financial aid and family contribution?

[nycNerd]

I am aware that parental ability to contribute is taken into account when creating financial aid packages. If your parents can contribute, but will not do so because they don't want to, how do you deal with this? Private loans? Are they difficult to get in this situation? I'm sure there are plenty of people in the same boat...

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[inside_edition]

I am aware that parental ability to contribute is taken into account when creating financial aid packages. If your parents can contribute, but will not do so because they don't want to, how do you deal with this? Private loans? Are they difficult to get in this situation? I'm sure there are plenty of people in the same boat...

you're talking about financial aid for medschool (not undergrad), right?

if so, i'd like to know as well.

 

[Sol Rosenberg]

Yeah, your eligibility for loans (especially unsubsidized Stafford) doesn't take into account your or your parents' ability to contribute. It is only grants and possibly subsidized Stafford loans where this is taken into account. You can receive Stafford loans up to the max. per year (around 28,000, I believe) or your school's total cost of attendance, whichever is less. If you need more, you can apply for private loans (which have a higher interest rate, and credit requirements.)

 

[nycNerd]

yes, med school. Sorry, should have specified!

 

[EAS2784]

I am aware that parental ability to contribute is taken into account when creating financial aid packages. If your parents can contribute, but will not do so because they don't want to, how do you deal with this? Private loans? Are they difficult to get in this situation? I'm sure there are plenty of people in the same boat...

One of the financial aid offices told me that since we'll be in 'grad' school it's the first time we won't include our parents income on our FASFA. So for me that means that for the first time my expected family contribution towards college shouldn't be over 30,000!!! I'm pretty excited about that, until I realize I have to take it out in loans.

EDIT: And my parents always refused to contribute too, so this will be a nice change.

 

[colbgw02]

I am aware that parental ability to contribute is taken into account when creating financial aid packages. If your parents can contribute, but will not do so because they don't want to, how do you deal with this? Private loans? Are they difficult to get in this situation? I'm sure there are plenty of people in the same boat...

Parental contribution isn't taken into account for medical school loans. Reporting it is optional when filling out your aid packet, so just leave it blank. Even if you report it, you'll be eligible for the maximum allowable based on the cost of your school, as mentioned previously.

 

[alwaysaangel]

One of the financial aid offices told me that since we'll be in 'grad' school it's the first time we won't include our parents income on our FASFA. So for me that means that for the first time my expected family contribution towards college shouldn't be over 30,000!!! I'm pretty excited about that, until I realize I have to take it out in loans.

EDIT: And my parents always refused to contribute too, so this will be a nice change.

This actually depends on the school. I've been to 2 that DO require your parents information.

 

[dpmd]

Some med schools (like mine) do ask for parental info. This is if they have university funds for need based aid. At mine it was optional to provide parental info unless you wanted to try for some of the need based stuff from the school. You were eligible for the federal stuff regardless.

 

[EAS2784]

This actually depends on the school. I've been to 2 that DO require your parents information.

I'm talking about for FASFA

 

[alwaysaangel]

I'm talking about for FASFA

Ah my bad - I was actually responding to the sentiment of several people in this thread that were implying it doesn't matter at all - which isn't always true.

 

[babel]

I am aware that parental ability to contribute is taken into account when creating financial aid packages. If your parents can contribute, but will not do so because they don't want to, how do you deal with this? Private loans? Are they difficult to get in this situation? I'm sure there are plenty of people in the same boat...

After financial aid talks from a few interviews (of which University of Michigan's was the most helpful), here is my understanding:

(1) We are now considered "graduate students", so our parental information does NOT go on the FAFSA, or at least, does not affect our eligibility for Federal unsubsidized loans (up to $28,000 or so, as someone else said). However, your income does count, so if you are currently working (as I am), you will get somewhat less of this form of aid for your first year.

(2) Most/many medical schools DO ask for your parental information for their specific financial aid awards (which you fill out after you get an acceptance). You could leave out your parents' info, but most of the financial aid officers have implied that this would disqualify you from receiving need-based awards - basically, putting down that your parents make $1 million a year isn't any worse that just leaving it off. Or, said another way, providing the information can only help you or be neutral; it can't hurt you.

(3) A new type of aid was introduced just this last summer to help people in the situation of "No Financial Need" (i.e. Family Contribution = 100%), but with parents unwilling/unable to contribute. It's called the GradPlus Loan. The terms are not great (fixed APR = 8.5%, I think), but it allows you to avoid taking out private loans which might have terms which are a little shadier.

Hope this helps! =)

 

[Sol Rosenberg]

(1) We are now considered "graduate students", so our parental information does NOT go on the FAFSA, or at least, does not affect our eligibility for Federal unsubsidized loans (up to $28,000 or so, as someone else said). However, your income does count, so if you are currently working (as I am), you will get somewhat less of this form of aid for your first year.

Not sure about income while in Medical School (I'm assuming that no one works in Medical School) but income before Medical School and savings does not count against you/reduce the amount of UNSUBSIDIZED Stafford loans that you qualify for. Even if you were Bill Gates, you could take out your $28,000 per year (or your Medical School's Cost of Attendance, whichever is less) in Unsubsidized Stafford Loans. Income/Savings will affect your eligibility for SUBSIDIZED Stafford Loans, however.

 

[StritchMD2011]

Does anyone have any information about where to start looking at financial aid information?

The two schools I've been accepted to thus far are both pretty pricey, so I'd like to know about what I'm getting into financially before I make a decision.

I've seen people keep mentioning "financial aid packages" that schools send out in the spring. Can anyone explain what these packages really have in them? Obviously they vary by school, but do they typically tell you what sort of grant money you'll be receiving, typical loans, etc.??