I've searched for answers on this before but didn't get any good/definitive answers. I will be in debt from undergrad when I enter medical school. Could this possibly qualify me for institutional grants, or will I have to take out tons of loans again? Am I still seen as being "dependent" on my parents at that point? Thanks for your help.
Financial Aid in Medical School
- Thread starter dnase
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All Doctorate students are independent, but giving your parents information to FAFSA will qualify you to more grants.
EN
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I'm in a similar situation to you and I gave my parent's financial information (both unemployed) and I was not eligible for institutional grants. I'm effectively doubling my already large school debt after this first year. However, it has been my impression that everyone else that nearly everyone I've spoken with at my school is in a similar situation.
You'll be taking out loans. You'll be independent, as stated above, but will only qualify for need-based aid if you provide your parents' tax information. It sucks; even married students have to provide their parents' information so schools can calculate a high EFC.
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Not if your parents are just as broke as you are. Yay blue collar society!
In theory, but my parents made under $75k combined last year and have very little in savings, and my school-calculated EFC was still $17k
Your siblings will be taken into account. If your school calculates an initial contribution of, say, $18k, it will be divided by 3 and you'll now have a parental contribution of $6k (and depending on your schools policy, your need based aid will probably increase). HOWEVER, let your siblings know that you being in medical school will not decrease their EFC. So, in the aforementioned scenario, they would each have an EFC of $9k (assuming the school calculation is similar to the FAFSA EFC).
It's dumb that it works that way, because the total expected contribution ($9k+$9k+$6k) is $24k, even though your parents are only supposed to have $18k to give... That's definitely how it works though. Of course, you'll likely just take out loans for the parental contribution portion, rather than getting money from them.
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Not true. My school made me fill out Dependent Verification form because everyone under the age of 30 at the time of matriculation is considered dependent at my school.
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Having loans from your time as an undergraduate will probably actually help you, in terms of the amount of aid you'll receive. FAFSA sees you as an independent from your parent (because you'll be pursuing a masters/doctoral degree), but most schools will want your parents info for institutional awards.
It is true, for FAFSA purposes only, that anyone pursuing a doctoral degree is considered independent. What your schools considers to be a dependent and what the IRS considers to be a dependent can be different.
