FAFSA Financial AID HELP!

[pharmdBR]

I need some help deciding on how to apply for Financial Aid for next year.
For the past 4 years i have apply as a "dependent" of my parents and have received need-based financial aid from FAFSA.

I heard that you can apply as an "independent" if you are 24 years old AND/OR are planning to attend a professional school. I am not 24 but I am planning to attend pharmacy school next year. Could i apply as "independent" ? What are you guys planning to do?

I also heard that if you apply as "independent" you cant get as many loans. Is this true? any help is appreciated. Thanks!

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[Namexxx]

yes, when you apply as a professional student, you no longer have to list your parent's info and are, therefore, independent. FINALLY! I didn't qualify for any aid all throughout college--now I can finally get some help!

 

[PharmAnimal]

There is a section on the FAFSA website that may answer your question:

http://www.fafsa.com/toughestqs.htm#ind

Are You an Independent Student?

The only way a student can become independent for financial aid purposes (which means the custodial parents' income and asset information are not required on the FAFSA) is if the student meets at least one of the following guidelines:

1. For the 2006-07 school year (blue FAFSA), the student must be born before 1-1-1983; or for the 2007-08 school year (yellow FAFSA), the student must be born before 1-1-1984; or

2. the student must be married; or

3. the student must have a child or other dependents who receive more than half their support from the student and who also live with the student; or

4. the student must be enrolled as a graduate or professional student (pursuing a Master's degree or Doctoral degree); or ***👍 👍 👍 👍 👍 👍

5. the student must be a qualified veteran of the U.S. military or if currently serving on active duty in the U.S. armed forces; or

6. the student must be an orphan (parents deceased) or ward of the court or was a ward of the court until age 18; or

7. the student must have special and unusual circumstances which can be documented to his or her college financial aid administrators (i.e., abuse in the family, alcoholism, etc.). This is extremely rare and only an experienced financial aid administrator at your college can make this "dependency override" on the FAFSA application.

Hope this helps!🙂

 

[Pharm47]

I never applied for FAFSA in college, because my parents do just fine. However, I'm now a poor old(er) married lady, and get to be an independent!

As a FAFSA virgin...

When do I need to apply through FAFSA?
How long does it take?
What info do I need in order to complete the forms?

Thanks!

 

[aer12]

Can you apply for FAFSA even if you are unsure of where you'll be accepted/end up going? Or do they need the school's information?

 

[ForcedEntry]

FYI...ALL students wishing to be eligible for a Health Professions Student Loan, MUST submit their parents information regardless of dependancy status. This cannot be waived.

 

[OasisDwlr]

If submitting your parents info in order to be qualified for the health professions student loan, do your parents need a pin number too?

I didn't know this and already filled out FAFSA, but I didn't input any of my parents info. Do you know if I can go back and make that correction after they process my FAFSA, or am I out of luck for this year?

 

[pharmdBR]

thanks for the help!

i went ahead and started my Renewal FAFSA for 2007-2008 and started filling it out. You are allowed to file as an independent and then given the choice to either give your parents information or not. It is true that you cannot get certain loans if you dont give the parental information.


you can apply even if you dont know which school you will be accepted to. i think they give you the option of putting down 6 schools.

good luck everybody! free money is great!

 

[acetyl]

FYI...ALL students wishing to be eligible for a Health Professions Student Loan, MUST submit their parents information regardless of dependancy status. This cannot be waived.

Hey Forced, I'm going to want the HPSL for the fall. I've already had my application submitted and processed but can go back in once I get my tax stuff ready. I didn't realize the HPSL was through FAFSA, and that you had to submit the parents stuff. Are you sure it's through FAFSA and not a different thing?

To everyone else, most schools have deadlines around March 1. I would try to get your tax documents together either from last year to give yourself an idea of what you made this year, or from this year and get this dude submitted. The earlier the better in my opinion.

If you don't know where you are going to attend, put all the schools that you might attend on there. That's what I did, and when I go back to edit my tax documents once they come in, I'm going to edit that part of the application too.

 

[ForcedEntry]

If submitting your parents info in order to be qualified for the health professions student loan, do your parents need a pin number too?

I didn't know this and already filled out FAFSA, but I didn't input any of my parents info. Do you know if I can go back and make that correction after they process my FAFSA, or am I out of luck for this year?

Parents do not need a PIN. Just open up your FAFSA and sit down with them.

As for those already submitted, You should be able to resubmit with updates. A new SAR will be generated.

 

[ecalcutt]

I've applied to Ferris State Pharm., but they don't mail out acceptance letters until March or April. Do I go ahead and apply for the FAFSA as an independent or a dependent student?

 

[Pharm47]

mmm...David Hasselhoff...

 

[PolarBear21]

I will call all the schools I am applying to, but I was wondering in the mean-time if you guys could answer my question.

I am a full-time student and I only work part-time, and I only worked half of last year. I only made 2,000 and I do not plan on filing for taxes, is this ok for Fafsa? I know I did this throughout undergrad, but I don't know if its different now that I'm an independent.

 

[Me+PharmD]

I will call all the schools I am applying to, but I was wondering in the mean-time if you guys could answer my question.

I am a full-time student and I only work part-time, and I only worked half of last year. I only made 2,000 and I do not plan on filing for taxes, is this ok for Fafsa? I know I did this throughout undergrad, but I don't know if its different now that I'm an independent.

I'm pretty sure that you're required to file taxes regardless of your income. There's a lot of tax questions on the FAFSA, so I would say that you need to file a return or you may not be able to complete the FAFSA. I'd call the U.S. Depart. of Ed. to make sure.

 

[OasisDwlr]

Just FYI: I contacted Western (where I have been accepted so far) and they don't participate in the Health Professional Student Loan Program. It seems that not all schools participate in all of the loan programs. So before you harass your parents for their tax info, you might want to check to see if the schools you are applying to participate in this loan program.

 

[acetyl]

Here's another tid bit of information about the Health Professions Loan...a PY1 this year I know applied for it and went through the trouble of getting them to fill out the income stuff, and she was rejected for that loan. Apparently, it's an income based loan and she told me not to fool with it if your parents make a bunch of money. I think she had it listed that they made greater than a hundred grand. This of course, might vary by state.

 

[greatdeals225]

where did you find out info about what loans you can take for school? is it through the school or did you have outside sources?

i heard that it doesn't matter if you apply as independent on your fafsa or not, it all depends on how you qualify at that particular school. Some schools won't consider you as a graduate student until P2..... in which I think the aid you'll receive or loan amounts differ... i'm not sure though... anyone have a clearer thought, feel free to jump in! 😛

 

[PolarBear21]

I'm pretty sure that you're required to file taxes regardless of your income. There's a lot of tax questions on the FAFSA, so I would say that you need to file a return or you may not be able to complete the FAFSA. I'd call the U.S. Depart. of Ed. to make sure.

Hmmm, well I did this throughout undergrad, so far I've called western and Touro and they say its ok. Maybe I should e-mail and get this in writing. The thing is my job this past year I told them I wouldn't file because I don't really get a big tax refund anyway, so I wasn't sure if they would even have my W-2 if I went back and asked.

 

[sublime86]

where did you find out info about what loans you can take for school? is it through the school or did you have outside sources?

i heard that it doesn't matter if you apply as independent on your fafsa or not, it all depends on how you qualify at that particular school. Some schools won't consider you as a graduate student until P2..... in which I think the aid you'll receive or loan amounts differ... i'm not sure though... anyone have a clearer thought, feel free to jump in! 😛

I attend UF, and 1PD's aren't considered professional students when it comes to financial aid. Since my parents clain me as a dependent, I had to put that on my FAFSA. The loans amounts I'm eligible for don't even come close to covering the cost of tuition based on how much money my parents make. We're one of those families that make too much to be eligible for any significant amount of financial aid, yet my parents don't make a buttload of money either. Needless to say, this has been a stressful year for my family and me.

But as a 2PD, I'll be considered an independent which will boost the amount of federal loans I can recieve....and then I can be in debt for several years to come! yay for pharmacy school!

 

[ForcedEntry]

Hey Forced, I'm going to want the HPSL for the fall. I've already had my application submitted and processed but can go back in once I get my tax stuff ready. I didn't realize the HPSL was through FAFSA, and that you had to submit the parents stuff. Are you sure it's through FAFSA and not a different thing?

Just saw your post...Yes HPSL is through FAFSA and I better get it or I "ain't" going to skewl.

 

[OasisDwlr]

where did you find out info about what loans you can take for school? is it through the school or did you have outside sources?

i heard that it doesn't matter if you apply as independent on your fafsa or not, it all depends on how you qualify at that particular school. Some schools won't consider you as a graduate student until P2..... in which I think the aid you'll receive or loan amounts differ... i'm not sure though... anyone have a clearer thought, feel free to jump in! 😛

I checked the websites of the schools I applied to to see what Fin Aid loans/grants they offered. It might be under the Current Students section, but I checked 3 schools and they all had the info posted. You could also email the fin aid dept. of the schools--they will be able to provide more detailed info.

This is so obnoxious! My parents haven't claimed me as a dependent for years and I can't believe I have to ask them for their tax info! So lame.

 

[acetyl]

Just saw your post...Yes HPSL is through FAFSA and I better get it or I "ain't" going to skewl.

This is the message I received from a PY1:

"I did, and I told you not to bother with it. It will only help you if your parents are at a certain income (which yours I am sure, are not). I spent a lot of time filling it out and submitting it only to be told by my financial aid counselor that I shouldn't have bothered since it was income based.

You will get 18500 in federal direct loans, 10000 will be subsidized (no interest acruing) and 8500 will be unsubsidized. This is the federal cap. The rest will have to come from Graduate Plus Loans, which are a little different, and usually through the university you go to."

I'm not saying don't try, but if your 'rents make a boat load of dough, don't expect to get it.

 

[ButlerPharm.D.]

The numbers Acetyl is mentioning is the maximum amount of money you are eligible for through the Federal Stafford loan program as a graduate student. Your classification as a grad student is usually based on whether you already have an undergraduate degree and what your school classifies you as. A lot of 0+6 schools don't consider you a graduate student until you enter your 5th year of college and this is usually the time students will have to file their FAFSA as an independent if they have not already done so. The reason for this is you are now eligible to receive more money from government as a graduate student. The Graduate Plus loan is a loan program for graduate students similar to the Student Plus loans Sallie Mae has it's just only for graduate students. I believe the interest rate for the Graduate Plus loan is 8.5% fixed but don't quote me on that.

This is the message I received from a PY1:

"I did, and I told you not to bother with it. It will only help you if your parents are at a certain income (which yours I am sure, are not). I spent a lot of time filling it out and submitting it only to be told by my financial aid counselor that I shouldn't have bothered since it was income based.

You will get 18500 in federal direct loans, 10000 will be subsidized (no interest acruing) and 8500 will be unsubsidized. This is the federal cap. The rest will have to come from Graduate Plus Loans, which are a little different, and usually through the university you go to."

I'm not saying don't try, but if your 'rents make a boat load of dough, don't expect to get it.

 

[bugslife]

mmm... as a FAFSA virgin as well, i say this is a helpful thread... 😉

 

[genesis09]

The cap on federal loans is changing next school year. I believe it's going to be over $20,000.

 

[ForcedEntry]

My P1 year will be a 3rd yr undergrad for financial aid reasons so grad loans are out. Because I am a veteran, I am independent and PLUS loans are out as well. I am also applying for LDS loans, but who knows. At this point I am convinced that I will have to get a private loan w/ a co-signer <shivers> for the first year. After that, HPSL should cover everything.

 

[OasisDwlr]

I'm not saying don't try, but if your 'rents make a boat load of dough, don't expect to get it.[/QUOTE]

I was under the impression that even though they ask for your parents' info, they don't take that into consideration when assigning the HPSL because the students applying for it are "independent." At least this was my interpretation of it when it was presented at a UOP info session a couple months ago. I could be wrong. Might as well apply for it just to see what happens...

 

[cycloketocaine]

So, when it asks, do I put that I will be graduate or undergrad when it comes to school next year. I will be a P1. Or, does it vary by school?

 

[ageldred]

So, when it asks, do I put that I will be graduate or undergrad when it comes to school next year. I will be a P1. Or, does it vary by school?

Varies by school. However if you have a bachelor's you are considered graduate for most pharmacy schools, even if the people without bachelors are not. As an aside, last year I put graduate and forgot to change it when I didn't get in to pharmacy school and continued getting another bachelor's degree....and it was the same amount of aid so the school has the final say. The school should let you know if there's a problem....however they always seem to do that after aid has been disbursed and you're out of money!

 

[SunFlower2008]

This is the message I received from a PY1:


You will get 18500 in federal direct loans, 10000 will be subsidized (no interest acruing) and 8500 will be unsubsidized. This is the federal cap. The rest will have to come from Graduate Plus Loans, which are a little different, and usually through the university you go to."
.

Are you saying that $18500 is all the money you can get from FAFSA? what about the $18500 can not cover all the tuition fee and living expense. I apply FAFSA for my undergraduted and I get pell grant which is not a loan, it's the free money that the government give it to you. Are the Pharm.D students still have pell grant this kind of free money that you don't have to pay back?

Thanks guys, I am very confusing about those finance issue too😕

 

[ButlerPharm.D.]

$18500 is the maximum amount of STAFFORD LOANS you can get as a graduate student. What $18500 doesn't cover you can take out a GRADUATE PLUS LOAN to cover or any other type of student loan. In regards to the Pell grants, we were told those are need based government grants that only cover you in regards to an undergraduate degree and that you aren't eligible for those as a graduate student b/c they are there to basically help people get their first degree. I would contact you financial aid department if you have questions because each school is different. I go to Butler which for most students is a 0+6 program and they have told us that for our 5th and 6th years we are considered graduate students and need to file our FAFSA as such.

Financial aid is a hard topic to talk about discuss because there are so many intricacies to it. My advice, talk to someone in your schools financial aid department if you want the real scoop.

 

[jaypea65]

FYI...ALL students wishing to be eligible for a Health Professions Student Loan, MUST submit their parents information regardless of dependancy status. This cannot be waived.

I am 41 y/o, Do I have to list my dad's retirement income and my deceased mother's previous salary?

 

[Glowwyrm]

I am 41 y/o, Do I have to list my dad's retirement income and my deceased mother's previous salary?

I feel the same way. I haven't lived with my parents for 15 years.

 

[cycloketocaine]

Well, okay. Here's some FYI. I emailed OU today and asked them if I was considered a graduate student and if I could qualify for graduate money. I do NOT have a bachelors. They said I AM a graduate student and I need to put that on my FAFSA. 👍 👍 So, it really does just depend on the school.

 

[Pharm47]

What if....

The EFC (Estimated Family Contribution) calculated by FAFSA is greater than the total cost of education for one year? Does this mean I won't be offered any loans at all? I don't understand how FAFSA got that number. It was larger than my total salary last year, and next year (when in school), my total income will be about $2000. I feel like I'm totally screwed by FAFSA. If I don't get some financial aid, loans or otherwise, I won't be able to go to pharmacy school.

 

[ageldred]

What if....

The EFC (Estimated Family Contribution) calculated by FAFSA is greater than the total cost of education for one year? Does this mean I won't be offered any loans at all? I don't understand how FAFSA got that number. It was larger than my total salary last year, and next year (when in school), my total income will be about $2000. I feel like I'm totally screwed by FAFSA. If I don't get some financial aid, loans or otherwise, I won't be able to go to pharmacy school.

You'll probably qualify for private loans and perhaps unsubsidized loans. In the following years if you're as broke as everyone else your EFC should go WAY down qualifying you for lower interest loans. Are you married? Your spouse's salary will go into that EFC calculation.

 

[staphylcoccus]

so if we file as an independent, can we be considered a state resident?

I'm asking this because the rationale of Michigan's financial aid office is that you are considered nonresident if your parents work or live out-of-state. But if I file as an independent, and I live in-state, would I be considered a resident for financial aid? Hehe...I'm not counting on it though. 🙄

 

[Farmercyst]

so if we file as an independent, can we be considered a state resident?

I'm asking this because the rationale of Michigan's financial aid office is that you are considered nonresident if your parents work or live out-of-state. But if I file as an independent, and I live in-state, would I be considered a resident for financial aid? Hehe...I'm not counting on it though. 🙄

Whether or not you're considered a resident for state purposes is similar to FAFSA designations for undergrads (who provides your support, your age, etc). For professional school you can be independent and still dependent for residency rules. I'd call the school to double check, but yeah, I'd say don't count on it unless you are the sole source of your income.

 

[Pharm47]

You'll probably qualify for private loans and perhaps unsubsidized loans. In the following years if you're as broke as everyone else your EFC should go WAY down qualifying you for lower interest loans. Are you married? Your spouse's salary will go into that EFC calculation.

Ugh, this sucks. Yeah, I'm married, but my husband doesn't make much. I think it's b/c we both have significant retirement investments. Does FAFSA expect me to cash in my 401k?

 

[genesis09]

Ugh, this sucks. Yeah, I'm married, but my husband doesn't make much. I think it's b/c we both have significant retirement investments. Does FAFSA expect me to cash in my 401k?

If I recall, you don't have to include 401K, IRA, etc in your savings. You should review that point.

 

[Saimah]

Im new to all of this so if I get into Pharmacy School for Fall 2007 I can still get FAFSA to help pay for pharmacy school? I thought they dont pay for professional schools?? Any help would be great...thanks guys!

 

[PolarBear21]

Do I list my dad's income if he is retired? Its just his Social security benefits?

Thanks for all the help