Dismiss Notice
Last chance to give your feedback! Fill out the 2019 SDN Member Survey to let us know what's important to you (and win prizes!)

Does your/spouse's income hurt you on fafsa?

Discussion in 'Dental' started by newcomer, Feb 15, 2007.

  1. newcomer

    2+ Year Member

    Joined:
    Jan 2, 2007
    Messages:
    11
    Likes Received:
    0
    Status:
    Pre-Dental
    I am attending a dental school in 2007. Since I have been working full time for the past few years. I just wonder if my income from the past year would give a big negative impact on the amount of loan I can get from fafsa.
     
  2. Ex_EE

    2+ Year Member

    Joined:
    Sep 23, 2006
    Messages:
    338
    Likes Received:
    0
    Status:
    Dental Student
    Yes it does. I got hurt because I rolled my 401k into a roth IRA last year and so it all counted as income. This despite the fact it is in a retirement account. My expected family contribution went from 4,000 to 22,000.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  3. OP
    OP
    newcomer

    2+ Year Member

    Joined:
    Jan 2, 2007
    Messages:
    11
    Likes Received:
    0
    Status:
    Pre-Dental
    Oh man! I'm going be in trouble because my W-2 last year was kind of fat:smuggrin:
     
  4. BirkChick

    5+ Year Member

    Joined:
    Jan 24, 2006
    Messages:
    172
    Likes Received:
    0
    Status:
    Dental Student
    You might want to fill out your fafsa now to find out what you're in for EFC-wise. I'm married and both of us made some decent money last year -- my EFC is >$30K!:scared:
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  5. crazy_sherm

    crazy_sherm å♪▼æ╬‼▄·
    Dentist 10+ Year Member

    Joined:
    Jul 18, 2004
    Messages:
    1,182
    Likes Received:
    7
    Status:
    Dentist
    Dental school is so expensive already, it shouldn't matter what your EFC is when applying for the Stafford loans. You should be able to get the full amount. The only loan that takes into consideration your income (and your parents' income) is the HPSL loan, which is hard to qualify for anyway. I worked a few years before starting dental school so my EFC was in the 50k range the first year. It didn't affect my loan award amount at all. I would advise talking to the financial aid people at the school you'll be attending.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  6. OP
    OP
    newcomer

    2+ Year Member

    Joined:
    Jan 2, 2007
    Messages:
    11
    Likes Received:
    0
    Status:
    Pre-Dental
    Thank you for the replies. I hope I can get a full loan amount from fafsa since tuition won't give any mercy ;) ...
     
  7. sumluck

    sumluck Guest

    Joined:
    May 19, 2006
    Messages:
    189
    Likes Received:
    0
    Status:
    Pre-Health (Field Undecided)
    how did you find out what your EFC is already? I have already submitted my FAFSA, but don't the individual schools decide what your EFC is? Or is it government regulated for EFC? Thanks.
     
  8. tissy

    U.S. Public Health Service 10+ Year Member

    Joined:
    Dec 2, 2005
    Messages:
    775
    Likes Received:
    13
    Status:
    Dentist
    I'm so confused about the way FAFSA works!! I thought that when your in grad school it doesn't matter how much your spouse makes..
     
  9. BirkChick

    5+ Year Member

    Joined:
    Jan 24, 2006
    Messages:
    172
    Likes Received:
    0
    Status:
    Dental Student
    Your parents' income doesn't matter -- but your spouse's does.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  10. BirkChick

    5+ Year Member

    Joined:
    Jan 24, 2006
    Messages:
    172
    Likes Received:
    0
    Status:
    Dental Student
    I received an email from fafsa a few days after submitting my information. I checked my fafsa account online and received my EFC.

    The government sets your EFC. The school sets the cost of attendance (including books, living expenses, etc).

    cost of attendance - EFC = need
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
  11. sumluck

    sumluck Guest

    Joined:
    May 19, 2006
    Messages:
    189
    Likes Received:
    0
    Status:
    Pre-Health (Field Undecided)
    hey BirkChick, thanks for the info. I was able to log on to my FAFSA account and there was indeed an EFC. I guess it is now a waiting game as far as what type of loans I will receive. Thanks again and good luck at Case.
     
  12. tissy

    U.S. Public Health Service 10+ Year Member

    Joined:
    Dec 2, 2005
    Messages:
    775
    Likes Received:
    13
    Status:
    Dentist
    So what if my EFC is 0000? lol seriously!! Do schools worry about that?
     
  13. armorshell

    armorshell One Man Freak Show
    Physician Dentist Moderator Emeritus Verified Expert 10+ Year Member

    Joined:
    Apr 12, 2006
    Messages:
    7,173
    Likes Received:
    233
    Status:
    Non-Student
    I'm pretty certain the EFC is mostly an undergrad phenomena. As health professions graduate students we'll get the gamut of staffords and grad plus loans.
     

Share This Page