fafsa... loans... for dummies

[yrl]

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i will be attending a private out of state dental school in the fall, and i need to start figuring out how to do this loan stuff. and i'm completely lost.
i know the priority deadline for fafsa just passed but the website is closed for maintenance till tomorrow so i thought i'd plan and get ready for it right now.
can someone tell me how i should fill out fafsa so i can get the MOST out of it? would i get more if i'm dependent or independent? should i include my parent's income and tax return information? (my parents make quite a bit but they will not be paying for dental school at all). i've been told i'd get more loans if i used my parent's information, which doesn't seem to make sense in my head for some reason. do i need to go tax returns before filling out fafsa? (i made a lot less than 5000 in 2010 so i didn't do returns).
any sort of good information would be veryyy helpful. thanks!

 

[WhichRoom]

i will be attending a private out of state dental school in the fall, and i need to start figuring out how to do this loan stuff. and i'm completely lost.
i know the priority deadline for fafsa just passed but the website is closed for maintenance till tomorrow so i thought i'd plan and get ready for it right now.
can someone tell me how i should fill out fafsa so i can get the MOST out of it? would i get more if i'm dependent or independent? should i include my parent's income and tax return information? (my parents make quite a bit but they will not be paying for dental school at all). i've been told i'd get more loans if i used my parent's information, which doesn't seem to make sense in my head for some reason. do i need to go tax returns before filling out fafsa? (i made a lot less than 5000 in 2010 so i didn't do returns).
any sort of good information would be veryyy helpful. thanks!

Hey buddy, not going to be able to help you out really as is I am lost too. What I would say however is if you made peanuts (like me) FILL OUT YOUR TAXES! You have some time yet, and they really aren't that bad. Im guessing you dont owe any taxes so you should get a return of a few hundred bucks, maybe enough for some loupes!

 

[yrl]

Hey buddy, not going to be able to help you out really as is I am lost too. What I would say however is if you made peanuts (like me) FILL OUT YOUR TAXES! You have some time yet, and they really aren't that bad. Im guessing you dont owe any taxes so you should get a return of a few hundred bucks, maybe enough for some loupes!

lol if i would get a few hundred back, i would definitely do it. my friend who made the same as me got 14 back so what's the point.

 

[redchesus]

Outline form is easier:

(1) You'll be by definition independent when you start D-school or any other graduate program

(2) Since many people will be independent and not making any money in D-school, they ask you to submit your parents' financial information to determine what kind of socioeconomic background you came from in order to allocate need-based financial aid (e.g. HHS funded low-interest loans). It's your choice whether you want to submit this information or not, but you won't be considered for need-based stuff if you don't. Though, if your parents make a lot it may not be worth the hassle, but I don't know where that threshold is...

You also don't have to do this if you're 30+, I think.

Whether you decide to submit your parents' information or not, I'm pretty sure you need to submit the FAFSA to receive any loans at all.

(3) You should file your taxes (you still have time), but I'm pretty sure you can still fill out the FAFSA if you don't file... all you need is the W-2 from your employer, and maybe the 1099-INTs from your banks if that's substantial enough (basically you need to figure out your adjusted gross income and taxes paid).

 

[WhichRoom]

lol if i would get a few hundred back, i would definitely do it. my friend who made the same as me got 14 back so what's the point.

It will take like ten minutes to figure out what you're getting back. Look at the taxes withheld box on your w2, if you dont owe taxes, this figure will be in your pocket.

 

[preOMFS]

Talk to the financial aid office at your dental school. Those people are paid to work for you and they are usually extremely helpful and friendly.

 

[FutureDentalSt1]

ah this is so overwhelming!!!