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Financial Aid ? and income taxes

Discussion in 'Financial Aid' started by Doctortobee, Oct 20, 2002.

  1. Doctortobee

    Doctortobee Senior Member
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    Ok...

    I have no clue what I'm doing...I will be attending med school in August 2003. SO when do I apply for aid? What year's taxes will they be using?

    HELP ME!!!!!!
     
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  3. KyGrlDr2B

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    If you will be entering school next August, don't worry, you have plenty of time. Your school will send you some financial aid information later. My school sent it around Jan/Feb. Then you fill your FAFSA out and they will use your previous year's income taxes (so in your case this would be 2002). I believe you have plenty of time to fill out the FAFSA. The only reason you would want to rush and do it is to receive scholarships based on need from your school. Anyway, once this is done, they will tell you what your financial need is and what you qualify for in subsidized loans. You then pick a lender and ask for the money and boom, they give it to you around the beginning of your classes. It's not as bad as it sounds. Once it becomes time to fill the FAFSA out, this forum will have plenty of threads on what to do and when. Don't worry! And congrats on getting into medical school!

     
  4. Doctortobee

    Doctortobee Senior Member
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    THANK YOU THANK YOU!!!

    I'm going to be needing help later on...I don't know ANYTHING about this process...
     
  5. paean

    paean Senior Member
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    Make sure you file the FAFSA at www.fafsa.ed.gov as soon as you can, ideally in January or February. Sometimes schools forget to send out notices to remind you on time. You will need your 2002 taxes, your spouse's 2002 taxes, your parents 2002 taxes, information about any property owned by any of the above, and if applicable, any businesses owned.

    So try to get everyone to prepare and sign their forms early. You don't have to send them in until April, just get them done for the FAFSA.
     
  6. paean

    paean Senior Member
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    Make sure you file the FAFSA at www.fafsa.ed.gov as soon as you can, ideally in January or February. Sometimes schools forget to send out notices to remind you on time. You will need your 2002 taxes, your spouse's 2002 taxes, your parents 2002 taxes, information about any property owned by any of the above, and if applicable, any businesses owned.

    So try to get everyone to prepare and sign their forms early. You don't have to send them in until April, just get them done for the FAFSA.
     
  7. Doctortobee

    Doctortobee Senior Member
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    Ok

    Won't my 2002 taxes be done after Jan or Feb? If my parents don't claim me as a dependent on their 2002 taxes, will I still need their information?
     
  8. KyGrlDr2B

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    Yes, you still need your parents' info. I know of people who had been married for years and still had to ask their parents for the information. Your financial need will NOT be based on your parents finances though, because by definition you are considered independent because you are attending a grad/professional school. The parental info is based on some institutional scholarships that may factor in their income. However, as far as the government and loans are concerned, they will only look at you.
     
  9. paean

    paean Senior Member
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    Many people put off doing their taxes until April unless they need to do them early. However, you are right that unless your financial situation is incredibly complicated, you will have everything you need (W-2, any 1099s, mortgage statement, school tuition info for write-off, etc) by the end of January. If you normally do your taxes in January or February, I applaud you, and recognize that you probably got all your applications in early as well. Good job!

    The key thing may be to make sure your parents know that you will need their taxes and other financial information, even though you don't expect them to support you, in order to be eligible for the best financial aid resources, and that you will need it early. If you go to the website, you will be able to print out the list of documents you will need from your parents and give it to them, so they can start rounding up data. Unless they are in a lower income bracket, and don't own property or have savings or retirement accounts, they will need to gather a fair amount of info for the FAFSA and individual school application.
     
  10. Doctortobee

    Doctortobee Senior Member
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    My parents taxes are quite complicated...great...

    Does it matter if they claim me as a dependent for 2002 or not?
     
  11. paean

    paean Senior Member
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    Yeah, I hear you. Talk to them now, and if they have an attorney or an accountant who handles their taxes, make sure they have an appointment with her in January. If you have to, schedule it for them.

    Not for Stafford loans.

    Yes for residency purposes. If you applied to ANY public schools outside of the state where your parents live, and they claim you as a dependant, you will nnot be able to gain instate residency for at least one additional year than the number you normally have to wait (so if you were to come to UCSF or Ohio State from another state, instead of getting in state residency your 2nd year, you wouldn't be eligible until year 3. That's a difference of 10-30K, depending on the state). And it may make you ineligible for in-state tuition for all 4 years.

    Bottom line, the money they lose by not claiming you is well worth the gamble that you get into that state school, and save tens of thousands.
     

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