AARGH! "need-based" financial aid

[chanjurban]

This is SO Frustrating! I've been independent for almost 10 years. Married for nine. I earn 40% of the income in our 2 income family. I have a son, a mortgage, etc.

But the School policy is that if I want to apply for "need-based" financial aid, I have to provide my parents' financial info.

But my parents have a decent bit of $ (they should - they haven't had to provide for a dependent for 10 years). If I provide their info, I probably don't have a good shot at GETTING need based financial aid. Neither school that I could potentialy attend costs less than $40,000 a year. That's more than the salary I'm making right now.

My parents are having a really hard time believing that I have to provide their financial info. My dad is going to call the school today to hear it from the horse's mouth. (That's a whole different area of frustration right now - how many times do I have to ask the school for clarification on their policy before my parents will believe me? For goodness sake, I must have some level of competency to even consider going to medical school! )

Ok. There's my vent. Anyone else feeling similarly frustrated?

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[CreativeWriter]

This is SO Frustrating! I've been independent for almost 10 years. Married for nine. I earn 40% of the income in our 2 income family. I have a son, a mortgage, etc.

But the School policy is that if I want to apply for "need-based" financial aid, I have to provide my parents' financial info.

But my parents have a decent bit of $ (they should - they haven't had to provide for a dependent for 10 years). If I provide their info, I probably don't have a good shot at GETTING need based financial aid. Neither school that I could potentialy attend costs less than $40,000 a year. That's more than the salary I'm making right now.

My parents are having a really hard time believing that I have to provide their financial info. My dad is going to call the school today to hear it from the horse's mouth. (That's a whole different area of frustration right now - how many times do I have to ask the school for clarification on their policy before my parents will believe me? For goodness sake, I must have some level of competency to even consider going to medical school! )

Ok. There's my vent. Anyone else feeling similarly frustrated?

unfortunatley, that's they way it's for all of us! I mean c'mon, if you parents have a few thousands that they could contribute to, they should. I think it works out the best because those who have the real need get what they deserve. sorry that you are angry, but the system won't change.

 

[chopper]

unfortunatley, that's they way it's for all of us! I mean c'mon, if you parents have a few thousands that they could contribute to, they should. I think it works out the best because those who have the real need get what they deserve. sorry that you are angry, but the system won't change.

While I agree that people with financially capable parents (no matter what your age) have a safety net that some might not, the fact is that not all schools will require you to provide your parents financials if you are independent. And I do think telling a 30 or 40 something with spouse and kids that they are not independent is a bit ludicrous.

For example, at one school I applied, if you could prove that you were independent for >2.5 years, you could appeal for independent status for financial aid. You had to provide proof of income (real income, not starbucks income while you lived at home), but it did seem to be a compromise to give truly independent individuals a more realistic need calculation.

I don't know if there is a resource out there to tell independent students which schools do this (I've heard there are a few), but it might be a nice resource when planning to apply.

 

[Mateodaspy]

This is SO Frustrating! I've been independent for almost 10 years. Married for nine. I earn 40% of the income in our 2 income family. I have a son, a mortgage, etc.

But the School policy is that if I want to apply for "need-based" financial aid, I have to provide my parents' financial info.

But my parents have a decent bit of $ (they should - they haven't had to provide for a dependent for 10 years). If I provide their info, I probably don't have a good shot at GETTING need based financial aid. Neither school that I could potentialy attend costs less than $40,000 a year. That's more than the salary I'm making right now.

My parents are having a really hard time believing that I have to provide their financial info. My dad is going to call the school today to hear it from the horse's mouth. (That's a whole different area of frustration right now - how many times do I have to ask the school for clarification on their policy before my parents will believe me? For goodness sake, I must have some level of competency to even consider going to medical school! )

Ok. There's my vent. Anyone else feeling similarly frustrated?

At one school (which shall go unnamed) -- after pressing the financial aid officer on whether or not there was any circumstance under which parents' financial aid information would not have to be provided to the school, she finally told me that such information could be withheld in the case of 'deceased parents.'

So I guess there is one way out of it...

 

[DrMarioNES]

I agree with chopper that it is a bit ridiculous that they are asking for your parents financial info. I've been married for 6 years and have a child and I would be extremely upset if they ask for my parents financial info. That sounds a bit weird and you might want to press them to see what you need to do to be declared independant.

 

[liverotcod]

I agree with chopper that it is a bit ridiculous that they are asking for your parents financial info. I've been married for 6 years and have a child and I would be extremely upset if they ask for my parents financial info. That sounds a bit weird and you might want to press them to see what you need to do to be declared independant.

All professional students are considered independant. They use parental information to calculate need-based aid as a differentiator. I think the difference is "can not pay" versus "will not pay." A person whose parents have no financial resources at all can not contribute to medical education. A person whose parents have financial resources can choose to pay, even if they are unwilling. The principle behind need-based aid is that it should go to those who "can not" pay.

I believe it's fair, even though it leaves me (at age 37, supporting a family of 4) out in the cold for need-based aid.

 

[chanjurban]

I understand the logic behind it. I'm OK with the fact that other people may be deemed more needy than myself. Honestly - my parents have the resources to help put up for school. In that sense, I'm better off than others. I know that technically, I don't "need" the money more than others who don't have those resources.

The frustration comes in having to rely on my parents for it. My parents are near retirement age. Further, my parents are highly reluctant to share their financial status with us. Further, I've never relied on them to pay for my education. (well, they paid for room and board for my 1st year in college). I had a full ride at a state university with a stipend for books and a nice university part-time job. Part of the reason that they've got good assets is because they didn't have to bend over backwards to put me through college.

And last - I think this REALLY ticked me off - when I called the school to get clarification, I told them my situation. They stated that if I wanted to apply for need-based aid, I HAD to provide my parents info. Then I asked if my financially independent status would be taken into account at all. They told me - "If you provide your parents' info, you are considered a dependent." That just felt insulting. Basically, if your parents are alive, and you need money, you are a dependent.

BTW. Thanks for listening to this ranting. I know I'm not going to change the system. But knowing that doesn't stop it from being aggravating.

 

[tigress]

I agree that it's aggravating for a number of reasons. To begin with, being considered an independent for the purpose of taxes and everything else in the world ought to be enough. Another issue is actually getting the financial info from parents. My mother in law is really disorganized and always files for multiple extensions on her taxes, so bugging her every day for the info for my husband's FAFSA is really not fun. If it weren't for needing that info, we would always get the FAFSA in early; as it is, last year it was actually late. This year I got my husband to agree to bug her about it more.

Almost all schools require parental info, though. I suppose I do understand in a way. But I'm wondering about the woman who told you that if you provide your parents' info you are a dependent, because I do think most places take your independent status into consideration. Perhaps she was mistaken?

My in-laws don't have much, so my husband's fin aid package so far has been good. But my parents are very well off, and while that's great because it means they can help out, it also stinks that it's going to affect my financial aid. On the other hand, saying that sounds pretty selfish, since I'm sure other people need it more.

 

[TwoLegacies]

I always kind of wondered how someone enstranged from their parents would deal with this situation. Maybe that just hasn't come up?

But yeah, I agree with you. I've been supporting myself for 7 years... I wish they'd at least take that into consideration.

 

[pseudoknot]

I always kind of wondered how someone enstranged from their parents would deal with this situation. Maybe that just hasn't come up?

They're f***ed. It's OK though since they probably didn't get to go to college either.

 

[Campos]

Are they still giving you a hard time? I decided to go outside the school for financial aid, have you heard of the HPSP?

This is SO Frustrating! I've been independent for almost 10 years. Married for nine. I earn 40% of the income in our 2 income family. I have a son, a mortgage, etc.

But the School policy is that if I want to apply for "need-based" financial aid, I have to provide my parents' financial info.

But my parents have a decent bit of $ (they should - they haven't had to provide for a dependent for 10 years). If I provide their info, I probably don't have a good shot at GETTING need based financial aid. Neither school that I could potentialy attend costs less than $40,000 a year. That's more than the salary I'm making right now.

My parents are having a really hard time believing that I have to provide their financial info. My dad is going to call the school today to hear it from the horse's mouth. (That's a whole different area of frustration right now - how many times do I have to ask the school for clarification on their policy before my parents will believe me? For goodness sake, I must have some level of competency to even consider going to medical school! )

Ok. There's my vent. Anyone else feeling similarly frustrated?

 

[bmcgilligan]

I didn't even include my parents info in the FAFSA. My school hasn't mentioned anything about it yet. There's no way my parents will help out. They're putting my brother through undergrad now and just bought 2 motorcycles (yeah, midlife crisis).

 

[tigress]

I didn't even include my parents info in the FAFSA. My school hasn't mentioned anything about it yet. There's no way my parents will help out. They're putting my brother through undergrad now and just bought 2 motorcycles (yeah, midlife crisis).

You should call your school and make sure. Most schools do require it. I couldn't find the info anywhere on the website for my husband's school, but when we called the fin aid office they said they won't consider an application without parental info.

lol that's funny about the motorcycles

 

[uptoolate]

Pitt told me that they wouldn't require parental info if the student was over the age of 30. I gave my parent's tax return and included them on FAFSA anyway. I just didn't fill out the form requesting the parent info and signatures. I couldn't have gotten their sig's in time anyway.

 

[45408]

The principle behind need-based aid is that it should go to those who "can not" pay.

And? I can't pay, because my parents won't pay. I'm in the same boat as someone who has parents who can't pay. NO DIFFERENCE.

 

[lorelei]

Whenever I worry about having to take out a ton of loans for med school (my parents have a decent income but 3 other kids in college and can't/won't help me out much) people tell me not to worry, because it's a good investment and I'll be able to pay it off once I'm a doctor. If that's true, why is there need-based aid? Aren't we all pretty much in the same situation, in that anyone who's admitted to med school has essentially the same future earning prospects?

It seems like there's an argument that no one with an acceptance is in NEED, because we can all get loans and we can all pay them off eventually.

 

[bmcgilligan]

So, do schools want parents info just to process need based scholarships/grants, or do they want parents info to even get loans?

 

[liverotcod]

So, do schools want parents info just to process need based scholarships/grants, or do they want parents info to even get loans?

The former. Of course, your mileage may vary.

 

[firebody]

really stupid question. let's say i'm married right. when they ask for parent's financial income, does that include in-laws? cuz that would really mess me up. cuz my side of the family be dirt poor, but my lady's parent's be making hella cash - and you know they ain't gonna be contributing shizznit for my edumacation cuz they don't be likin me much. so what's da scope? will i have to include ma in-laws info (which means i won't get jack) or only have to include my parent's info (meaning since they on welfare, i'm gonna be hella helped)

appreciate the down low!

 

[Sparky Man]

let me just join in by saying i'm annoyed that i have to give my parents financial information. i'm finishing graduate school and have been independent for 5+ years. my parents income looks large this year because they sold their business for retirement. i'm sure i'm screwed when it comes to need based aid...

sparky

 

[medic170]

Listen, I too understand, I am married and I did not like asking my parents for their financial info, but remember:
1. You ARE considered independend except for need-based scholarships. Your FAFSA aid is all independant and you do NOT have to gove parental aid on FAFSA unless you choose to. This is a common misconception with this issue.
2. How else are they supposed to differentiate "need". I mean, as med students, most of us work very little if at all, bringing our annual earnings to about ZERO, regardless of whether we reallyu have money or not. Without the parental info, how else can they differentiate who is wealthy and who is not. Now, if you are from a wealthy family and your parents do not share the wealth with you, that is between you and them, but the school has to have SOME way to differentiate those whose families have no resources from those whose families do, that is what need based scholarships are. If you do not want to give your parental info, you don't have to, just do not apply for need based aid

 

[medic170]

really stupid question. let's say i'm married right. when they ask for parent's financial income, does that include in-laws? cuz that would really mess me up. cuz my side of the family be dirt poor, but my lady's parent's be making hella cash - and you know they ain't gonna be contributing shizznit for my edumacation cuz they don't be likin me much. so what's da scope? will i have to include ma in-laws info (which means i won't get jack) or only have to include my parent's info (meaning since they on welfare, i'm gonna be hella helped)

appreciate the down low!

No, you do not have to include your in-laws

Strange dialect there BTW Guess you are not an English major are you?

 

[liverotcod]

does that include in-laws?

Just your parents, not your spouse's.

For what it's worth, there really isn't much need-based aid available anyway. Almost everyone takes the Stafford loans.

 

[afr0dite01]

Yeah I hate having to bug my parents for money but the truth is that those that having been dependent on their parents for the past several years in college would be considered more needy anyway because who can save money during that time. Most dont even have a job. So really, parents fund are the only way they can really determine need based aid.....I dont think many people will be able to make money during med school to be able to pay.