Financial aid based on parents?

[Duchess742]

I'm planning on being financially independent for the year before I apply to med school, and I'll have to pay for my own med school (unless I go to my state school, in which case my dad has offered to pay). Do you know if I have to list my dad's income on financial forms and if so, will my aid be awarded (or not) based on that? Some ppl said they thought that might happen, but it just doesn't seem fair if I'm paying for my own med school w/o parental support anyway.

I know it seems early to be asking financial aid q's before I've even applied, but if I have less of a chance of getting aid, then I need to apply to more schools where I have a better chance of getting a scholarship.

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[vtucci]

Yes, you need to list parental income on the FAFSA and most med school fin aid forms. I understand your frustration. I will be 30 in August, own my own condo and still have to list my parents information.

In most cases, you should be able to get loans as this is graduate/professional school. Make sure your credit rating is in good order or you could get into trouble.

 

[strawberryfield]

a lot of schools require parental info, they use this for need-based scholarships, but they will not consider this info for gov't or private loans, since med school is graduate level you are considered independent regardless of age.

 

[L8DYV]

When you get to professional school parental info is imperative. That reminds me, I need to work on my financial aid paperwork. yikes!

 

[chandelantern]

When you get to professional school parental info is imperative. That reminds me, I need to work on my financial aid paperwork. yikes!

Um, what? No, as a professional student you are financially independent according to FAFSA. You can choose to enter in your parents information, but it will not be factored in when you are applying for governmental loans. Each school has their own policy as to whether or not they will consider your parents income. Some require you to include it for their own aid, some say it is optional, and some won't even look at it.

Yes, this does suck for those that may get shafted if they're parents make lots of $$ but refuse to pay, but hey, it's ALOT worse for undergrad when you are a dependent and your parents refuse to pay. Thankfully, my parents make nothing so I didn't have a problem getting aid for undergrad, but several of my friends could barely get their parents to sign the FAFSA, let alone give them any money for school even though they had plenty. Those situations are really difficult because your parents info is not optional in undergrad, it's required or you cannot even be considered.

From the schools that i interviewed at, the majority either didn't count parents income or said it can only help you, not hurt you (ie, you may be able to get more grants>loans if your parents' income is low).

 

[Tony326]

I can't say for any other schools, but I know at NYU they explicitly tell you that the School of Medicine will NOT consider you independent, even if you've been declared as such before.

The school says something along the lines of parents being responsible and expected to help pay for their childrens' tuition, no matter what the students circumstance.

 

[ladybug1]

So let me get this straight. You include parent's income but it does not count for federal loans. Does that mean that a student whose parents make significant dough can still expect to qualify for subsidized Stafford loans rather than having to go with unsubsidized or private loans? I am sorry to be such a dolt but I am in the enviable position of having not had to worry about this stuff for undergrad--so I am totally lost.

 

[kevin_md2010]

So let me get this straight. You include parent's income but it does not count for federal loans. Does that mean that a student whose parents make significant dough can still expect to qualify for subsidized Stafford loans rather than having to go with unsubsidized or private loans? I am sorry to be such a dolt but I am in the enviable position of having not had to worry about this stuff for undergrad--so I am totally lost.

I know at my school, you have to put your parents info down to qualify for any type of need based scholarships or grants, but it is not required. In that section on fafsa where you answer questions about your status to determine if you are dependent or independent, I think it won't count against you if you are considered independent by that section and you include parent info.

 

[SoCuteMD]

So let me get this straight. You include parent's income but it does not count for federal loans. Does that mean that a student whose parents make significant dough can still expect to qualify for subsidized Stafford loans rather than having to go with unsubsidized or private loans? I am sorry to be such a dolt but I am in the enviable position of having not had to worry about this stuff for undergrad--so I am totally lost.

Yes, a student whose parents make money will still qualify for federal loans on their own merits and not their parents. However, subsidized Stafford is limited to something absurdly low like 8500/yr, so you will almost definitely have to take out unsub. Stafford and maybe even private if you qualify on your own, but don't get scholarship/grant aid from the school.