I'm not sure here, but when I see the average debt that students graduate with, it's a good deal less than what you would expect combining tuition and living expenses for four years. Is the difference due to some actual aid (grants) that are given. I was under the impression that all med students really got were stafford loans. Do they actually get any grants. Also, does parents' income affect the eligibility for these grants? I know you now are considered an independent and your parents income doesn't count to your estimated contribution, but what about grants? Thanks.
My school provides substantial grants and low-cost loans to students who exhibit financial need. There's also a few merit scholarships, but I have no idea what those are because I didn't get one. Some schools have no such aid.
Some students have a nice living situation. If I had gone to a different school, my living expenses would have been taken care of, because I would've been living in one of my mom's houses, and renting out the other rooms at a rate to pay for the utilities and any other monthly expenses I would have had. Some of my friends now have a similar set-up here, where their parents bought a townhome or condo near the school, and they rent out the other rooms for living expenses. That means they only have to take out loans for tuition and fees, rather than the full cost of attendance. Others have husbands or wives who work, thus paying for living expenses while they take out loans for tuition and fees.
So there's a variety of reasons the average debt is lower than the total cost of attendance.
As far as loans, med students are eligible for unsubsidized Stafford loans (to the tune of several tens of thousands of dollars, in many cases), as well as Grad Plus loans. There are additional, private loans for those who still need something in the way of funding.
For med school, you are not considered independent, no matter how old you (or your parents) are. As long as your parents are still alive, med schools will want to know about their income. It might be kind of ridiculous, but that's how it works.
That's not entirely true. Those who are married don't need to provide their parents' income. Those who don't want institutional aid don't need to provide their parent's income at my school (you only need to provide your own information for federal aid).
Will I need to put down both of my parents? I only put down one of my parents for the FAP and was fortunate enough to receive it. Is the case different when applying for financial aid to medical school?
It depends on the situation. My parents are divorced, and have been since I was 5. I've been living with my mom since I was 7. I don't talk to my dad that often, and he has never provided any aid for me, beyond the check he gives me for my birthday and Christmas. I have never had to provide his information on financial aid forms, just note that there was no agreement about support (neither of my parents paid child support, because they each took one of us), and that he was not contributing at all to my expenses (there was someplace on my school application to write this down).
So, it depends on your situation and your school's specific form.
