Financial Aid packages expectations

[back2skewl]

I have been fortunate enough to receive multiple acceptances. I'm honestly really excited about all of the schools, and feel like it'll come down to cost. That being said, I'm wondering if I can expect to receive need-based financial aid? I graduated from college in 2018 and have held volunteer positions since (I'm making a stipend that covers rent/groceries). However, I'm wondering how much my parent's income will factor in? I'm an independent and they won't be supporting me financially. Thanks for the insight!

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[KnightDoc]

I have been fortunate enough to receive multiple acceptances. I'm honestly really excited about all of the schools, and feel like it'll come down to cost. That being said, I'm wondering if I can expect to receive need-based financial aid? I graduated from college in 2018 and have held volunteer positions since (I'm making a stipend that covers rent/groceries). However, I'm wondering how much my parent's income will factor in? I'm an independent and they won't be supporting me financially. Thanks for the insight!

100%. Nobody is considered independent for medical school financial aid determination, other than for eligibility for federal loans, for which all grad students are considered independent.

Some schools sometimes relax this general rule for people in their 30s or 40s, but never for a 20-something not receiving support from parents. Schools are not giving endowment money to those folks while their parents enjoy their money or save for retirement. If you are not eligible for need-based grants after fully taking parental income into account, that leaves merit scholarships and loans, which is exactly where everyone finds themselves. If this were not the case, we'd ALL receive full need-based scholarships, since everyone's parents would opt out of supporting them financially once they became legal adults (age 21).

 

[deleted889094]

I have been fortunate enough to receive multiple acceptances. I'm honestly really excited about all of the schools, and feel like it'll come down to cost. That being said, I'm wondering if I can expect to receive need-based financial aid? I graduated from college in 2018 and have held volunteer positions since (I'm making a stipend that covers rent/groceries). However, I'm wondering how much my parent's income will factor in? I'm an independent and they won't be supporting me financially. Thanks for the insight!

FAFSA will determine it. It deducts parental contribution so you can roughly expect it to be your cost of attendance minus that.

Do you mean loans? Or like a scholarship? Because unless you are URM, you are unlikely to get any scholarship. But you should be able to take loans for the full amount.

 

[KnightDoc]

FAFSA will determine it. It deducts parental contribution so you can roughly expect it to be your cost of attendance minus that.

Do you mean loans? Or like a scholarship? Because unless you are URM, you are unlikely to get any scholarship. But you should be able to take loans for the full amount.

Nope. FAFSA does not look at parents for grad students, but it is only used for eligibility for federal loans. All schools use a combination of their own forms and CSS for institutional money, and all med schools look at parents for that, regardless of your so-called independent status.

 

[EdgeTrimmer]

unless you are URM, you are unlikely to get any scholarship.

Few schools have merit scholarships.

 

[deleted889094]

Nope. FAFSA does not look at parents for grad students, but it is only used for eligibility for federal loans. All schools use a combination of their own forms and CSS for institutional money, and all med schools look at parents for that, regardless of your so-called independent status.

Yes it does. I just filled it out this month. Even as an independent, you are recommended to fill out parental information for institutional purposes.

 

[deleted889094]

Few schools have merit scholarships.

Yeah, they're hard to get.

 

[KnightDoc]

Yes it does. I just filled it out this month. Even as an independent, you are recommended to fill out parental information for institutional purposes.

Oh! I thought the instructions indicated that parental info was not required for grad students, and that no school relied on FAFSA for institutional aid. My bad!!

 

[deleted889094]

Oh! I thought the instructions indicated that parental info was not required for grad students, and that no school relied on FAFSA for institutional aid. My bad!!

Be careful giving info when you don't have first hand experience. I know you are helpful on here, but you gotta be careful.

 

[KnightDoc]

Be careful giving info when you don't have first hand experience. I know you are helpful on here, but you gotta be careful.

You're right!!! Does your school distribute institutional aid using nothing other than FAFSA? If so, I didn't realize that was done by anyone, since the parental info on FAFSA is optional. Either way, you are correct. I was only relating what I know is required by the form. I don't have first hand knowledge of how schools use it.

 

[deleted889094]

You're right!!! Does your school distribute institutional aid using nothing other than FAFSA? If so, I didn't realize that was done by anyone, since the parental info on FAFSA is optional. Either way, you are correct. I was only relating what I know is required by the form. I don't have first hand knowledge of how schools use it.

My school has 2 additional things they have you fill out that are very quick. FAFSA does not require parental information but it is highly recommended for med school.

 

[proudofmykids]

Unlike other grad school programs, Med schools do Not follow Grad School Fafsa EFC.

The best predictor of EFC for med school is to actually use an undergrad Fafsa EFC online calculated. I suggest wearing a diaper, nearly everyone is shocked by their EFC.

 

[wya2020]

When will we know our financial aid packages? And do schools expect us to make decisions in accepting or declining seats without having info on what kind of financial aid package we will b receiving?

 

[spottedcory]

You're right!!! Does your school distribute institutional aid using nothing other than FAFSA? If so, I didn't realize that was done by anyone, since the parental info on FAFSA is optional. Either way, you are correct. I was only relating what I know is required by the form. I don't have first hand knowledge of how schools use it.

From what I think I understand there's two pools of money, institutional money (endowments and what not) and then money for the medical school (maybe federal money for grad schools). I think the css profile is for consideration for the first and fafsa for the second. It's very likely that I'm completely off on this

 

[KnightDoc]

From what I think I understand there's two pools of money, institutional money (endowments and what not) and then money for the medical school (maybe federal money for grad schools). I think the css profile is for consideration for the first and fafsa for the second. It's very likely that I'm completely off on this

Nope, you are 100% spot on. It's just that there is no federal grant money for med school, so it's all loans!!!

 

[just_wear_a_mask]

Hi everyone! Just wondering, if you are still waiting on other interviews/acceptances, do you still add those schools to FASFA (AKA do you just add all of the schools that you are still waiting on or only the ones you are accepted at)? I have an acceptance and am planning on filling out FASFA this week but am still waiting to hear back from multiple programs and am a little confused about adding schools to the FASFA form. Thank you!

 

[KnightDoc]

Hi everyone! Just wondering, if you are still waiting on other interviews/acceptances, do you still add those schools to FASFA (AKA do you just add all of the schools that you are still waiting on or only the ones you are accepted at)? I have an acceptance and am planning on filling out FASFA this week but am still waiting to hear back from multiple programs and am a little confused about adding schools to the FASFA form. Thank you!

It doesn't matter. It doesn't cost anything, and it won't be looked at unless and until you are accepted, but it certainly won't hurt to just get it out of the way as opposed to waiting until you receive an A and then adding the schools then, which is also fine. Your choice!!

 

[just_wear_a_mask]

It doesn't matter. It doesn't cost anything, and it won't be looked at unless and until you are accepted, but it certainly won't hurt to just get it out of the way as opposed to waiting until you receive an A and then adding the schools then, which is also fine. Your choice!!

Thank you very much!!!