- Joined
- Oct 2, 2012
- Messages
- 23
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Situation: One person working and the other in first year of Medical School.
Questions:
1. How does getting married affect chances of receiving scholarships or Loans?
From, what i know so far. Some loans (ie. Loans for Disadvantaged Students) will look at spouses income regardless of Filing separate or Jointly to determine if you qualify.
I know other loans/scholarhips don't look at spouse's income. I've read FAFSA loans and certain scholarships will only look at how much debt you have to determine your "financial neediness"
2. Does anyone know how much students usually receive for the disadvantage loan?
To Qualify you either
1) come from a disadvantaged background
OR
2) make below the income levels. I believe they won't look at parent income if you have been an independent tax payer for 3 years or more
For 1 person i think you must make lower than ~21k.
3. Has anyone else gone through the same dilemma? Whether its worth while for the student to remain an individual tax payer( not get legally married), vs filing jointly(get married).
Advantage of staying an Individual tax payer
- Stay on Income Based Repayment plan
- Can qualify for Loan for Disadvantage Students, which is Subsidized possibly through residency and is at 5.0 percent compared to the Fafsa loan which is Unsubsidized at 6.8%. Seems like this could be a big deal depending how much of a loan you take out.
-
Advantage of Filing Jointly:
- Can lower tax bracket when filing joint.
- deduct student loan interest.
- Have the peace of mind of being married legally. Not financial based.
Please add to this discussion, since I know I'm probably missing a lot of points
Thanks.
Questions:
1. How does getting married affect chances of receiving scholarships or Loans?
From, what i know so far. Some loans (ie. Loans for Disadvantaged Students) will look at spouses income regardless of Filing separate or Jointly to determine if you qualify.
I know other loans/scholarhips don't look at spouse's income. I've read FAFSA loans and certain scholarships will only look at how much debt you have to determine your "financial neediness"
2. Does anyone know how much students usually receive for the disadvantage loan?
To Qualify you either
1) come from a disadvantaged background
OR
2) make below the income levels. I believe they won't look at parent income if you have been an independent tax payer for 3 years or more
For 1 person i think you must make lower than ~21k.
3. Has anyone else gone through the same dilemma? Whether its worth while for the student to remain an individual tax payer( not get legally married), vs filing jointly(get married).
Advantage of staying an Individual tax payer
- Stay on Income Based Repayment plan
- Can qualify for Loan for Disadvantage Students, which is Subsidized possibly through residency and is at 5.0 percent compared to the Fafsa loan which is Unsubsidized at 6.8%. Seems like this could be a big deal depending how much of a loan you take out.
-
Advantage of Filing Jointly:
- Can lower tax bracket when filing joint.
- deduct student loan interest.
- Have the peace of mind of being married legally. Not financial based.
Please add to this discussion, since I know I'm probably missing a lot of points
Thanks.
