fin aid: expected parental contribution?

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What percentage of your parents' adjust gross income do med schs usually expect parents to contribute towards your tuition & expenses?

 

[synapse lapse]

Dude you have to fill out fafsa and it will tell you the EFC. It's not a simple percentage formula. Noone knows what formula they use.

 

[katiekate]

Dude you have to fill out fafsa and it will tell you the EFC. It's not a simple percentage formula. Noone knows what formula they use.

Actually, I have read that the FAFSA assumes 35% of the student's assets and 5% of the parent's. That said, if you are going to be receiving gifts for graduation have your parents open an account in their name but you are the user. That way it won't be counted towards your portion of the EFC. You can do a google search on FAFSA formulas and you'll find the info that is garbled in Government lingo.

 

[Blade28]

Remember as a med student, you're considered "independent," so you don't have to include parents' income if you don't want.

 

[akpete]

and if other schools are the same as mine, the parental contribution and student contribution can be zeroed out by meeting with the fin aid office.


Speaking of, if you don't put parental info on the FAFSA, and you ONLY include the parental tax return with the institutional app for applying for need-based scholarships (which I actually got), then why in the hell would the school be dumb enough to list a parental contribution. I'm just gonna have to go in and zero it out anyway. Stupid people.

 

[Keg]

and if other schools are the same as mine, the parental contribution and student contribution can be zeroed out by meeting with the fin aid office.

What do you say to the finaid people to get them to drop the EFC, pray tell? Cause I tried that, and they said "no."

 

[katiekate]

What do you say to the finaid people to get them to drop the EFC, pray tell? Cause I tried that, and they said "no."

I love the "just go in there and zero it out" comment. You can't just go zero out what the FAFSA has calculated for your situation. Usually you need proof of reduced income for the year that you are entering med school or proof of extenuating circumstances. For example, I worked full-time all of last year and had an EFC of 9000 with FAFSA. However, I was able to reduce the EFC by a third by giving a pay-stub and a projected last date of employment to my finaid office. The school recalculated my finaid package- well, increased my loan amounts. Anyway, point being that you can't just say 'my EFC is zero, adjust it'. They'll laugh in your face. You need to be able to document your reasons why you can't be expected to put forth that amount of $$.

 

[NubianPrincess]

My EFC is too high.

Im sorry, just venting 🙂 But it is like 30% of my net income for 2005. As if I have any of that money left 🙄

 

[akpete]

What do you say to the finaid people to get them to drop the EFC, pray tell? Cause I tried that, and they said "no."

Actually, I walk in there, say "I don't have $3000" and they change it to zero and add to my unsubsidized. That's it. No documents or anything. So I guess that means that other schools don't do that then.

 

[ND2005]

Actually, I walk in there, say "I don't have $3000" and they change it to zero and add to my unsubsidized. That's it. No documents or anything. So I guess that means that other schools don't do that then.

Well, yeah, for unsubsidized loans they'll cancel it. There aren't any requirements to qualify for those. I assumed people were talking about trying to get need based $ from the institutions.

 

[psipsina]

Yah my EFC is way high because I made alot of money for 2005, which I obviously won't be earning whilst in medschool . . . they just said that it means I'll have to have more unsub for the first year . . . oh well.

 

[mchou]

Yah my EFC is way high because I made alot of money for 2005, which I obviously won't be earning whilst in medschool . . . they just said that it means I'll have to have more unsub for the first year . . . oh well.

EFC, just cause I'm not sure, is the actual $ amount that FAFSA expects your family to contribute right?

For some reason, mine says 00135. ... My dad's household still makes 80k, but we do support me, the wife, and grandma. Is there an error? Or is 00135 a code for something?

 

[Miami_med]

All med students are independents for fin aid. Your EFC should exclude parents. The information only has to be filled out for institutional aid.

 

[mchou]

All med students are independents for fin aid. Your EFC should exclude parents. The information only has to be filled out for institutional aid.

Thanks! (I thought it was an odd figure, but I read the form more carefully and it says Family contribution, rechecked what I put for family and it was just me.)

😳 silly me

 

[ramstam]

Actually, I have read that the FAFSA assumes 35% of the student's assets and 5% of the parent's. That said, if you are going to be receiving gifts for graduation have your parents open an account in their name but you are the user. That way it won't be counted towards your portion of the EFC. You can do a google search on FAFSA formulas and you'll find the info that is garbled in Government lingo.

As a "user" of an account you legally are an owner with most FI's. Just an FYI.
A way to do this is to get a debt card issued in a parents name(on the account that they want you to have) and they tell you the PIN, so you can get to the funds.