Apply for financial aid with high parent income?

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HSM3

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Hey guys, wondering if you could help me with a bit of a tricky situation. My parents (divorced, not sure if it matters) both have lucrative jobs and are going to do very well this year, each well into the 6 figures.

Unfortunately, they are both buying new apartments and are also paying college tuition for my brother, so despite their being considered on my financial aid application, I am entirely on my own in terms of paying for medical school.

My question is: Is it even worth my time to fill out the FAFSA and other financial aid forms for schools? Do I have any chance of getting anything?

Sorry if this question is on the ignorant side, I am just starting to research this process. Any advice would be much appreciated.

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Are you going to be a graduate student next year (and this includes medical school)? If so, you're considered an independent for federal financial aid, so your parents' income won't be counted when determining your need. So yes, file!
 
Are you going to be a graduate student next year (and this includes medical school)? If so, you're considered an independent for federal financial aid, so your parents' income won't be counted when determining your need. So yes, file!

Yup I'll be a grad student starting next year. If that's the case why do they need my parents' income tax returns? Is that only for school specific financial aid?
 
Yup I'll be a grad student starting next year. If that's the case why do they need my parents' income tax returns? Is that only for school specific financial aid?

Exactly. Schools usually do look at parents' income to determine if you qualify for their need-based scholarships/grants. However, they'll still award you the full amount of federal financial aid (all loans) even if your parents are billionaires.
 
Exactly. Schools usually do look at parents' income to determine if you qualify for their need-based scholarships/grants. However, they'll still award you the full amount of federal financial aid (all loans) even if your parents are billionaires.

Got it, thank you! In terms of federal consideration of my need, do they look at my assets or just my job income? I have a good sum of money put aside from my grandparents, but my yearly wage is just over $30k.
 
Got it, thank you! In terms of federal consideration of my need, do they look at my assets or just my job income? I have a good sum of money put aside from my grandparents, but my yearly wage is just over $30k.

They only look at your assets if your income (including a spouse's income) is greater than $49k or if you don't qualify to file an EZ or A tax form. In your case, it will probably just be based on your income.
 
I'm in the same situation (parents not quite that well off) as the OP. Just so that I make sure I'm getting this straight:

Even though I put my parents financial info on the FAFSA, the federal government will not take it into consideration because I'm considered independent? Or should I just leave their info off? And to specify, I'll not only get the full 32,500 unsubsidized.. I'll also get the full 8,000 subsidized.. correct?

Thanks

This of course is assuming that my EFC is 0.
 
I'm in the same situation (parents not quite that well off) as the OP. Just so that I make sure I'm getting this straight:

Even though I put my parents financial info on the FAFSA, the federal government will not take it into consideration because I'm considered independent? Or should I just leave their info off? And to specify, I'll not only get the full 32,500 unsubsidized.. I'll also get the full 8,000 subsidized.. correct?

Thanks

This of course is assuming that my EFC is 0.

It is $8500 in subsidized but yes you would be able to get the max. The EFC is all that matters and parental information doesn't matter for that calculation unless you are an undergrad dependent. (For FAFSA purposes).
 
It is $8500 in subsidized but yes you would be able to get the max. The EFC is all that matters and parental information doesn't matter for that calculation unless you are an undergrad dependent. (For FAFSA purposes).

Thank you
 
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