Financial Aid Deal--A few questions

[pjc199]

I was fortunate to have two parents that paid for my undergraduate education. I just submitted an appication for FAFSA. How does this work? When do I find out how much money I get from the governement? Do most medical students receive all $38,000 that is allowable? Any answers would be greatly appreciated.

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[Green912]

The amount of federal loan money you'll be eligable for depends on what dollar figure your school submits to the government. You school adds up all costs students will incur for the school year (tuition, books, housing, med insurance, etc) and submits that number. If you go to a cheap school, you'll get less money (and need less) and vice versa. Since you've completed the FAFSA you can wait to hear from the school about financial aid. Most have lenders that they deal with and filling out the forms is pretty easy. You'll probably be applying for subsidized, unsubsidized, and maybe private loans. Don't worry about getting the loans for now. You'll get all that soon enough. Just having the FAFSA done is the important step.

 

[OSUdoc08]

I was fortunate to have two parents that paid for my undergraduate education. I just submitted an appication for FAFSA. How does this work? When do I find out how much money I get from the governement? Do most medical students receive all $38,000 that is allowable? Any answers would be greatly appreciated.

Your school will send you a financial aid package based on your FAFSA. You will be considered an independent student, and your parents information is not considered.

The financial aid package will correlate with the cost of living to attend that particular school, and may not neccessarily by the maximum.

 

[raptor5]

There are a few in my class whose parents are paying their tuition in full but still take the 38.5K for spending money.

 

[BMW19]

So even if your parents are well off, and you are considered an independent they should have no bearing on how much money you get. Just wanted to confirm that that is whay you are saying because I have heard conflicting opinions about this subject

Your school will send you a financial aid package based on your FAFSA. You will be considered an independent student, and your parents information is not considered.

The financial aid package will correlate with the cost of living to attend that particular school, and may not neccessarily by the maximum.