Independent Status Question

[DominusAnulorum]

So I am about to file my taxes (as I earn basically no money and can fill it out early) and I was wondering how the whole independent/dependent status works for medical school. I always assumed i would be independent after college, but apparently my parents can still claim me as a dependent, but I do not list their income on the FAFSA anyways? Would allowing my parents to claim me as a dependent ultimately hurt my loan/scholarship opportunities, even if they are not really helping to pay for anything (potentially giving me some food money a few times a year, but that's it). I would love some clarification on how the system works.

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[Megarooski]

Found a great thread on the topic: http://forums.studentdoctor.net/threads/filing-taxes-independent-or-dependent-im-confused.595352/

A little old but should still be relevant in this case.

 

[Me.D.]

Found a great thread on the topic: http://forums.studentdoctor.net/threads/filing-taxes-independent-or-dependent-im-confused.595352/

A little old but should still be relevant in this case.

Your profile picture is amazing btw - that lady puts on a great concert

 

[DominusAnulorum]

Found a great thread on the topic: http://forums.studentdoctor.net/threads/filing-taxes-independent-or-dependent-im-confused.595352/

A little old but should still be relevant in this case.

Thank you very much! I googled the topic, but all the thread that came up on sdn for me were about fafsa minutia, which i have not gotten to yet.

 

[Megarooski]

Your profile picture is amazing btw - that lady puts on a great concert

Haha, thanks! And I totally agree. I'm a huge live music junkie, and I've seen her 3 times now. I feel like she gets better every time.

 

[Me.D.]

Haha, thanks! And I totally agree. I'm a huge live music junkie, and I've seen her 3 times now. I feel like she gets better every time.

Haha! Same, same, and same!

 

[Ismet]

As a graduate student, you are viewed as "independent" by the government and your parents' income will not affect the amount of federal loans you receive. Look up Stafford Unsubsidized loans and GradPLUS loans - those are the two that will likely be offered to you to cover the Cost of Attendance (COA = tuition + estimated cost of living)

Most schools, however, will require that you list parent tax info on FAFSA, regardless of if you're 23 or 35 with dependents of your own. This is for determination of need based scholarships (from the school, not the government) only. There's also another application service called Need Access that some schools will have you use and submit as well. And the need based aid given out obviously varies by school, but they know that med school is very expensive and it's not like you'll be shut out of a need based grant if your parents have very good income. I didn't get any need-based money for undergrad but I got a small grant for each year of medical school.

Hope that helped clarify things.

 

[DominusAnulorum]

As a graduate student, you are viewed as "independent" by the government and your parents' income will not affect the amount of federal loans you receive. Look up Stafford Unsubsidized loans and GradPLUS loans - those are the two that will likely be offered to you to cover the Cost of Attendance (COA = tuition + estimated cost of living)

Most schools, however, will require that you list parent tax info on FAFSA, regardless of if you're 23 or 35 with dependents of your own. This is for determination of need based scholarships (from the school, not the government) only. There's also another application service called Need Access that some schools will have you use and submit as well. And the need based aid given out obviously varies by school, but they know that med school is very expensive and it's not like you'll be shut out of a need based grant if your parents have very good income. I didn't get any need-based money for undergrad but I got a small grant for each year of medical school.

Hope that helped clarify things.

So, from what I can gather, status does not matter for the FAFSA at all and the decision to remain dependent or go independent depends on which side saves more money, correct?

 

[Ismet]

So, from what I can gather, status does not matter for the FAFSA at all and the decision to remain dependent or go independent depends on which side saves more money, correct?

In terms of filing your taxes? Yes, if you're under the age of 24, a full time student, and don't have dependents of your own, you can be claimed as a dependent. I was still claimed as a dependent on my parents' taxes when I started med school.

 

[Citygirl44]

Im

In terms of filing your taxes? Yes, if you're under the age of 24, a full time student, and don't have dependents of your own, you can be claimed as a dependent. I was still claimed as a dependent on my parents' taxes when I started med school.

sorry. Just so I understand. I am a college senior, didn't make hardly any money this year. My parents paid my tuition , they want to claim me but feel that if I don't claim independent now, that will hurt my medical school aid. Should I claim independent or let my parents claim me ( hoping to get medical school aid for fall 2016).

 

[Ismet]

Im

sorry. Just so I understand. I am a college senior, didn't make hardly any money this year. My parents paid my tuition , they want to claim me but feel that if I don't claim independent now, that will hurt my medical school aid. Should I claim independent or let my parents claim me ( hoping to get medical school aid for fall 2016).

It won't hurt your med school aid.