Fafsa 2009

Discover Your Odds of Getting into Medical School
This forum made possible through the generous support of SDN members, donors, and sponsors. Thank you.
linguini said:
Anyways, would it be okay for me to estimate my parents' tax returns based on 2007 and submit the FAFSA soon? And then when I get their official tax returns from 2008 in April, I'd make the appropriate changes (should be minor changes)? Or do schools need to have official 2008 information from my parents and me by March?
Click to expand...

scrubslover said:
I talked to one of my schools' financial aid office and they said it's fine to estimate from 2007 and then make the changes once your parents have filed. Some schools have Feb 10th deadlines, so they can't expect us to have the exact numbers. They said an estimate is fine.
Click to expand...

As long as you've got reasonably accurate data, they'll work with it.

Bibbed said:
So my parents make a fair amount ( > 200k), and I have a pretty legit amount of savings ( > 50k) from an inheritance. My parents won't be helping me with tuition and I'm not trying to dip into my savings for medical school. Is there any chance I'll receive financial aid?
Click to expand...
Possibly. Need-based, maybe not unless you can convince someone you don't get any help. Federal loans, possible. Private... well, with this economy who knows?
Members don't see this ad.
 
Bibbed said:
So my parents make a fair amount ( > 200k), and I have a pretty legit amount of savings ( > 50k) from an inheritance. My parents won't be helping me with tuition and I'm not trying to dip into my savings for medical school. Is there any chance I'll receive financial aid?
Click to expand...

Are you talking about medical school? No matter what you can take out the maximum amount of Stafford loans just like everyone else. The only question is how high your personal EFC is going to be because that may limit your subsidized stafford amount.

jurassicpark said:
Possibly. Need-based, maybe not unless you can convince someone you don't get any help. Federal loans, possible. Private... well, with this economy who knows?
Click to expand...

Schools decide on giving out need-based aid based on parental income in addition to personal income. No convincing is needed nor possible as they don't expect your parents to be giving you money anyway. It is just a way to separate applicants going for limited financial aid.
 
chad5871 said:
I'm really worried about this because my Dad files for an extension EVERY year (his taxes are usually turned in around October) and I told him that he needed to have his taxes filed ASAP or else I wouldn't get need-based aid... but I still don't think he gets it.

Priority deadline at my first choice among my current acceptances is March 1st.
Click to expand...

I'm in the same situation :( My parents file extensions every year, and apparently they are WAY behind w/their taxes, so I don't even think it'll be possible for me to get a copy of their return... The tuition & fees for the school I plan on attending is around $30,000, so I'm wondering if federal aid will be enough (since parents info is only required for school-based aid) if I just fill out the FAFSA asap w/my own info only. Any advice?? :confused:
 
Last edited:
Members don't see this ad :)
Ariana85 said:
I'm in the same situation :( My parents file extensions every year, and apparently they are WAY behind w/their taxes, so I don't even think it'll be possible for me to get a copy of their return... The tuition & fees for the school I plan on attending is around $30,000, so I'm wondering if federal aid will be enough (since parents info is only required for school-based aid) if I just fill out the FAFSA asap w/my own info only. Any advice?? :confused:
Click to expand...
maybe just estimate your parents' income from last years taxes? and contact the school's financial aid office?

btw, i just submitted my fafsa with estimated figures... taxes arent ready but i was getting way too antsy to just sit and wait.
 
ar2388 said:
maybe just estimate your parents' income from last years taxes? and contact the school's financial aid office?

btw, i just submitted my fafsa with estimated figures... taxes arent ready but i was getting way too antsy to just sit and wait.
Click to expand...

Yea, I'll prob call the financial aid ofc tomorrow & see what they think...
 
Bibbed said:
So my parents make a fair amount ( > 200k), and I have a pretty legit amount of savings ( > 50k) from an inheritance. My parents won't be helping me with tuition and I'm not trying to dip into my savings for medical school. Is there any chance I'll receive financial aid?
Click to expand...
:confused:I totally doubt that's a possibility...not saying you can't get aid, but they're going to expect you to use at least some of your savings...
 
scrubslover said:
I talked to one of my schools' financial aid office and they said it's fine to estimate from 2007 and then make the changes once your parents have filed. Some schools have Feb 10th deadlines, so they can't expect us to have the exact numbers. They said an estimate is fine.
Click to expand...
Which schools have Feb. 10th deadlines???
 
scarletgirl777 said:
:confused:I totally doubt that's a possibility...not saying you can't get aid, but they're going to expect you to use at least some of your savings...
Click to expand...

They don't expect medical students to use any savings. However, it is in our best interest to spend all of our money on tuition/expenses as the less in loans you take out the better for you down the road. Of course there is nothing wrong with having a little emergency fund to keep around.
 
Man I already submitted my FAFSA but I can tell that it's going to be way off...
 
What exactly is the EFC figure that you get once you submit the FAFSA? Their explanation isn't the most helpful as they refer to it as an "index". What does it really mean? Mine is a bit less than 4000, probably because I have been saving money from my jobs over the years.
 
RoadRunner17 said:
What exactly is the EFC figure that you get once you submit the FAFSA? Their explanation isn't the most helpful as they refer to it as an "index". What does it really mean? Mine is a bit less than 4000, probably because I have been saving money from my jobs over the years.
Click to expand...

It's the "Expected Family Contribution" - in other words, how much money is estimated to be contributed from you and your family toward your education. Someone correct me if this is inaccurate, but this is what I've understood it to be.
 
Members don't see this ad :)
chad5871 said:
It's the "Expected Family Contribution" - in other words, how much money is estimated to be contributed from you and your family toward your education. Someone correct me if this is inaccurate, but this is what I've understood it to be.
Click to expand...

Yes.

And that means that a school will not consider that $4000 to be part of your financial need (i.e. don't expect to get any need-based scholarship/grant for that $4000). Even though the name implies that you and/or your family will have to dish over that amount to the school, that isn't what necessarily happens (unless you want to/are able to write them a check for that amount). Alternatively, you can choose to take out loans to cover your EFC. Most students take out loans to cover their EFC since it is inflated by their parents' income and their parents aren't paying for med school.
 
scrubslover said:
Of my schools, UVM has the 2/10 deadline. Boooo
Click to expand...
Crap. You mean I actually have to look through ALL my schools' websites and look for the deadlines??? I seem to remember most schools talking about March as a deadline :(
 
chad5871 said:
Whoa. Do I still have to apply by 2/10 if I'm just sitting on the waitlist?
Click to expand...

Yeah. All the school's I've been to, they said even if you haven't been accepted, submit the FAFSA on time in case you do get in.
 
scrubslover said:
Of my schools, UVM has the 2/10 deadline. Boooo
Click to expand...

Just checked their financial aid website, and this is what I found:

To be considered for all available funds, submit the FAFSA after January 1 and before our priority deadlines:
  • FAFSA priority deadline for prospective undergraduate students: February 10
  • FAFSA priority deadline for returning undergraduate students: March 1
  • FAFSA priority deadline for new & returning graduate and medical students: March 1
Click to expand...
So it looks like our deadline is actually 3/1. The 2/10 deadline is for undergrads.
 
is a personal savings of 20K too much to be considered for financial aid? would that raise one's EFC?
 
What up doc said:
is a personal savings of 20K too much to be considered for financial aid? would that raise one's EFC?
Click to expand...

20K? Can we be friends?

Anyways, yes it'll raise your EFC as it is based partially on how much $$$ you have in your savings account. But if that's all you have (i.e. no income, no assets, low parental income) then you are definitely going to be considered still for finaid.
 
Does this make sense?:

Parent's adjusted gross annual income: ~$180,000
Parent's investments (including real estate): ~$250,000

My income: $4,800.00
My personal savings: $10.00

I have a brother who is attending college also.


Expected Family Contribution: $8,000.00
 
Why do I have to repeat this again? Those of you applying to medical school or graduate school do not have parental income/savings counted on your EFC even if you include them on your FAFSA.

If you have a high EFC (could even be up to 32k and still get everything) it doesn't matter as you will get the same max $8500 in subsidized staffords and the rest in unsub staffords as long as your cost of attendance is more than $40,500. If your EFC is 10,000 then your CoA would have to be more than $18,500 (again no school has a CoA that low since CoA includes tuition, fees, and living expenses). Beyond that, you can get as much grad plus as you want up to your cost of attendance just like everyone else. The EFC only matters for the small portion of subsidized loans. If you are not eligible for any subsidized staffords (have a CoA of 40,500 and EFC of 40,500) (Not sure this has even ever happened) then you can still get 40,500 of unsubsidized staffords instead of getting 8500 in sub and 32000 in unsub.
 
I have less than $7500 in my checkings account and I don't any debt right now so I don't really need the money, should I write a large check to my mom before I submit the fafsa so I can claim I don't have much savings?

Also, my biological parents and I moved to the states about 10 years ago. Then my biological dad went back to china and they divorced, my mom remarried. So in the parents information section do I list my biological parents or my biological mom and my step father.
 
Last edited:
TMP-SMX said:
Why do I have to repeat this again? Those of you applying to medical school or graduate school do not have parental income/savings counted on your EFC even if you include them on your FAFSA.
Click to expand...

Sorry you are repeating yourself. When I hear "EFC", I automatically think of how schools (not the gov't) are calculating it and that's why I consider parental income.
 
linguini said:
Sorry you are repeating yourself. When I hear "EFC", I automatically think of how schools (not the gov't) are calculating it and that's why I consider parental income.
Click to expand...

Lol not a problem. All of this has also been discussed in the financial aid forum where this thread should be.

You are thinking of the need-based EFC that schools calculate to determine your eligibility for need-based grants, scholarships, and Perkins loans. Subsidized staffords are not included in that calculation as they are determined by your personal FAFSA EFC noted in your SAR.
 
GloryField said:
I have less than $7500 in my checkings account and I don't any debt right now so I don't really need the money, should I write a large check to my mom before I submit the fafsa so I can claim I don't have much savings?

Also, my biological parents and I moved to the states about 10 years ago. Then my biological dad went back to china and they divorced, my mom remarried. So in the parents information section do I list my biological parents or my biological mom and my step father.
Click to expand...

since you live with your mom, you will enter your biological mom's info. they ask whether your parents are together in the fafsa
and if you give the money to your mom you will just include it by in the section about savings your parents have
 
ar2388 said:
since you live with your mom, you will enter your biological mom's info. they ask whether your parents are together in the fafsa
and if you give the money to your mom you will just include it by in the section about savings your parents have
Click to expand...

Yeah, if you choose to enter your parental information on the fafsa, the money you transferred to your mother's account will still be noted. However, I think that your parent's income/savings/assets is given less weight than your income/savings/assets in calculating your need-based EFC. So the $7500 in your savings account "counts" more than the $7500 in your parents' account.
 
funkymunkytoes said:
Does this make sense?:

Parent's adjusted gross annual income: ~$180,000
Parent's investments (including real estate): ~$250,000

My income: $4,800.00
My personal savings: $10.00

I have a brother who is attending college also.


Expected Family Contribution: $8,000.00
Click to expand...

My income was higher and my savings are higher, and my EFC was $1800.
:confused:
 
ok thanks guys
 
I know this has been asked ad nauseam, but I'm having difficulty comprehending the answer so I apologize in advance but...

Can entering parental information, if you're an independent, hurt you at all in receiving financial aid? If there's an advantage by not entering parental info, can you enter parent information for just those schools that require it and not for the others? Thanks.
 
dwc929 said:
I know this has been asked ad nauseam, but I'm having difficulty comprehending the answer so I apologize in advance but...

Can entering parental information, if you're an independent, hurt you at all in receiving financial aid? If there's an advantage by not entering parental info, can you enter parent information for just those schools that require it and not for the others? Thanks.
Click to expand...

Well, so far at my interviews the financial aid offices have stressed that entering your parents information will NOT hurt you whatsoever. They know that some schools require it for institutional aid (some don't but require it through need access). Remember though, that this is what THEY say, and I'm not really sure what goes on. However, if you are just interested in stafford loans, I know for a fact that it is strictly your information, even if you fill in your parent's financial information.
 
at one of my interviewers, the finaid guy said that if entering your parents info hurts you, they will recalculate without your parents info
 
ar2388 said:
at one of my interviewers, the finaid guy said that if entering your parents info hurts you, they will recalculate without your parents info
Click to expand...

Who is they? On the FAFSA your parental information is not included in the calculation. As for campus-based aid, if your parents make enough that their income could hurt you you aren't going to be eligible for it anyway.
 
Does anyone have experience in filling FAFSA multiple times within one household? My sister has already filled FAFSA as she will be entering college in 2009. I can't seem to fill out FAFSA because the permanent address has already been registered. Does anyone know what to do?
 
Accounts aren't blocked based on address, your account would be blocked if a one has already been created using the same social security number. Maybe you created an account already, and just don't remember?
 
I apologize ahead of time if this question was already answered... but

Whats the verdict for putting school's info on your FAFSA if you are only waitlisted? If you have an upcoming interview? If you don't have an interview (but think you may :xf: get one, perhaps..)?? AKA, do you only put schools your were accepted to on your FAFSA when you file it, or do you put schools you were accepted to, waitlisted at etc.. ?
 
Bueller...

What schools did you put on your FAFSA?
 
Kaya12 said:
I apologize ahead of time if this question was already answered... but

Whats the verdict for putting school's info on your FAFSA if you are only waitlisted? If you have an upcoming interview? If you don't have an interview (but think you may :xf: get one, perhaps..)?? AKA, do you only put schools your were accepted to on your FAFSA when you file it, or do you put schools you were accepted to, waitlisted at etc.. ?
Click to expand...

Most of the finaid sessions I've been to suggest putting down any school you might possibly end up at, even if you haven't received an acceptance yet.
 
You can put up to 10 schools... I am going to put the schools I'm accepted at (4), the schools I'm waitlisted at (2), the school I'm waiting to hear from post-interview (1), and any other schools where I actually might consider going to if accepted (up to 3).
 
chad5871 said:
You can put up to 10 schools... I am going to put the schools I'm accepted at (4), the schools I'm waitlisted at (2), the school I'm waiting to hear from post-interview (1), and any other schools where I actually might consider going to if accepted (up to 3).
Click to expand...

If you are accepted to/waiting on more than 10 schools, you should put your "top" 10 school codes on the FAFSA and submit it. After it has been processed (~2 weeks I think?) then you can add in the other school codes and submit it again.
 
Question:

so I just filed FAFSA, and on the SAR comment, it says that I'm not a US citizen!! even though I am. I heard that you have to send the proof of citizenship to the school, so should I send it now or wait until they ask for it? Cause I also don't know which schools i'm gonna go to yet.

oh and 1 more thing, I currently have a part time job, but I'm making less than $5000, should I file tax anyway? because I think on the IRS website, if you make less than $8000 you don't have to file tax, would it be more beneficial if I file tax??
 
XRanger said:
Question:

so I just filed FAFSA, and on the SAR comment, it says that I'm not a US citizen!! even though I am. I heard that you have to send the proof of citizenship to the school, so should I send it now or wait until they ask for it? Cause I also don't know which schools i'm gonna go to yet.

oh and 1 more thing, I currently have a part time job, but I'm making less than $5000, should I file tax anyway? because I think on the IRS website, if you make less than $8000 you don't have to file tax, would it be more beneficial if I file tax??
Click to expand...


i get the citizen comment every year. as long as you are a citizen you can send in a copy of your citizen certificate (or whatever its called) or some other acceptable paper once asked for it by the school.


also, if that job is the ONLY source of income you had, then i think you dont have to, but you can go to h&r block and ask them.. a consultation is free. or try one of those online programs like turbo tax
 
Please forgive me if this has been asked before. It's a mad house at work today and I haven't got a chance to flip through the thread in its entirety.

So, are the deadlines given by most schools for when we should submit our FAFSA or when they are processed?

Most of my schools I'm submitting are on the March 1st deadline. All of my info is ready but I'm still waiting on my Dad to enter his info (should be done by this weekend). I just want to know if I submit the FAFSA by March 1st am I ok? Or is this like AMCAS where my app needs to be processed by the deadline, not just submitted?

Thanks for your help all!
 
chad5871 said:
I'd like to know this as well.
Click to expand...

From an email I received recently from a medical school...

"your FAFSA application must be received at the federal processor by March 1, 2009. We suggest you "Give Yourself a Valentine" and apply by February 14 to allow for heavy website traffic, mail time, or other delays."
 
Does any one know how the march 1st deadline relates to getting information from investment banking places. Apparently the information from investments does not have to be given to us until Feb 15th, so my parents information is up in the air, and this will be very different from last years information. Should I submit very incorrect information from last year, when my parents made 2 times as much plus investments doing better, or wait till I have this year's info?
Also when it asks how many students are in my family, does that include grad school?
 
You must log in or register to reply here.
Next unread thread

Similar threads

A
FAFSA
Replies
1
Views
529
BeefyStack
BeefyStack
J
FAFSA Question
Replies
1
Views
185
wysdoc
wysdoc
W
FAFSA delayed
Replies
8
Views
2K
WildWing
WildWing
J
FAFSA Question
Replies
9
Views
925
Mr.Smile12
Mr.Smile12
J
FAFSA SAI Question
Replies
4
Views
563
eigen
eigen
Top