Fafsa

[gators21]

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I was wondering a couple things about fafsa:
1) Do we have to fill it out before we matriculate? I am very fortunate to have some support from my family, but I don't know if it will last all four years. Like can I fill it out if the time comes that I need it in say 3rd year?
2) Do you have to take out the allotted amount for your school year? I don't want to take out the loans, have them accrue interest, then owe money if I never used them. Trying to save some cash.
3) Is there a long waiting period before you would receive funds?

Thanks for the help

 

[greenpepper7]

I was wondering a couple things about fafsa:
1) Do we have to fill it out before we matriculate? I am very fortunate to have some support from my family, but I don't know if it will last all four years. Like can I fill it out if the time comes that I need it in say 3rd year?
2) Do you have to take out the allotted amount for your school year? I don't want to take out the loans, have them accrue interest, then owe money if I never used them. Trying to save some cash.
3) Is there a long waiting period before you would receive funds?

Thanks for the help

1) Yes, you will also need to fill it out each year. Also, financial aid is granted without consideration of parent income for medical school (need-based scholarships are different though).
2) No, you do not need to take out all of the award.
3) Because you need to fill out FAFSA before you matriculate in most cases, there shouldn't be a waiting period.

 

[ucbsmd]

I was wondering a couple things about fafsa:
1) Do we have to fill it out before we matriculate? I am very fortunate to have some support from my family, but I don't know if it will last all four years. Like can I fill it out if the time comes that I need it in say 3rd year?
2) Do you have to take out the allotted amount for your school year? I don't want to take out the loans, have them accrue interest, then owe money if I never used them. Trying to save some cash.
3) Is there a long waiting period before you would receive funds?

Thanks for the help

1) My understanding is you only need to fill it out for years you want aid. With that being said, if Staford subsidized loans are still around for the next school year, it would be silly not to start the subsidized loans if you plan on having to take any unsubsidized loans out during your time in medical school since interest doesn't start accruing till you graduate.

 

[gators21]

Thanks for the replies, they were really helpful. A couple follow ups:
1) Do we not pay interest on the loans while we are still in class? I know you can defer your payments up through residency, but I was under the impression that you still accrue interest while in school.
2) Can I take out the loans as situations arise? Or is it like I have to take it as a large 1 time sum of money in the beginning of the year?


Thanks a bunch.

 

[Dr McSexy]

Thanks for the replies, they were really helpful. A couple follow ups:
1) Do we not pay interest on the loans while we are still in class? I know you can defer your payments up through residency, but I was under the impression that you still accrue interest while in school.
2) Can I take out the loans as situations arise? Or is it like I have to take it as a large 1 time sum of money in the beginning of the year?


Thanks a bunch.

1.) There's a certain portion of the amount that you can take out ($8500) that doesn't accrue interest while in school. If someone is paying your tuition and other expenses. It will probably be worth it to take it out anyway. You'll have credit in your name. You can put into a savings account or invest in some other way until you need it or pay it back.

2.) Probably depends on the institution and their financial aid office process of doing things. Some schools may be able to push you out a loan when you need it others may not. Our school does it two separate distributions for each semester. There are emergency loans of that nature as well.

 

[Ignatius M.D.]

1) Yes, you will also need to fill it out each year. Also, financial aid is granted without consideration of parent income for medical school (need-based scholarships are different though).
2) No, you do not need to take out all of the award.
3) Because you need to fill out FAFSA before you matriculate in most cases, there shouldn't be a waiting period.

Are you referring to subsidized loans? I was under the assumption that there was always, if only a quite small amount, of need-based aid.

 

[greenpepper7]

Are you referring to subsidized loans? I was under the assumption that there was always, if only a quite small amount, of need-based aid.

My understanding from the financial aid presentations at the schools I interviewed at is all government support for medical school students is based only on the students financial records not parents/guardians without consideration for dependency status.

For medical school that will take the form of Subsidized Stafford Loans up to $8,500, Unsubsidized Stafford Loans up to ~$40,000, and Graduate Plus Loans to cover the remainder.

Most schools do seem to also offer merit scholarships, and need-based scholarships/grants. The need-based scholarships seem to almost always depend on both the students and the parents financial information without consideration for dependency status.

Because I assume the vast majority of medical students don't receive significant support from their parents regardless of their parents' income, I don't entirely follow the logic of those need-based scholarships for medical school, but it is what it is.

Take everything I said with a little skepticism as I am not a financial aid adviser, and my understanding comes from only a few medical schools.

 

[OrangeandMaroon]

My understanding from the financial aid presentations at the schools I interviewed at is all government support for medical school students is based only on the students financial records not parents/guardians without consideration for dependency status.

For medical school that will take the form of Subsidized Stafford Loans up to $8,500, Unsubsidized Stafford Loans up to ~$40,000, and Graduate Plus Loans to cover the remainder.

Most schools do seem to also offer merit scholarships, and need-based scholarships/grants. The need-based scholarships seem to almost always depend on both the students and the parents financial information without consideration for dependency status.

Because I assume the vast majority of medical students don't receive significant support from their parents regardless of their parents' income, I don't entirely follow the logic of those need-based scholarships for medical school, but it is what it is.

Take everything I said with a little skepticism as I am not a financial aid adviser, and my understanding comes from only a few medical schools.

Government aid, in the form of Stafford Loans, is awarded solely based on your financial information. In short, this is because medical students are considered independent students (a student must meet at least one of 14 different provisions to be considered an independent, one of which is enrollment in an MD program).

For 2010-2011 the maximum subsidized Stafford Loan amount for a student in a Health Professions program is $8,500. For a 12-month enrollment an additional $38,667 may be borrowed in the form of an unsubsidized Stafford Loan for a total, sub and unsub, of $47,167. For a period less than 12 months the unsub loan limit is prorated.

9 months: $12,000 + $20,000 = $32,000
10 months: $12,000 + ($20,000/9 months)*10 months = $34,222

Aggregate Loan Limits are $224,000 (Up to $65,500 sub)

http://ifap.ed.gov/efcformulaguide/attachments/101310EFCFormulaGuide1112.pdf

http://ifap.ed.gov/fsahandbook/attachments/1011FSAHbkVol3Ch6.pdf