Can I get a loan or aid if parents are not low income?

[NRAI2001]

My parents have so far paid for my undergraduate, but I will be finished at the end of this summer. My parents said taht I need to start paying for myself once i graduate and into med school.

I don't know much about financial aid and loans bc I never really looked into it till now. My parents are probably not considered to be in the low income category, but they will not be paying for my expenses anymore. Is there still anyway for me to get aid or loans? Is eligibility based soley on ur parents tax info...etc?

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[LSUwannabe]

Odds are you'll get all the money you need.

Once you graduate and are accepted the school will come up w/ a financial aid package for you based on your FAFSA and the school's student budget.

The only thing your parents' finances will affect is any need-based $$$. Even people w/ money often qualify for the maximimum subsidized Stafford ($8500/yr) then you do the rest w/ unsubsidized Stafford. At least that's what I'm doing.

Fortunately your school will lay out your options.

Good luck!

 

[tlew12778]

I'm pretty sure that once you are doing a FAFSA for grad school (which would include med school), the govt considers you independent and they do not include your parents income into your expected family contribution. This is what I was told when I applied for my grad school fin aid anyway. Granted, your school might still calculate in your parents' income. This is the way it is with some law schools. Not sure about med school as my FH is IMG and does not have any loans.

 

[jamie]

I was in a similar situation. First of all, you'll get all the loans you need -- there is no shortage of money for students. However, interest rates will vary. Second, from my experience, I got to file for FAFSA independently (because I was in a graduate program), but I had to include my parents' financial information when I filed via Need Access through my school. It's overwhelming at first, but whatever school you end up at will help you through the process.

 

[OSUdoc08]

My parents have so far paid for my undergraduate, but I will be finished at the end of this summer. My parents said taht I need to start paying for myself once i graduate and into med school.

I don't know much about financial aid and loans bc I never really looked into it till now. My parents are probably not considered to be in the low income category, but they will not be paying for my expenses anymore. Is there still anyway for me to get aid or loans? Is eligibility based soley on ur parents tax info...etc?

FAFSA does not use your parental information once you a recieved your initial bachelor's degree and/or you have entered graduate or professional school. You will be eligible for loans based on your income only. The parental information can not be used on a federal level, whatsoever.