FAFSA - To declare parents or not to declare, that is the question.

[amatomation]

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I am about to enter my first year and am not sure how I should fill out the FAFSA application as it pertains to parental information. The school that I will be attending requires I enter the parental information to be eligible for any school grants, etc. although FAFSA does not require it for federal aid.

My parents are fairly well off, but have already paid for my undergraduate education. Understandably, they will not be helping me pay for medical school. Nevertheless, entering their tax information on the FAFSA application will probably make it impossible to get any scholarship money.

So, should I leave the parental information out in an attempt to secure federal aid? Or should I enter the parental info and hope for the best? I am sure many people are in a similar situation. If anyone has suggestions, please feel free to comment!

 

[TommyGunn04]

Are you sure that FAFSA doesn't require parental information? Correct me if I'm wrong - I might be confusing this with school-specific requirements, NeedAccess, etc. - but I was under the impression that medical school was the one exception to this rule, such that even applicants who aren't technically "dependents" are still required to submit their parental info in order to even be considered for federal aid.

 

[mpp]

It's the opposite. You are never required to provide parental information to qualify for federal aid for medical school. Every medical student, regardless of need, is considered independent and will qualify for $38,500 per year in federal Stafford loans (provided that the total cost of tuition/room & board/expenses is more than $38,500).

There are no federal grants for medical school (apart from the scholarship programs like the military and the National Health Service Corps).

 

[amatomation]

So, there are no federal scholarships or grants awarded through FAFSA? So all "free money" is routed through school financial aid deparments?

What about in terms of the Stafford Loans? Would including parent information on FAFSA reduce the amount of low-interest loan money I could get? If all of med school financial aid is going to come from loans anyway, why would anyone add their parent's info? It seems there is very little scholarship money to be seen.

 

[joe6102]

It's the opposite. You are never required to provide parental information to qualify for federal aid for medical school. Every medical student, regardless of need, is considered independent and will qualify for $38,500 per year in federal Stafford loans (provided that the total cost of tuition/room & board/expenses is more than $38,500).

Are you sure about that? Then why even have a FAFSA? Those of us who have worked the year prior to entering will have an EFC > 0. Are you saying we can still borrow $38,500 this year in federal stafford loans?

From my research, I am under the impression that parental info has no effect at all on your EFC if you are a medical student. I'm sure someone will correct me if I'm wrong.

 

[amatomation]

From my research, I am under the impression that parental info has no effect at all on your EFC if you are a medical student.

Are you sure Joe6102? Why would they have a section for parent info unless it has some bearing on aid? Perhaps only to assist schools distribute free money rather than designate who gets the low interest loans.

 

[abbaroodle]

Are you sure about that? Then why even have a FAFSA? Those of us who have worked the year prior to entering will have an EFC > 0. Are you saying we can still borrow $38,500 this year in federal stafford loans?

From my research, I am under the impression that parental info has no effect at all on your EFC if you are a medical student. I'm sure someone will correct me if I'm wrong.

Your parents' info does not effect your EFC. However, your EFC and the cost of attending your school effects how much __subsidized___ stafford you qualify for, up to $8,500. So if your EFC exceeds the cost of attendance, you do not qualify for any subsidized, but you still qualify for unsubsidized up to the $38,500 or the cost of attendance, whichever is less.

Parental info is also necessary to determine whether you qualify for some federal loans such as med school loans for financially disadvantaged students. (I dont know whether to qualify for these you need to have parent info on the FAFSA or not.)

As far as I know, all med schools consider parent income when determining internal aid. (Any that dont??? I am curious!) Many schools require parents' info on the FAFSA for internal school aid. Some require supplemental paperwork instead with that info (or in addition...) When in doubt, check with your school to see if they require it on the FAFSA. If your school doesnt, I would leave it off, though that is a personal decision.

Good luck!

 

[abbaroodle]

Are you sure Joe6102? Why would they have a section for parent info unless it has some bearing on aid? Perhaps only to assist schools distribute free money rather than designate who gets the low interest loans.

Sorry to double post. One more thing about FAFSA:

It is the same form for all students, regardless of age or dependent-status. So if you are undergrad, you are (most likely) dependent and need to declare parents info. If you are a med\grad\professional, you are automatically considered independent. Although the form is not smart enough to delete the parents section, you can skip it. (Unless your school requires it....)

 

[amatomation]

abbaroodle - that makes perfect sense, thank you 😀

This brings me back to the original question: Is it worth it to leave the parents off if they have money? I am weighing school aid versus federal aid here. If I leave the parents off, I won't get school help, but I may get some better federal low interest loans, whereas if I leave the parents on, I may not get squat from anyone (and have to pay for it myself either way). 😕

 

[abbaroodle]

abbaroodle - that makes perfect sense, thank you 😀

This brings me back to the original question: Is it worth it to leave the parents off if they have money? I am weighing school aid versus federal aid here. If I leave the parents off, I won't get school help, but I may get some better federal low interest loans, whereas if I leave the parents on, I may not get squat from anyone (and have to pay for it myself either way). 😕

Putting your parents info on the FAFSA doesnt hurt your federal low interest (or subsidized) loans because you are independent because you are a grad\professional student. So it doesnt matter. If your school requires it, then put it down. It doesnt hurt your federal aid. If your school doesn't, I wouldnt waste my time. (They will ask for it somewhere, I am sure!)

 

[amatomation]

Thanks for the tips!

 

[mpp]

As far as I know, all med schools consider parent income when determining internal aid. (Any that dont??? I am curious!) Many schools require parents' info on the FAFSA for internal school aid. Some require supplemental paperwork instead with that info (or in addition...) When in doubt, check with your school to see if they require it on the FAFSA. If your school doesnt, I would leave it off, though that is a personal decision.

Good luck!

About half don't. Check this link from the AAMC to see a list of what schools require for financial aid.