FAFSA and Parent Info

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Hey all,

I am beginning the daunting task of financing my education (terribly glad that I need to do it, though). Putting parent info in to FAFSA is optional. My parents are not contributing to my vet school costs, but they make a lot of money. I don't want to put their info in if it will hurt my funding, but I don't want to miss out on anything that their info could do for me. Does anyone know what the benefits or detractors are of including your parent's financial info? If there is already a thread relating to this that I have missed let me know!

THANKS!

From what the schools have told me (5 interviews), putting parent info on your app will not hurt your financial aid package in any way. It is only useful in determining if you qualify for the HPSL, a loan which requires parent info (with a very low interest rate). You will receive the full allotted amount of $ need to fulfill the COA at whichever school you attend. So really, it could only help you to put your parents' info down. Hope that helps!

I've heard the same as NStarz. I don't think it will hurt you. If it does I'm screwed.

I was under the impression that your parents' info COULD hurt you, since most schools look at what your parents could contribute if they needed to... on the other hand, some schools won't even give you school scholarships if you don't include your parents' info. So, I guess if that is the policy at the schools you are looking at, then it would be better to include your parents' info than not.

Originally Posted by LovePolydactyls

I was under the impression that your parents' info COULD hurt you, since most schools look at what your parents could contribute if they needed to... on the other hand, some schools won't even give you school scholarships if you don't include your parents' info. So, I guess if that is the policy at the schools you are looking at, then it would be better to include your parents' info than not.

Did you get this info from certain schools? If so, which one(s)?

As a professional student, you are automatically considered independent from your parents in terms of financial aid (AFAIK). So they need to give you the $40.5 k in stafford loans and then whatever else in gradplus to meet your COA.

To clarify, I was saying that schools that give school aid on top of federal aid don't have to consider you independent- ie Cornell only considers people who are 30 or married as independent for any school-based aid. HOWEVER, Nstarz is completely right in terms of federal aid- as a professional student, you are considered independent. So, I guess it just depends whether your schools classify you as independent/dependent for their own scholarships and grants.

Originally Posted by LovePolydactyls

To clarify, I was saying that schools that give school aid on top of federal aid don't have to consider you independent- ie Cornell only considers people who are 30 or married as independent for any school-based aid. HOWEVER, Nstarz is completely right in terms of federal aid- as a professional student, you are considered independent. So, I guess it just depends whether your schools classify you as independent/dependent for their own scholarships and grants.

Tufts does something similar. I believe they said you have to prove that you have been 100% financial independent from your parents for 5 years unless you're over a certain age(don't remember what). You even have to do that if you're married.
So I would say check with the school you plan on attending and see if there's any financial aid you could potentially miss out on if you don't put in your parents' info.

You will get your 40.5K Stafford loans regardless of your parent info. Including or not including this information has no effect on Stafford loans.

Grad plus loans are also unaffected by parent info, but you do need to pass a credit check or have a cosigner.

There are smaller loans like the Health Professions loan and one other that do require parent information. They are need based and they have better interest rates. If you put your parent info you may be disqualified if they make too much money, but if you don't put your parent info you will also be disqualified.

As far as a scholarship through the school or a private organization, that is completely up to the school or organization whether they want parent info.

Long story short, this system makes sense but is a real disadvantage to those who either have wealthy parents that do not contribute to your education, or those like me with poor but estranged parents that don't have the ability to get that parent info.

Does anyone know if it's possible to put just one parent's information on your FAFSA or is it an all or nothing deal? I think I only put my mom's information for undergrad and that was fine but I don't know if that would work if I wanted the Health Professionals loan or something.

Originally Posted by bunnity

You will get your 40.5K Stafford loans regardless of your parent info. Including or not including this information has no effect on Stafford loans.

I don't think this is entirely true, Cornell specifically said that your financial aid package will include an expected family contribution and that you will only be able to take out federal loans for what the expected family contribution doesn't cover.

If you know you won't qualify for HSPL (i.e. wealthy parents) and you're not applying to a school that requires it, I would definitely not include my parents information (just my opinion).

From Cornell's site, bolding mine:

"All students younger than 30 years of age on January 1 of the year of financial aid application are considered to be dependent on their families. The ability of the family to assist the student (rather than parental preference or intent) is the basis for determining eligibility for institutional aid such as College grants and scholarships, and the Health Professions Student Loan (which is mandated by federal guidelines). Students in graduate and professional programs are considered independent for purposes of the Federal Direct Loan programs and Federal Work Study. Students who want aid only from those programs need not provide parental data."

Independent = they do not consider parent info.

More from Cornell, bolding mine:

"Needs analysis for the College of Veterinary Medicine is a two-part process. It is used as a means to: Determine eligibility for federal loans and work study.
The federal government considers all graduate or professional students independent of their families, so only student (and spouse, if married) income and asset information reported on the FAFSA is used in the federal needs analysis formula to determine the expected student/spouse contribution. Any parental offer of assistance is subsequently added.
However, due to the federal regulations regarding the Health Professions Student loan (HPSL), parental information is required on the FAFSA and eligibility is determined by calculating the family contribution as if the student were still dependent. If no parental information is provided on the FAFSA the student is NOT eligible for the HPSL regardless of the contribution calculation."

Originally Posted by Foxhunter

I don't think this is entirely true, Cornell specifically said that your financial aid package will include an expected family contribution and that you will only be able to take out federal loans for what the expected family contribution doesn't cover.

If you know you won't qualify for HSPL (i.e. wealthy parents) and you're not applying to a school that requires it, I would definitely not include my parents information (just my opinion).

Wait, so if my parents make too much money, I won't qualify for HSPL? That's stupid. What do you think the cut off is?

Originally Posted by psilovethomas

Wait, so if my parents make too much money, I won't qualify for HSPL? That's stupid. What do you think the cut off is?

It's pretty low. I got about half of it when I applied (back when I talked to parents more) and my parents combined make around 70k.

Originally Posted by bunnity

It's pretty low. I got about half of it when I applied (back when I talked to parents more) and my parents combined make around 70k.

Awesome. Guess I won't be getting that one....

Me neither. I hate FAFSA. Yes my dad made good money last year but next year, my brother and sister will be in undergrad and I will be in vet school. More importantly it doesn't take into account that my dad has terminal cancer and won't be around much longer, much less making the money he made last year. So frustrating to be reduced to a standardized collection of questions based on numbers and nothing else. So much for the HSPL. ugh.

Go ahead and apply anyway; it can't hurt. My friend said that she got the HPSL when her brothers were in college but can't get it anymore, so they hopefully that means they take siblings into account. I think it also depends on how much money they have to give that year and on who else is applying.

BKT - I don't know if I said this on the other thread but I'm really sorry about your dad.

This process definitely isn't fair to those with certain parent situations, but I guess short of sitting down with every single person it's the best they can do... sigh.

I know that's how it has to be. It just feels so frustrating to be reduced to a mathematical formula I guess. Thanks for the info though Bunnity. It's much appreciated.

Originally Posted by bigkittinteef

I know that's how it has to be. It just feels so frustrating to be reduced to a mathematical formula I guess. Thanks for the info though Bunnity. It's much appreciated.

Yeah I hear ya... I don't have any kind of support (financial or otherwise) from my parents and at the same time I can't get a lot of loans and scholarships that I would otherwise qualify for. Double whammy. I wish there was a better way.

Originally Posted by Tco87

Does anyone know if it's possible to put just one parent's information on your FAFSA or is it an all or nothing deal? I think I only put my mom's information for undergrad and that was fine but I don't know if that would work if I wanted the Health Professionals loan or something.

If you're parents are separated you only have to put one, thank goodness. I think if they are together you have to put the joint amount, but I can't swear to that.

And for the others who were talking about siblings, it does take siblings in school into account.

Originally Posted by bunnity

From Cornell's site, bolding mine:

"All students younger than 30 years of age on January 1 of the year of financial aid application are considered to be dependent on their families. The ability of the family to assist the student (rather than parental preference or intent) is the basis for determining eligibility for institutional aid such as College grants and scholarships, and the Health Professions Student Loan (which is mandated by federal guidelines). Students in graduate and professional programs are considered independent for purposes of the Federal Direct Loan programs and Federal Work Study. Students who want aid only from those programs need not provide parental data."

Independent = they do not consider parent info.

More from Cornell, bolding mine:

"Needs analysis for the College of Veterinary Medicine is a two-part process. It is used as a means to: Determine eligibility for federal loans and work study.
The federal government considers all graduate or professional students independent of their families, so only student (and spouse, if married) income and asset information reported on the FAFSA is used in the federal needs analysis formula to determine the expected student/spouse contribution. Any parental offer of assistance is subsequently added.
However, due to the federal regulations regarding the Health Professions Student loan (HPSL), parental information is required on the FAFSA and eligibility is determined by calculating the family contribution as if the student were still dependent. If no parental information is provided on the FAFSA the student is NOT eligible for the HPSL regardless of the contribution calculation."

Thanks bunnity, maybe they just explained it poorly to us. When I was there she said the financial aid package you receive will include expected family contribution, school aid, and federal loans.

Originally Posted by bunnity

It's pretty low. I got about half of it when I applied (back when I talked to parents more) and my parents combined make around 70k.

I'm not sure what the max is, but I thought it was only 6K or something like that. I got very close to the max for both years of vet school so far. And my father makes a good deal more than 70K. A very good deal. (If only he'd start shoveling some of that towards my tuition bills lol stupid younger brother/sister in college stealing all of it!)

Originally Posted by cowgirla

I'm not sure what the max is, but I thought it was only 6K or something like that. I got very close to the max for both years of vet school so far. And my father makes a good deal more than 70K. A very good deal. (If only he'd start shoveling some of that towards my tuition bills lol stupid younger brother/sister in college stealing all of it!)

I think the max is about 5k. And it definitely helps if you have siblings in school.

so the part where you put your parents info only has one section for "father/stepfather" and one section for "mother/stepmother." what are you supposed to do if your parents are divorced and both are remarried? just pick one or the other? I cant put my mom and dad on it because on the next page it only has one section for taxes.. has anyone else had this problem or does anyone know what to do?

Originally Posted by Foxhunter

Thanks bunnity, maybe they just explained it poorly to us. When I was there she said the financial aid package you receive will include expected family contribution, school aid, and federal loans.

Your Expected Family Contribution (EFC) as an unmarried student who is classified as independent will be based on your information. So if you have a bunch of money in the bank, that will factor into your EFC.

I seem to remember Health Profession Student Loans are somewhat school specific regarding the cutoffs for who qualifies and the amounts that are disbursed.