2008 Official FAFSA thread

[spicedmanna]

Moving to FA...

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[Doctor Bagel]

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!

The only federal financial aid for medical school (or any graduate school) is loans, so that's what most of us are stuck with regardless of our EFC. Some schools have large endowments (you know, the fancy pants schools) and give a good amount of need-based grants from that, but most don't. So yep, EFC means very little from a practical standpoint.

Also, yes, fill out the FAFSA as soon as you can. Don't wait for a school to contact you about it.

 

[cheezer]

can someone find the link for the online renewal fafsa (for the 2008-2009 school year)? either i can't find it, or it's not up yet?

 

[Doctor Bagel]

can someone find the link for the online renewal fafsa (for the 2008-2009 school year)? either i can't find it, or it's not up yet?

I couldn't find it, either. I'm wondering if maybe they got rid of it. Anyway, I just selected the regular FAFSA, and it was already pre-filled out with all my identifying information from last year.

 

[1956Goldtop]

If you select the 2008-2009 Fafsa start option, you can opt to have a lot of last year's information already pre-filled. I'm still waiting to get my taxes done unfortunately (did not get all of my W2s or 1099s yet), but as soon as I do, I will hopefully get this FAFSA done. Does anyone know if getting it filed like now versus mid Feb significantly impacts financial aid packages that are available to first years?

 

[TMP-SMX]

If you select the 2008-2009 Fafsa start option, you can opt to have a lot of last year's information already pre-filled. I'm still waiting to get my taxes done unfortunately (did not get all of my W2s or 1099s yet), but as soon as I do, I will hopefully get this FAFSA done. Does anyone know if getting it filed like now versus mid Feb significantly impacts financial aid packages that are available to first years?

Not if your school is a bunch of stingy bums. I had my stuff filled out in addition to the scholarship applications before February and I didn't get any scholarships. Unless you have a high MCAT/GPA or your parents have no money it's unlikely you will get anything other than your stafford loans.

 

[cheezer]

I couldn't find it, either. I'm wondering if maybe they got rid of it. Anyway, I just selected the regular FAFSA, and it was already pre-filled out with all my identifying information from last year.

oh! i totally thought the pull down menu was for the previous year. okay, i'm all good then

 

[Doctor Bagel]

If you select the 2008-2009 Fafsa start option, you can opt to have a lot of last year's information already pre-filled. I'm still waiting to get my taxes done unfortunately (did not get all of my W2s or 1099s yet), but as soon as I do, I will hopefully get this FAFSA done. Does anyone know if getting it filed like now versus mid Feb significantly impacts financial aid packages that are available to first years?

My school says the preferential filing date for the FAFSA is March 1, and I think that's about standard. I would guess they would want to look at most of the applications before awarding a substantial amount of the school-based aid just because they would want to make sure it's going to the right people.

 

[DrSmiles12]

I have all my W-2's but I still need to get my tuition/grant/scholarship info from my college so I can submit my taxes and then do FAFSA... How many of you guys have yours done?

How important is it to have it done this soon anyway? When is the time from for d-schools?

 

[DrSmiles12]

I love that I never check my spelling... "Have you done YOU FASFA?"

 

[golfer]

I was wondering about this the other day...still waiting for my W-2

 

[absolutely]

I got mine submitted on Monday and I got my SAR back on tuesday through email with the Expected Family Contribution and everything.

I think if you get it in earlier its better, but you still have a month or so until it really matters.

 

[DrSmiles12]

SAR? Sorry whats that?

 

[absolutely]

SAR? Sorry whats that?

Student Aid Report. It tells you how much your family is expected to contribute to your education.

Your school says they are willing to give you government subsidized and unsubsidized loans up to a certain amount. However they will only give you that maximum amount minus the Expected Family Contribution. If you need any more money than that..... then you have to go into government plus loans and private loans. That's the way it works for most schools.

I hope that made sense. I'm not exactly the best source of information on FAFSA and loans, but thats how I understand it.

 

[nemo11]

SAR? Sorry whats that?

haha...first time doing FAFSA? it stands for Student Aid Report. they send it to you after you submit your fafsa. it's just a report with your info

 

[DrSmiles12]

Actually never heard of it and I have been doing FAFSA for like 3 years now. My wife and I don't have a family contribution.

 

[Shunwei]

For those of you that work right now, do you plan to file your FAFSA now or wait until your taxes are filed for 2007? I was going to thru the FAFSA and it appears that a lot of the questions would be much easily answered with tax form information. What are your thoughts?

 

[sarah_bellum]

I always wait until I've filed my taxes before I go fafsa-ing.

 

[DrSmiles12]

I always wait until I've filed my taxes before I go fafsa-ing.

http://forums.studentdoctor.net/showthread.php?t=489727

 

[wigglytooth]

moving to financial aid forum! it's great place to get help about financial aid and i actually haven't looked there myself until this post lol

 

[GatorDDS]

So for the family contribution part do you put how much your family PLANS to contribute or how much your family CAN contribute?

 

[wigglytooth]

moving to our fabu financial aid forum

 

[NewMexDent]

So for the family contribution part do you put how much your family PLANS to contribute or how much your family CAN contribute?

Based on your situation it is an estimate of how much your family could contribute.

 

[Richter915]

I'm currently an undergraduate and I've been waitlisted at a couple of schools so I'd like to know what to do in regards to filling out the FAFSA. Should I wait until I get a final answer or just fill it out and then add my school's info (if accepted)? I'm thinking of doing the latter. I was going through the FAFSA and from what it indicates, going into a professional degree program makes me an independent. Is this true? In that case I would not have to fill out my parents info (though I most likely will). Since I'm unemployed I will also not be filing my own tax return and have very little money to my own name. So, if I were to choose, I could show no information to my parents and only show what little money I have and then receive generous amounts of aid money...this seems too good to be true. Thanks for the help.

 

[Monica Lewinsky]

No medical school will only consider your individual financial situation for need-based aid (i.e. scholarships, special loans from the school itself). This is obvious since most students would qualify for most of this need-based aid when considered independently from your parents. Your school will still require you to fill out parental information on the FAFSA, even if you are an "independent" according to your taxes and the FAFSA.

 

[Phoenix.]

No medical school will only consider your individual financial situation for need-based aid (i.e. scholarships, special loans from the school itself). This is obvious since most students would qualify for most of this need-based aid when considered independently from your parents. Your school will still require you to fill out parental information on the FAFSA, even if you are an "independent" according to your taxes and the FAFSA.

I could totally be wrong here, but I was looking into part of this today. I'm in my mid-thirties and have been completely independent for a very long time now. Loyola (where I've been accepted) bases institutional aid on parental information regardless of your age or circumstances. Mayo (where I'm waiting to hear back from) does not require parental information. So, I was a little confused about what to put on FAFSA (which I haven't actually started filling out yet). I called Loyola's Financial Aid office today, and they said that FAFSA doesn't require parental info, and that I shouldn't/don't need to put it down there. That I should just indicate my parental information on the Loyola institutional aid forms. Anyway, hope this helps in some way.

 

[LEdaddy]

I heard the same from Sinai: FAFSA = no parental info, institution-specific forms = Include all parental info.

 

[TheRealMD]

I could totally be wrong here, but I was looking into part of this today. I'm in my mid-thirties and have been completely independent for a very long time now. Loyola (where I've been accepted) bases institutional aid on parental information regardless of your age or circumstances. Mayo (where I'm waiting to hear back from) does not require parental information. So, I was a little confused about what to put on FAFSA (which I haven't actually started filling out yet). I called Loyola's Financial Aid office today, and they said that FAFSA doesn't require parental info, and that I shouldn't/don't need to put it down there. That I should just indicate my parental information on the Loyola institutional aid forms. Anyway, hope this helps in some way.

There's usually some age cutoff where there are no penalties if you don't give your parents info.

 

[Crixivan]

So, if I were to choose, I could show no information to my parents and only show what little money I have and then receive generous amounts of aid money...this seems too good to be true.

Given your situation, you should be eligible for at least $40K of Stafford loan money from the feds based on filling out the FAFSA without parental info. Such would be appropriate given the fact that you'd be enrolling in medical school. Each school may offer other scholarship/aid programs based on parental income in which you may be required to submit parental info after you've been admitted.

Your school will still require you to fill out parental information on the FAFSA, even if you are an "independent" according to your taxes and the FAFSA.

For institutional aid, some programs asked me for parental information submitted on a separate form rather than the FAFSA.

I heard the same from Sinai: FAFSA = no parental info, institution-specific forms = Include all parental info.

This was true for me and seems to be a good rule of thumb.

 

[meats]

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.

I've been working too since last april...this is NOT going to be fun... they better not expect me to pay 10,000 towards my tution...that's ridiculous!! don't they realize that application fees, deposits and paying for travel to interviews costs $$$$?

 

[Doctor Bagel]

I've been working too since last april...this is NOT going to be fun... they better not expect me to pay 10,000 towards my tution...that's ridiculous!! don't they realize that application fees, deposits and paying for travel to interviews costs $$$$?

Honestly, it really doesn't mean anything. The school doesn't expect you to front them $10k in cash or anything like that. My EFC my first year was $22k, and I didn't wind up contributing one cent of my savings to pay for school.

So here's how it works -- the school takes your EFC and subtracts it from their total cost of attendance (this includes living expenses, etc.). The difference between these two figures it your official need. Now there are only 2 need-based forms of federal aid for medical students -- subsidized stafford loans which max at $8500/year and Perkins loans which max somewhere around $6k and are awarded somewhat arbitrarily by schools (ie don't count on getting these). So if your calculated need is at least $8500, you'll get the same amount of need-based aid as pretty much everybody else. You then fund the rest of your expenses with unsubsidized staffords and GradPlus loans.

 

[vasyaiya]

Honestly, it really doesn't mean anything. The school doesn't expect you to front them $10k in cash or anything like that. My EFC my first year was $22k, and I didn't wind up contributing one cent of my savings to pay for school.

So here's how it works -- the school takes your EFC and subtracts it from their total cost of attendance (this includes living expenses, etc.). The difference between these two figures it your official need. Now there are only 2 need-based forms of federal aid for medical students -- subsidized stafford loans which max at $8500/year and Perkins loans which max somewhere around $6k and are awarded somewhat arbitrarily by schools (ie don't count on getting these). So if your calculated need is at least $8500, you'll get the same amount of need-based aid as pretty much everybody else. You then fund the rest of your expenses with unsubsidized staffords and GradPlus loans.

What if your EFC is more than the cost of attendance?
I have some money saved up, will say somewhere in the 80-100 G area.
First year of tuition and living expenses will probably be less.
What will my EFC be? And if it is more than all the costs, I will not qualify for any loans at all? And will have to pay out of pocket?

 

[Doctor Bagel]

What if your EFC is more than the cost of attendance?
I have some money saved up, will say somewhere in the 80-100 G area.
First year of tuition and living expenses will probably be less.
What will my EFC be? And if it is more than all the costs, I will not qualify for any loans at all? And will have to pay out of pocket?

I think maybe I answered this for you in another thread, but I'll put it here, too. Unsubsidized stafford loans and GradPlus loans are not need-based, so you can always get those regardless of how much money you have or how large your EFC is.

 

[ShipsDr]

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.

I posted this question on another forum but I want to make sure it gets seen;
If you use last year's 1040, do you have to specify that in the FAFSA? Because I don't see anywhere to do that. Otherwise, how would the schools know to ask for the new ones? Should I just contact each individual school and let them know?

 

[Doctor Bagel]

I posted this question on another forum but I want to make sure it gets seen;
If you use last year's 1040, do you have to specify that in the FAFSA? Because I don't see anywhere to do that. Otherwise, how would the schools know to ask for the new ones? Should I just contact each individual school and let them know?

If you're using last year's forms, then you have to indicate on the FAFSA that you haven't filed taxes yet. In that case, the school expects the data to not necessarily be 100% accurate and will expect you to update it with corrected data once you file.

 

[iwh77]

Hi there,I'm a canadian student ,osap (ontario assistance)has a certain limit for the loan given to us to study in us ,and this amount does not cover 2/3 of the tuition of pharmacy schools in us.Does this mean that I have to forget about US schools and limit myself to less than 10 pharmacy schools of canada?pls help me find the answer to this question.I am a mother of 2,my husband is a certified Vet and he can easily find his job in US(but he cant afford to pay for both life expenses and my school).Thank you for your support.