Fafsa

[Crazy Hippos]

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Do you guys know when we are supposed to file our FAFSA? Before we are accepted or after? If before, do we have to file for every school we applied to?

 

[DVMDream]

I believe most schools want it in sometime in February/March. Yes send it to all schools and then whichever schools accept you should be able to give you a financial aid report.

 

[MissScarlett]

When filling out your FAFSA in January, you will want to include your parents' financial information if you want to qualify for the Health Professions Student Loan. Without parental information, you will not have access to the loan.
The HPSL is not large (maybe $5000 or so a year), but it comes with a lower interest rate than the Stafford Loans (5%) and a 12 month grace period. Having the interest be deferred for an additional $5,000 of your loans can really help. (For the Stafford Loans, you can take up to $8,500 a year in subsidized loans, with the rest being unsubsidized.)

Most schools will not remind you that you need your parents' information to qualify for this loan. I pulled the following directly from a school website regarding the HPSL:
"The Department of Health and Human Services makes the in-school and grace period interest payments. You must include parental financial information on your FAFSA regardless of age, marital status, or dependency status."
Having the interest be deferred for an additional $5,000 of your loans can really help.

 

[Crazy Hippos]

Thanks!

 

[bunnity]

You need your tax return (and your parents' tax returns if applicable) to file the FAFSA. Many schools/states have a FAFSA deadline before the tax deadline though, so I would suggest getting everything done as soon as you get your W2's in the mail, so January-ish.

 

[VAgirl]

When filling out your FAFSA in January, you will want to include your parents' financial information if you want to qualify for the Health Professions Student Loan. Without parental information, you will not have access to the loan.
The HPSL is not large (maybe $5000 or so a year), but it comes with a lower interest rate than the Stafford Loans (5%) and a 12 month grace period. Having the interest be deferred for an additional $5,000 of your loans can really help. (For the Stafford Loans, you can take up to $8,500 a year in subsidized loans, with the rest being unsubsidized.)

Most schools will not remind you that you need your parents' information to qualify for this loan. I pulled the following directly from a school website regarding the HPSL:
"The Department of Health and Human Services makes the in-school and grace period interest payments. You must include parental financial information on your FAFSA regardless of age, marital status, or dependency status."
Having the interest be deferred for an additional $5,000 of your loans can really help.

Sadly, not all schools have HPSL money, and the amount that a school has might vary. But it's totally worth a shot to go for it. Plus, putting your parental information on your FAFSA will not negatively impact the amount of other financial aid that you qualify for, so it doesn't hurt to include that info, and could only help.

 

[DVMDream]

What sucks is my parents would never qualify for the HPSL loan and if I put their info. on the fafsa then the government thinks that they will have the ability to help me pay for school, which they don’t. Then since they offer the HPSL to my parents (they do not know my parents won’t qualify) they do not think I need any grants or other support other than loans. So for my situation I will not be including their information because it will not help me and could actually prevent me from getting grants (like it did in undergrad.)

 

[Crazy Hippos]

I feel the same way. I didn't receive any grants for undergrad either even though I was not a dependent.

 

[DVMDream]

I feel the same way. I didn't receive any grants for undergrad either even though I was not a dependent.

I didn't have a choice. I had to put my parent's info because I am under 24 and I don't own any property. I was no loner conidered a dependent either. But, my parents do not have the ability to help pay for school. So the government believed that I had more money than I actually did. But once you get to graduate or professional school, you no longer have to provide your parents’ info. Of course if your parents can help pay or have good enough credit to receive the HPSL then it is worth it. But, if you put your parents’ income on the FAFSA then they combine both your income and your parents to come up with how much money you have available for school.

 

[vnair2]

In Vet school the majority of your money will come from sub/unsub stafford loans. Putting your parents income on your FAFSA will have no effect on your eligibility for stafford loans (Because as a graduate student you are automatically considered independent). HPSL which are only offered by some schools and in very limited quantity are effected by your parental income, however, I believe you are not eligible for them at all if you dont provide parental income (at least this is true at Penn).

Individual school grants/scholarships (which are usually nonexistent/in short supply) are school dependent. At Penn if there is a grant/scholarship that is parental income dependent, you are not eligible at all unless your include this information. Therefore, it does not hurt you to include parental information. Other schools might have other policies for their grants/scholarships, so contact them individually. It should be noted that I didnt include my parental information. I knew I would be ineligible for anything based on their income and dealing with my parents to get that information was far too much trouble.

 

[rugbychick16]

In Vet school the majority of your money will come from sub/unsub stafford loans. Putting your parents income on your FAFSA will have no effect on your eligibility for stafford loans (Because as a graduate student you are automatically considered independent). HPSL which are only offered by some schools and in very limited quantity are effected by your parental income, however, I believe you are not eligible for them at all if you dont provide parental income (at least this is true at Penn).

Individual school grants/scholarships (which are usually nonexistent/in short supply) are school dependent. At Penn if there is a grant/scholarship that is parental income dependent, you are not eligible at all unless your include this information. Therefore, it does not hurt you to include parental information. Other schools might have other policies for their grants/scholarships, so contact them individually. It should be noted that I didnt include my parental information. I knew I would be ineligible for anything based on their income and dealing with my parents to get that information was far too much trouble.

What this person said. As a graduate student, you are automatically considered independent from your parents. So putting their info down on FAFSA for vet school will not hurt your eligibility for financial aid. It may help, such as for HPSL. (My HPSL is not very much at all...$1500/semester...I mean it helps, but its not much compared to my thousands in stafford loans. So its not that big of a deal).

Individual scholarships from your school vary and may ask if you are receiving any family monetay assistance (parents, grandparents, etc.) or what your total educational debt is up to this point in time. Many I've seen don't automatically ask for your parents income.

 

[DVMDream]

In Vet school the majority of your money will come from sub/unsub stafford loans. Putting your parents income on your FAFSA will have no effect on your eligibility for stafford loans (Because as a graduate student you are automatically considered independent). HPSL which are only offered by some schools and in very limited quantity are effected by your parental income, however, I believe you are not eligible for them at all if you dont provide parental income (at least this is true at Penn).

Individual school grants/scholarships (which are usually nonexistent/in short supply) are school dependent. At Penn if there is a grant/scholarship that is parental income dependent, you are not eligible at all unless your include this information. Therefore, it does not hurt you to include parental information. Other schools might have other policies for their grants/scholarships, so contact them individually. It should be noted that I didnt include my parental information. I knew I would be ineligible for anything based on their income and dealing with my parents to get that information was far too much trouble.

Thanks this helps out a lot for whether or not I will include my parents income. 👍

 

[MissScarlett]

vnair2's reply above is very accurate from what I understand for eligibility. The parental information is required to qualify yourself for the HPSL, but it is not counted toward the student's eligibility for direct (Stafford) loans. At this point you are considered to be "independent" students. I copied the following from one vet school's website:

"According to federal regulations, (this vet school) must take parent income and asset information into account, regardless of your dependency status, when determining eligibility for the HPSL.(We) will not use the parent information provided by independent students to calculate your eligibility for Federal Work-Study or Direct Loans."

 

[david594]

You need your tax return (and your parents' tax returns if applicable) to file the FAFSA. Many schools/states have a FAFSA deadline before the tax deadline though, so I would suggest getting everything done as soon as you get your W2's in the mail, so January-ish.

Not entirely true. You can file your FASFA with estimated numbers, and then submit an update later once your taxes are actually filed and you have the exact numbers.

I did mine right away last year when I got my W2's and submitted everything. Then I got a 1099 I forgot about and had to refile my taxes and submit an update to my fasfa. It sucked.

 

[GeeQued]

I sent mine to all the schools even before some interviews to meet the February deadline. It was almost not worth it since I could have gotten a loan through a bank similar to the loan I ended up taking out since I didn't get any grants and was only offered unsub loans. I would recommend checking into other places for loans as they typically have the same reqs and all but lower interest rates overall.

 

[david594]

I would recommend checking into other places for loans as they typically have the same reqs and all but lower interest rates overall.

Where can you get a student loan with a fixed interest rate <7%?

Federal loans have major benefits in their consolidation and deferment options. Like the income dependent and income based repayment options along with the public service loan forgiveness options.

And if your married and only took the loans out in your name, they are discharged if you die or become permanently disabled.

I don't think I've met anyone who recommends private loans as anything but an absolute last resort.

 

[GeeQued]

Where can you get a student loan with a fixed interest rate <7%?

Federal loans have major benefits in their consolidation and deferment options. Like the income dependent and income based repayment options along with the public service loan forgiveness options.

And if your married and only took the loans out in your name, they are discharged if you die or become permanently disabled.

I don't think I've met anyone who recommends private loans as anything but an absolute last resort.

I was offered one through Chase and I believe the interest rate was 5.8 % fixed based off my credit report (our fed loans are at 6.8 i believe) I say go this way because i wasn't offered anything but unsub loans. It does take credit into it so the rate isn't the same for everyone but it did have the same deferment and everything as the ones offered through the school.