Fafsa question...

At my interview at Western, they said parent info didn't have to be filled out. I'm assuming because they don't use it in their financial aid calculations. USC requires parental information, including supplemental documentation beyond what you put in FAFSA. I'm sure the other schools fall somewhere between these two. If you've been accepted or are applying to just a few schools I'd say call around and see if you need it. If you have applied to several schools it may be best just to fill it out, one schools is bound to ask you to. You could feasibly wait and just update your FAFSA once you know what school you'll be going to, but it may be past their priority deadline by then.

 

If your school offer and you are applying for any of the health opportunity scholarships or the minority or disadvantaged scholarships you will nedd to submit your parents info.

 

I have worked and invested for a while, and have about 200k savings in cash (no other real asset, like a house). Am I even eligible for fafsa, or I need to convert my cash savings into a downpayment on a house, then apply for fafsa. Thanks for any useful info.

 

I think anyone is "eligible" for FAFSA. You most likely won't get any subsidized loans with that amount of money on hand, but I believe you'll still have access to unsubsidized loans. Although, with that much cash on hand, I'm not sure why you'd take out loans anyway...

If you're hoping for scholarships out of FAFSA, don't hope too hard. Again, this is just according to my understanding, but I don't think there are many scholarships offered by COPs. You can apply for scholarships through other organizations, but many don't ask for your FAFSA info.

 

Agree with Dr. Biassi said - there are certain programs for students in health professions that you will only be considered for if you fill out your parent's information on the FAFSA. I don't think these programs are available to first-year students (since they technically aren't in professional school yet I guess), but they are available for subsequent years. You may just want to check with the finaid office at your school to be sure...

 

About the health profession FAFSA thing: the financial aid officer at Pacific said NOT to include parent info unless they have pretty low income. She basically said that anyone considered mildly "middle-class" wouldn't qualify for the health professions grant/loan. So unless you're pretty sure your parents income would qualify as less than this, including their info might do more harm than help.

 

The aid available is based on your (I think the acryonym is EFC) estimated family contribution. I don't have as much in savings (~120K), but my EFC from the FAFSA report was about 18165. I'm assuming they gather the tuition data, which for my schools will show yearly tuition requirements of 28-42K depending on which school I end up at. So I think my financial aid from FAFSA sources would have to subsidize 10-24K of my tuition per year. I'm not exactly sure that's how it works, but I think it is. FAFSA faqs would probably give a little better indication as to exactly how the process works.

 

So, Farmercyst, what does EFC=556 mean for me? Good or bad? Do you think schools will reject me solely because of it?
Thanks in advance.

 

that means that you are eligible for more financial aid...for what its worth, it cant be a bad thing

 

The smaller the number, the better. Schools reject/accept you based on your grades, PCAT scores, interviews, not based on how much money you have or don't have.

 

Man you are good!!! With that 200K don't even bother to take a loan. Pay for your school!!! with that EFC you are going to be short on loan. I have an EFC of zero I guess they will give me a max load of loan and I will be so in debt when I graduate

 

Actually I'm hoping to qualify for subsidized loan. If I can get money at no interest until the end of school I can use my money to earn interest during the same period. I doubt I will qualify given my assets, but if I did that would be choice.

 

Essentially the EFC is how much the Gov't thinks your family (you+spouse) can contribute to your education. The less they think you can afford to contribute, the more they'll have to give in financial aid. (Better for you) As mentioned above, schools don't care where the money comes from and they pretty much know if you are a US citizen/permanent resident and have a pulse that you'll probably get what you don't have from the Feds. So it's generally no concern to them if you have a low EFC.

 

It would be better to put your parents info, even if you file as an independent. By exluding your parents info, you automatically disqualify yourself for certian grants, scholarships, and loans that you otherwise may have been eligible for, that you may not even know about.

 

Well, I guess I'm screwed. My EFC is 28500. MCPHS is going to cost me approx. $40,000 a year. I guess that means the gov't could subsidize about $11,500 and I could get unsubsidized for the rest. Is that right? I can still get federal aid for the rest, just unsubsidized, right? Please tell me that's true, because just because the gov't says my wife and 2 kids can afford to contribute $28,500 a year for my education, that doesn't mean I believe I can. Mortgage, etc....

Thanks for any input.