FinAid Help Please

[swtiepie711]

Quick questions

1) If you're holding more than one acceptance, you submit your FAFSA to both (include both school codes, right?)?

2) Do you submit FAFSAs to schools you've interviewed at but not heard back from post-interview (include the codes now? Only later?)?

3) Should we be submitting parental information no matter what (i.e. regardless of what their income is)?

4) When do accepted students usually get information about applying for FinAid or what their packages are? I thought we'd get mailings about applying for FinAid; however, it seems like schools have varying deadlines & don't always tell you about it...

Any other FinAid advice is GRRRREATLY appreciated! TIA!

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[QuantumMechanic]

I just sent my FAFSA to all the schools I haven't withdrawn from or been rejected from yet...if you get in they'll need it then, so just give them access to it now.

I included parental info. since some schools require it, however the FAFSA only considers your individual financial situation when it calculates the EFC since professional students are independents under federal guidelines. Most schools won't consider you an independent in terms of their instiutional aid, so parental info will be needed on the FAFSA, in most cases.

 

[Mayday]

I would fill out the FAFSA with no parental income and submit it to those schools that don't need it first, give them enough time to send it out to those schools (I'd say 3 weeks to be on the safe side) then go and do a correction to your FAFSA and put down the school codes for those that do need it.

I really don't know if it would work, but it certainly wouldn't hurt anything to try.

 

[braluk]

Moving to Financial Aid forums

 

[Lesley]

Quick questions

1) If you're holding more than one acceptance, you submit your FAFSA to both (include both school codes, right?)?

2) Do you submit FAFSAs to schools you've interviewed at but not heard back from post-interview (include the codes now? Only later?)?

3) Should we be submitting parental information no matter what (i.e. regardless of what their income is)?

4) When do accepted students usually get information about applying for FinAid or what their packages are? I thought we'd get mailings about applying for FinAid; however, it seems like schools have varying deadlines & don't always tell you about it...

Any other FinAid advice is GRRRREATLY appreciated! TIA!

1) Yes.
2) Yes. Include all codes now. It doesn't hurt and could possibly save you time later.
3) See post #9, below.
4)Good question. I'm not sure if this works like undergrad where the schools inform you of your aid package, potential lenders, before the acceptance deadline. I do know that aid can be dispersed, sometimes, even after the start of the term. It's always good to have a little money saved up for personal expenses for the first month or two just in case.

 

[QuantumMechanic]

the misinformation here is astounding....parental information on the FAFSA won't affect your ability to get federal loans as professional school students are classified as independents. most med schools consider you as a dependent for institutional financial aid however, so they are going to want to see the additional parental information on the FAFSA to determine that additional aid.

 

[Lesley]

FASFA advice regarding parent info, copied and pasted from their site, is included in post #9. Good luck filling out the FASFA everyone.

 

[TMP-SMX]

Posts from other students indicate if their parents make too much money as reported on the FASFA, it can affect the EFC and the ability to receive subsidized loans such as health professions, perkins, etc, loans that are dispersed by the schools after reviewing the FASFA information. Many students choose not to include parental information since they feel they would not be eligible for these types of loans anyway and it does not effect their ability to obtain Stafford loans. Many, but not all, schools have their own financial aid forms which require parental, financial information and sometimes copies of their tax returns.

I'm pretty sure the EFC disregards your parental info. Mine was 0, and while my parents don't exactly make a huge amount of money/have a lot saved, it wouldn't be 0 if their info was included in the calculation.

 

[Lesley]

I'm pretty sure the EFC disregards your parental info. Mine was 0, and while my parents don't exactly make a huge amount of money/have a lot saved, it wouldn't be 0 if their info was included in the calculation.

Thanks. Anyone getting an graduate degree is considered independent. I'm pretty sure that is why parental info even if included is disregarded when it comes to EFC.

I copied this information directly from the FASFA site: "Do I have to include my parents' information?"

1) "Only dependent students have to include their parents' information in their FAFSAs. However, the term "dependent student" can be misleading. The definition is controlled by federal regulations. Many students who fully support themselves fail to qualify as independent under the federal regulations."

But, it also says in another area that graduate students who are in Health Professions programs should include their parents information, but parental signatures are not required, to be considered for additional health profession financial aid.

2)"If you are applying for federal student aid for graduate programs authorized under Title VII of the Public Health Service Act, you must give information about your parents, even if you answered Yes to one of the questions in Step Three that qualifies you as an independent student. If you are unsure whether your course of study is considered a graduate health profession program, contact the financial aid administrator at the college you plan to attend. If your college requires parental information, complete the parental portions of this form. A parental signature is not require for independent health profession students providing parental data."

So, it appears that parental information should be included for health profession students.

 

[Sol Rosenberg]

Thanks. Anyone getting an graduate degree is considered independent. I'm pretty sure that is why parental info even if included is disregarded when it comes to EFC.

I copied this information from the FASFA site: "Do I have to include my parents' information?"

Please, please, please, please, please consult with your school's financial aid office FIRST, before you finish filling out your FAFSA [with no parental information.] While what you say/quote is strictly true for Federal Financial Aid, the vast majority of schools will not consider you for institutional aid unless you include your parents' info on your FAFSA. Therefore, even though the Feds don't require it for Federal loans, your school may require it for their own grants/loans/whatever.

Some schools may not require this info, but I believe that they are the exception, rather than the rule.

 

[Lesley]

Please, please, please, please, please consult with your school's financial aid office FIRST, before you finish filling out your FAFSA [with no parental information.] While what you say/quote is strictly true for Federal Financial Aid, the vast majority of schools will not consider you for institutional aid unless you include your parents' info on your FAFSA. Therefore, even though the Feds don't require it for Federal loans, your school may require it for their own grants/loans/whatever.

Some schools may not require this info, but I believe that they are the exception, rather than the rule.

Agreed health professions students should include parental information to be considered for all available aid, and the FASFA info copied from their site confirms this.