FAFSA and Gap Year

[badgerdh13]

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So I'm currently working on filling out FAFSA and I had a few concerns for anyone who might be able to offer some insight (I did not fill out FAFSA for undergrad so I am new at this). I'm currently in my gap year, and I'm working at a job that pays about $28,000 pre-taxes, so of course I have to list this on my FAFSA. I've also accrued about $45,000 in savings in addition to whatever I make in my gap year. Even so, this will obviously not be enough to cover the cost of tuition and living expenses for four years, unless by some miracle I'm offered a sizable scholarship from my school (unlikely, since I've already committed to them and thus they don't need to convince me to attend.) I worry, however, that my savings and current income will hurt the loans I am offered because the FAFSA gods will see I'm making money and a have decent amount put away, even though I won't have that income once I start medical school. Has anyone else had experience with this or have any suggestions?

 

[sazerac]

So I'm currently working on filling out FAFSA and I had a few concerns for anyone who might be able to offer some insight (I did not fill out FAFSA for undergrad so I am new at this). I'm currently in my gap year, and I'm working at a job that pays about $28,000 pre-taxes, so of course I have to list this on my FAFSA. I've also accrued about $45,000 in savings in addition to whatever I make in my gap year. Even so, this will obviously not be enough to cover the cost of tuition and living expenses for four years, unless by some miracle I'm offered a sizable scholarship from my school (unlikely, since I've already committed to them and thus they don't need to convince me to attend.) I worry, however, that my savings and current income will hurt the loans I am offered because the FAFSA gods will see I'm making money and a have decent amount put away, even though I won't have that income once I start medical school. Has anyone else had experience with this or have any suggestions?

Everybody gets full federal loans for the entire COA.

Everybody.

 

[funniful]

I'm in a very similar position as you and asked the finaid people at the schools I interviewed at what I to do, but I've been getting mixed answers.

The schools that require Need Access on top of the FAFSA has a special circumstances section where you can/should explain your gap year circumstances which the school will take into consideration when calculating your finaid package. For others that do not require Need Access, some want you to write to the finaid office directly and others said that your first year might that a hit in aid but should increase for the subsequent years once your income drops.

 

[NoDakDok]

Loans will cover your cost of attendance (COA), even if your COA is a million per year. This is guaranteed. There's no reason to be concerned at all. Use that surplus of money to keep your non-tuition costs (cost of living) as minimal as possible. This will keep your loans down, and save you significantly in the long run. Remember, every penny you don't spend is two pennies saved when living off loans.

 

[Ismet]

Oy. I don't understand why fin aid people can't explain this better so people understand.

Federal aid and institutional aid (need-based or merit-based) are two different things. For med school, you will be offered federal loans (direct unsubsidized and GradPlus) up to your cost of attendance (which is tuition + cost of living). This has absolutely nothing to do with your financial need or how much money you make. Like mentioned above, everybody gets full federal loans for the entire COA.

Schools like to have you 1) input parental financial information on FAFSA and/or 2) fill out NeedAccess and/or 3) fill out some school-specific forms about income in order to determine your need and consider your eligibility for institutional aid. If you get offered institutional aid, it gets deducted from your COA. So if your COA is $60,000/year and you get offered a $10,000/year scholarship, you will only be able to take out $50,000 in loans. You have to fill out FAFSA and NeedAccess every year, so while there's a chance you might not be eligible for need-based aid for your first year, you can be re-evaluated for subsequent years.

tl;dr You'll get loans.

 

[NoDakDok]

Oy. I don't understand why fin aid people can't explain this better so people understand.

I don't recall Pitt even having a financial aid presentation when I interviewed there. Maybe you should get on that, friend. 😉

Several of the schools I visited have great, informative financial aid presentations. Most don't. It's pretty hit-or-miss.

 

[Ismet]

I don't recall Pitt even having a financial aid presentation when I interviewed there. Maybe you should get on that, friend. 😉

Several of the schools I visited have great, informative financial aid presentations. Most don't. It's pretty hit-or-miss.

There actually is a financial aid presentation. It's the last session before the optional PSTP session 😉

 

[NoDakDok]

There actually is a financial aid presentation. It's the last session before the optional PSTP session 😉

Looked at the itinerary for the day - you're right there's a financial aid presentation. Was either unremarkable or I spaced out 😛

But there was actually a short 'closing comments' from one of the Deans between the FinAid and PSTP session. 😉

 

[badgerdh13]

Thanks guys for all your help. UWSMPH doesn't require anything besides FAFSA, and anyone admitted is automatically considered for any sort of scholarship without any additional paperwork, so that is incredibly fortunate for me. Best of luck to you all.