Med School Loans?

[bluesTank]

So when do we start worrying about all this? One texas school told us to fill out the FAFSA as soon as it was available in January some time. While filling it out do I clasify myself as an individual which I will be next summer, or as I am now? Because I am getting married in the summer and it will be a whole bunch of complications and what not.

If anyone has a link to a helpful guide or anything that would be great too! Thanks!

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[MooseKing]

do you know if fafsa has grants for medical school like it does for undergrad, or is it all just loans?

 

[lord_jeebus]

There are no federal grants, but most medical schools have need-based aid based on you and your parents' financial information.

 

[MooseKing]

oh really, thanks for the info. once u get accepted do they tell you how much you will be getting (if its need based) so you can compare with other schools?

 

[lord_jeebus]

oh really, thanks for the info. once u get accepted do they tell you how much you will be getting (if its need based) so you can compare with other schools?

You should be able, at a minimum, to get an estimate before the day in May when you have to settle on 1 school. If this is important to you, make sure to contact their financial aid office and explain your situation.

 

[Luxian]

So when do we start worrying about all this? One texas school told us to fill out the FAFSA as soon as it was available in January some time. While filling it out do I clasify myself as an individual which I will be next summer, or as I am now? Because I am getting married in the summer and it will be a whole bunch of complications and what not.

If anyone has a link to a helpful guide or anything that would be great too! Thanks!

On the form, you state what you are at the time you fill out the application. There's some FAQs on the FAFSA page. And count yourself lucky! Since you aren't marrying for another six months, they won't count your spouses income!

BTW, you'll need to do your taxes before you do FAFSA, so wait for your W-2s. As long as you get it in by the March deadline, you should be fine.

 

[146233]

BTW, you'll need to do your taxes before you do FAFSA, so wait for your W-2s. As long as you get it in by the March deadline, you should be fine.

Not true. As long as you can make a reasonable estimation of your 2007 Adjusted Gross Income, that's sufficient to submit FAFSA.

 

[Tndoorijones]

Not true. As long as you can make a reasonable estimation of your 2007 Adjusted Gross Income, that's sufficient to submit FAFSA.

That's right. When you're completing it, you have to essentially sign it saying that you'll submit your tax return if the government requests it, otherwise an estimate is valid.

 

[MsJLewis]

Since some schools require your parent's info to get institutional aid, how does that work when submitting the FAFSA? Do you also list your parent's info on the form?? Or do you just submit the FAFSA with your own info and then submit your parent's info yourself to each school individually?

 

[bluesTank]

You are all discussing parental income and support etc. but every school and advisor has told me that you are considered as a complete independent (basically a poor bum) when you are considered for any kind of loans and grants. That is why I am confused on how to fill out the FAFSA since I would be doing it now, where I still am not an independent.

 

[DrBowtie]

You are all discussing parental income and support etc. but every school and advisor has told me that you are considered as a complete independent (basically a poor bum) when you are considered for any kind of loans and grants. That is why I am confused on how to fill out the FAFSA since I would be doing it now, where I still am not an independent.

That's true for the federal loans, but the majority of schools I've interviewed at said that their institutional grants required the parental info.

 

[Jolie South]

You are all discussing parental income and support etc. but every school and advisor has told me that you are considered as a complete independent (basically a poor bum) when you are considered for any kind of loans and grants. That is why I am confused on how to fill out the FAFSA since I would be doing it now, where I still am not an independent.

yes, you are independent, but anyone in a professional/graduate program is considered as such. Thus, they have to have some factor by which to distinguish applicants to determine who gets institutional aid such as grants and scholarships. This factor is parental income. The common reasoning is that those of us with well-off parents will have someone to fall back on/provide assistance.

I think it's a bunch of BS personally as there is no way my parents would pay 1 cent towards my education at this point, even if I asked, but that's the way it works.

All of us will qualify for the federal loans (stafford and grad plus).

 

[PlayMeSomeMusic]

you are independent but most school awarded grants are based on parental income

 

[QTCL13]

Since some schools require your parent's info to get institutional aid, how does that work when submitting the FAFSA? Do you also list your parent's info on the form?? Or do you just submit the FAFSA with your own info and then submit your parent's info yourself to each school individually?

Based on what I remember from financial aid sessions during interviews, most schools want you to include your parent's info on the FAFSA even though you will still be considered an independent and it is optional. As for individual, supplemental forms for each school, I suppose it depends.

 

[Captain Fantastic]

From my medical school's financial advisor:

The U.S. Department of Education considers graduate and professional students to be independent. Therefore, parental income and assets are not considered for its programs, which constitute the bulk of the financial aid available. However, the U.S. Department of Health and Human Services still uses parental information to establish eligibility for its scholarship and loan programs.

 

[Depakote]

You might get some better responses in the financial aid forum.

Moving.

 

[08675309]

my question about the FAFSA is:

how do you know which schools to designate? this sounds silly, but i'm honestly confused!

my situation:

i have 4 acceptances (holding on to all of them at this point)
2 waiting lists (one of which i am pursuing, one of which prob. won't be)
still have interviews scheduled
am waiting to hear back from 2 schools yet (won't hear back until march)

...so on FAFSA i designate the accepted schools, and if i want the waitlisted ones? but if i hear back from the others can i later go back and change the FAFSA to designate those too??

 

[Doctor Bagel]

You can always go back and ask that a FAFSA to be submitted to a new school, but the general advice is that you go ahead and submit it now to any school you might matriculate at. Definitely submit it to the schools you're waitlisted at, and I'd probably go ahead and submit it to the schools that you're interviewing at.

 

[Waywoe]

How do private loans figure into this? I doubt that I will get enough from Stafford loans to cover my needs. Do I apply every year for private loans? Do I wait to see what my federal loans will be first before applying for private loans?

 

[TMP-SMX]

How do private loans figure into this? I doubt that I will get enough from Stafford loans to cover my needs. Do I apply every year for private loans? Do I wait to see what my federal loans will be first before applying for private loans?

You would most likely be better off with grad plus loans up to your cost of attendance rather than most other private loans. All the FAFSA tells you is how much subsidized stafford you will be eligible for (By your EFC as it is $8500-EFC). Then of course you can get the rest in unsubsidized loans then grad plus to complete the cost of attendance.

I'm assuming you are a graduate health professions student here or will be in medical school.

 

[Waywoe]

I will finish my Masters in microbiology this May and starting medical school in August. My main concern is that I absolutely refuse to sell my house so I know I will be over my school's budget.

I will be stopping into the financial aid office of the medical school in the next week or two for their advice. I'm just a little type A and want to get as much input as possible beforehand.

 

[Doctor Bagel]

I will finish my Masters in microbiology this May and starting medical school in August. My main concern is that I absolutely refuse to sell my house so I know I will be over my school's budget.

I will be stopping into the financial aid office of the medical school in the next week or two for their advice. I'm just a little type A and want to get as much input as possible beforehand.

The school does have some discretion to increase your budget. Most people I know who have requested a budget increase have received it, but I don't know how rigid your school will be. Unfortunately, it's one of those things where you're sort of at their mercy.

If they don't increase it, could you maybe get a roommate to cover some of the mortgate costs?

 

[Waywoe]

I live about 40 minutes from school, doubt anyone would want that commute. More importantly, I'd rather put my head in the oven then have a house mate. I don't live above my means now, never have, so it's worth it to me to pay a little more. Not for everyone.