; then go back and make changes, specifically to the school section; re-submit. So, yes, it is possible to add schools.
 
[pj];6066939 said:
You can only add 10 schools at a time. Last year it was 5, so they decided to help us out a bit.

You submit; then go back and make changes, specifically to the school section; re-submit. So, yes, it is possible to add schools.
Click to expand...

I thought it was 6...
 
I actually just submitted mine, and it does let you put 10 schools on it. I just added those that need the info, and a few that I still have some hope of getting an interview from.
 
How did you guys already complete your Fafsa? Did your parents just get their taxes done super early?
 
SigurRos said:
How did you guys already complete your Fafsa? Did your parents just get their taxes done super early?
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You're allowed to estimate the information from last year and submit it. Afterwards, when you have the actual info, you can go back and change it. Even if you change it later, the submission date is still the same.
 
Also, rather than just using last year's info, if you have a copy of the last pay statements of the year they usually have the totals for the year on them (all I need is the gross income and the amounts for income tax). This may only work for situations like mine though, since both my parents and I don't have anything fancy...none of us even has exemptions, and my mom doesn't work.
 
I am totally clueless when it comes to financial aid stuff. What should I be doing right now for that? Filling out FAFSA I assume but what info do I need for that? Will it automatically be sent to my schools? Will there be a list on the FAFSA?

Any help is appreciated!
 
I've never filed my taxes before and have no idea where to even begin. Are there places that file your taxes to the government for you for a fee? Any good experiences with these types of places?
 
1956Goldtop said:
I've never filed my taxes before and have no idea where to even begin. Are there places that file your taxes to the government for you for a fee? Any good experiences with these types of places?
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Wal-Mart usually has affordable tax professionals set up inside the store during tax season, but if you don't have any dependents or deductions, you should be able to do it yourself using the instruction booklet provided by the IRS.

H&R Block will do it for you for a fee, but there are a few businesses that will offer free filing if your income isn't too high.

You might try starting here:

http://www.irs.gov/efile/article/0,,id=118986,00.html
 
Are these two sites trustworthy? I just want to make sure since I'm a little unsure of why they would file for free when they could be charging.
 
Just to let you know: when filling out your personal and/or parent's financial information on the FAFSA, you can enter data from last year's 1040 Forms- this will expediate the process.

You need not wait until after filing your 2007 tax forms to submit your FAFSA. Later on, schools will eventually ask for the most current forms, however; but you will be on file as having submitted your application well early.
 
If you make less than 10k and don't itemize deductibles, you can file the federal 1040EZ, which can be filed online at the IRS website. It's quite easy to fill out so you probably don't need to waste your money getting it filed by a professional! But, if you make more than that or want to itemize deductibles, you probably need to file the 1040 (then, it's probably safer to get a professional help). But you'll have to wait for your W-2 form(s) to be sent to you before you can file your federal/state taxes.

As for the FAFSA, you'll need your school's code (should be on your school's financial aid website...or you can always search it on the FAFSA website), your federal income tax (either last year's or this year's), your parent's income tax (if you school requires it), and your driver's license....I believe.

I don't know if any of this helped but good luck! I hate filing these things, too. Meh.
 
I agree.

Here's why I think it sucks. I am being "penalized" because I've been working to support myself for the past two years! Now my expected contribution is freaking $10,000! Sha right! I definitely don't have that kind of money saved up for med school.
 
TexasTriathlete said:
discuss
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did you get the financial aid packet from school yet? I was waiting before I started filling it out. What sucks is I have to fill all the junk out even when I'm sure I wont get any help from it financially. oh well.
 
prionsRbad said:
I agree.

Here's why I think it sucks. I am being "penalized" because I've been working to support myself for the past two years! Now my expected contribution is freaking $10,000! Sha right! I definitely don't have that kind of money saved up for med school.
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whats that mean?
 
Jwalker9 said:
whats that mean?
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It means that since I've been making decent $$ for the past two years, based on my 2007 tax information, I'm expected to contribute about $10,000 towards my first year of med school. Next year that will all change of course, because I will have only half a year of income (from now until school starts) for the 2008 tax year.
 
does that mean you can only get less loan money? I've been working for two years also and I feel like they will hose me.
 
prionsRbad said:
It means that since I've been making decent $$ for the past two years, based on my 2007 tax information, I'm expected to contribute about $10,000 towards my first year of med school. Next year that will all change of course, because I will have only half a year of income (from now until school starts) for the 2008 tax year.
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ouch. I have been working for the past few years and so has my wife. I guess I might find myself in a similar situation. Does that mean you HAVE to pay 10,000 your first year or that they suggest it? :) haha, i have no clue about financial aid.
 
I think it means that I will have to take out more loan money. I'm still trying to figure it all out. I need to call the nice financial aid people at DCOM, because I'm starting to get worried. Also, the $2000 cash deposit really hurt my bank account. It's sooo worth it though! :D
 
I did not get the packet yet, but I won't submit FAFSA until I do. The ****ing thing takes forever though, so I'm just getting a head start. I can make changes later.
 
TexasTriathlete said:
I did not get the packet yet, but I won't submit FAFSA until I do. The ****ing thing takes forever though, so I'm just getting a head start. I can make changes later.
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oh cool, should be coming in soon i would think. they said late january in the last letter we got.
 
TexasTriathlete said:
I did not get the packet yet, but I won't submit FAFSA until I do. The ****ing thing takes forever though, so I'm just getting a head start. I can make changes later.
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Make sure you have your 2007 taxes done first . . . it makes thing go a hell of a lot faster once you're in there filling everything out. ;)
 
There's a whole other forum dedicated to Financial aid stuff so I suspect this thread will get moved there, but I had to say this...

Prionsbad, don't worry about EFC...I had an EFC of about $23,000 based on my work history/savings/living situation etc. I was still able to get the full amount of Sub and unsub stafford loans. You'll be fine :)


Congrats on your acceptances and good luck!
 
jp104 said:
There's a whole other forum dedicated to Financial aid stuff so I suspect this thread will get moved there, but I had to say this...

Prionsbad, don't worry about EFC...I had an EFC of about $23,000 based on my work history/savings/living situation etc. I was still able to get the full amount of Sub and unsub stafford loans. You'll be fine :)


Congrats on your acceptances and good luck!
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Whew, I'm so relieved to hear that! Thanks! :)
 
Me too! My EFC at PCOM is $22,500. I need $$$$$$$$$$$$!!!

But who cares I'm going to be a DOctor!!! :love:
 
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