Financial aid and "expected contribution"?

Khenon · Apr 7, 2006

Does anyone know how this gets factored in for us 1st years? I've been working, so my income for tax purposes was obviously alot higher then it will be when I'm in med school. So when I filled out the FAFSA, of course, it goes off your 2005 tax report so it gave me a $15K expected contribution for financial aid purposes. But I won't be making this income . . . will I not get offered this amount in my financial aid award because of last years income? Does the financial aid office take this into account when they offer the awards? I guess I'm a little worried that I'm going to get seriously screwed this first year on my financial aid award because I had a full-time job last year.

OSUdoc08 · Apr 8, 2006

Khenon said:
Does anyone know how this gets factored in for us 1st years? I've been working, so my income for tax purposes was obviously alot higher then it will be when I'm in med school. So when I filled out the FAFSA, of course, it goes off your 2005 tax report so it gave me a $15K expected contribution for financial aid purposes. But I won't be making this income . . . will I not get offered this amount in my financial aid award because of last years income? Does the financial aid office take this into account when they offer the awards? I guess I'm a little worried that I'm going to get seriously screwed this first year on my financial aid award because I had a full-time job last year.

You'll still get max loans. The financial aid office knows you are going to quit your job.

The only problem you'd run into is if you had a spouse working full time. If you are single and starting medical school, you get it all---no matter what your FAFSA says.

toothless rufus · Apr 8, 2006

OSUdoc08 said:
You'll still get max loans. The financial aid office knows you are going to quit your job.

The only problem you'd run into is if you had a spouse working full time. If you are single and starting medical school, you get it all---no matter what your FAFSA says.

Wow, I am actually pleasantly surprised!

Amy B · Apr 8, 2006

Yep.. dont worry about the EFC.. I did the first time i filled ouot loan papers, but found out it does not affect me in the least. Just ignore it.

Khenon · Apr 9, 2006

OSUdoc08 said:
The only problem you'd run into is if you had a spouse working full time. If you are single and starting medical school, you get it all---no matter what your FAFSA says.

I do have a spouse that works full time. We have a child though. I wonder if that helps, in terms of getting full loans. He doesn't make a ton of money either, which is why I still need the excess loan money. He doesn't make enough to cover all our living expenses.

cicatrix · Apr 9, 2006

My spouse works & even though it affects the EFC it has never affected the amount I could borrow.

Amy B · Apr 9, 2006

Yep.. i also had a spouse that worked and since he has been in the workforce for a long time, he did make a lot and that worried me also when getting loans. It has never ever affected how much i have been able to borrow. IT is up to the school as to how much teh students can borrow per year and i have always been able to get teh maxium if i wanted to. Believe me, dont let this aspect worry you.. There are other things to worry about ..like anatomy lab and neuro exams, ect..... Good luck..

Khenon · Apr 9, 2006

Amy B said:
Yep.. i also had a spouse that worked and since he has been in the workforce for a long time, he did make a lot and that worried me also when getting loans. It has never ever affected how much i have been able to borrow. IT is up to the school as to how much teh students can borrow per year and i have always been able to get teh maxium if i wanted to.

That is a relief. Thanks for that info. Of course, I can't believe I'm so happy to pull out $58K in loans a year! 🙄

Amy B said:
Believe me, dont let this aspect worry you.. There are other things to worry about ..like anatomy lab and neuro exams, ect..... Good luck..

Good point!

sophiejane · Apr 9, 2006

Not that you need more reassurance, but my husband makes ~100K a year and we still get the max every year. Who can turn down 2.75% interest? He does pay child support, and I have to live in another city during the week, so it definitely gets used.

Regardless, just think of the FAFSA as something you have to do each year. I don't even look at that sheet we're supposed to print out. Just show up and get your check!

Khenon · Apr 10, 2006

sophiejane said:
Not that you need more reassurance, but my husband makes ~100K a year and we still get the max every year. Who can turn down 2.75% interest? He does pay child support, and I have to live in another city during the week, so it definitely gets used.

Regardless, just think of the FAFSA as something you have to do each year. I don't even look at that sheet we're supposed to print out. Just show up and get your check!

I appreciate ALL reassurance right now! 🙂 Thanks for the info. I guess I should be getting my award letter soon, so all these worries will officially dissapate.

HunterGatherer · Apr 10, 2006

sophiejane said:
Not that you need more reassurance, but my husband makes ~100K a year and we still get the max every year. Who can turn down 2.75% interest? He does pay child support, and I have to live in another city during the week, so it definitely gets used.

Regardless, just think of the FAFSA as something you have to do each year. I don't even look at that sheet we're supposed to print out. Just show up and get your check!

Those with spouses saying they get the max loans:

You are all getting the max $8500 for unsubsidized student loans?

OSUdoc08 · Apr 10, 2006

HunterGatherer said:
Those with spouses saying they get the max loans:

You are all getting the max $8500 for unsubsidized student loans?

I'm assuming you meant to say subsidized.

Subsidized Stafford = $8,500
Unsubsidized Stafford = $30,000
Perkins = $6,000

(Yes, I have all of the above.)

HunterGatherer · Apr 10, 2006

Thanks for the correction.

Those with spouses saying they get the max loans:

You are all getting the max $8500 for subsidized student loans?

Financial aid and "expected contribution"?

Khenon

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toothless rufus

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Amy B

I miss my son so much

Khenon

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cicatrix

gonna leave a mark

Amy B

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Khenon

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sophiejane

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