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I tried to search for this question in the archives but couldn't find any worth-while answers. Does anyone know if being married affects your eligibility for financial aid?
The only way I can see it becoming an issue is if your spouse makes a ton of money a year. That would cause your EFC on the FAFSA (expected family contribution) to change somewhat. Other than that, schools set their cost of attendance based upon the costs of a single student. They won't give you more than that unless it is for child care expenses and a little extra for health insurance coverage if you qualify. There are however, some benefits that may arise from having a spouse. If you need extra money to survive, their are institutions like Bank of America and Chase that have education loans which are independent of your schools financial aid office. this means that you do not need to fill out a FAFSA or go through the schools Financial Aid Office to get the loan. These loans are based soley on your credit history so if you have good credit or your spouse has good credit they can be a co-signer on the loan which will increase how much you can borrow and decrease the interest rate you will be borrowing at. I hope this helps.
What is considered "not much money" for your spouse to make to have a low EFC?
Also, what if you made more than your spouse in '07 but will not be working to go to med school in '08? Does your income count toward the EFC or just the spouses'?
The FAFSA doesn't take into consideration the fact that you will not work once you start school, so both incomes are counted fully in determining the EFC.
Having a super low EFC doesn't matter much because main need-based aid is the $8500 subsidized stafford loans. As long as your school's cost of attendance less your EFC is $8500 or greater, you'll likely wind up in the same spot. If you check the links sticky thread at the top of the forum, you'll find a link I posted to the official EFC calculation so you can run some numbers.
There is no death forgiveness on that type of debt which may mean your spouse is left paying it off.
Besides, the feds are looking at further ways to regulate the outside loans provided they are connected with the cost of your education and mandate all lenders report any funding to the school you attend. Should that happen with any of my students I would be left with no choice but to start cancelling out their aid I awarded.
I am going to be in-state next year (dental school) and the cost for my first year will be $30k. When my fafsa is tabulated, will there still be an EFC amount or will I get the total 30k since I am below the max in federal sub/ un-sub?