Financial Aid Question for Med Students!!

[jr doctor in sd]

I was just wondering what is the maximum parental income that will probably result in financial aid that is purely grant/scholarship in form? I ask because I always got scared reading about how only ~40% or so get scholarships. But recently, I went on an interview where everyone in the interview group had 1+ doctor parent. I am very thankful for my parental support but our household income is nowhere near that of a physician. Our combined income is 88,000 (gross). Would this be enough to warrant some grants? Or am I probably not going to get financial aid other than in the form of loans...

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[searun]

I was just wondering what is the maximum parental income that will probably result in financial aid that is purely grant/scholarship in form? I ask because I always got scared reading about how only ~40% or so get scholarships. But recently, I went on an interview where everyone in the interview group had 1+ doctor parent. I am very thankful for my parental support but our household income is nowhere near that of a physician. Our combined income is 88,000 (gross). Would this be enough to warrant some grants? Or am I probably not going to get financial aid other than in the form of loans...

It really varies greatly among med schools, it depends upon the philosophy of the financial aid department and the financial resources of the med school. My state school offered me a financial aid package consisting entirely of loans. The private med school that I attend gave me a needs based grant that has paid my entire tuition. I am a 4th year med student.

In general the lower the expected family contribution, as caculated with your fafsa, the greater your chances of getting needs based aid. Your family's $88,000 gross income should not result in a large expected family contribution, especially if you have siblings who are in school.

You will have to wait until probably April or early May to get your financial aid packages from the med schools that have accepted you - the packages probably will vary quite a bit. Good luck.

 

[Emerica]

It really varies greatly among med schools, it depends upon the philosophy of the financial aid department and the financial resources of the med school. My state school offered me a financial aid package consisting entirely of loans. The private med school that I attend gave me a needs based grant that has paid my entire tuition. I am a 4th year med student.

In general the lower the expected family contribution, as caculated with your fafsa, the greater your chances of getting needs based aid. Your family's $88,000 gross income should not result in a large expected family contribution, especially if you have siblings who are in school.

You will have to wait until probably April or early May to get your financial aid packages from the med schools that have accepted you - the packages probably will vary quite a bit. Good luck.

So med schools still use parental income (like undergrad) as the sole criterion for financial aid? The way my family income is, I get nothing for financial aid besides a small merit scholarship and loans (which I will have to pay back, not my parents). If this was the case in undergrad, should I be expecting a similar outcome for financial aid packages in med school?

Thanks, and sorry to the OP for jacking your thread.

 

[just one]

My family expected contribution is 0 according to FAFSA yet still received zero free money. Graduate financial aid is very different than undergrad. I always received grants in undergrad with around a 2000 expected contribution score.

 

[235009]

In general the lower the expected family contribution, as caculated with your fafsa, the greater your chances of getting needs based aid. Your family's $88,000 gross income should not result in a large expected family contribution, especially if you have siblings who are in school.

This is incorrect. As a grad student you are considered independent of your parents so your FAFSA is solely calculated according to your income/savings. In this case many will have an expected family contribution of 0. However, this is only used to determine loans. For need based grants all the schools that i know of ask for your parental information and use their own formula to determine your eligibility. The caveat to that though is that there is very little if any need based aid available at most schools.

 

[Dr McSexy]

As repetition,

it's going to vary from school to school. I'm going to guess that you'll see more scholarships, grants, and tuition reductions offered to those who attend a private institution as opposed to a public institution (which are already heavily subsidized to begin with).

When you file FAFSA for med school, nearly everyone is going to have a EFC of 0, because you are filing as an independent. The exceptions are those who have had other careers beforehand or have spouses. This EFC basically means nothing, it just shows you eligibility for Sub and UnSub Stafford loans and also GRAD-plus loans. Everyone gets these.

While filing as an independent, you don't HAVE to submit your parental information, but don't expect any need-based scholarships or grants from the school. With nearly everyone having an EFC 0, the parental information is the only way to differentiate between students.

And again, it's going to vary from school to school. My parents make <$45,000 gross /year. But my school doesn't give out many scholarships (merit-based or need-based), plus the tuition is already very cheap in comparison to many other medical schools. As such, I didn't get any grants, scholarships, etc.

Each school you interview at should give you a talk about financial aid. This is when you should ask about the availability of scholarships, grants, etc.

 

[mvenus929]

So med schools still use parental income (like undergrad) as the sole criterion for financial aid? The way my family income is, I get nothing for financial aid besides a small merit scholarship and loans (which I will have to pay back, not my parents). If this was the case in undergrad, should I be expecting a similar outcome for financial aid packages in med school?.

It depends on the school. University of Colorado didn't want any parental information, so I'm not sure how they determined financial need. UVA, on the other hand, required parental information in both the FAFSA and their own financial aid application. Mt. Sinai, IIRC, only makes you take out like $25K in loans, and covers the rest of your cost of attendance in grants and scholarships. But, I'm eligible for loans based on my income and contribution, not my mom's.

Many schools will ask for parental information for scholarship/grant considerations. Some will give out merit scholarships based on their own determinations. Some won't give out any scholarships/grants, and will expect you to take out your entire package of loans.