bassman65

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I'm filling out my fasfa info now for financial aid and it wants me to input my parents income info so I can apply for the health professions loan. Do they really neglect that info except for when it comes to that specific loan or from yalls experience, does inputing your parents info end up affecting the amount of your whole financial aid package? I'm scared because my parents make a pretty good living and I don't want that effecting how much I can take out in stanford loans, etc.
 

Lesley

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I'm filling out my fasfa info now for financial aid and it wants me to input my parents income info so I can apply for the health professions loan. Do they really neglect that info except for when it comes to that specific loan or from yalls experience, does inputing your parents info end up affecting the amount of your whole financial aid package? I'm scared because my parents make a pretty good living and I don't want that effecting how much I can take out in stanford loans, etc.


For FASFA purposes, all graduate students, dental students included, are considered independent. As such, you are entitled to the Federal Stafford Loan regardless of your parent's income. The only influence your parent's income will have is in your ability to obtain need based loans such as HPS, Perkins and other institutional aid. Here schools will consider your parent's income for loan eligibility. If you don't get any need based aid this year, don't include it next year. I think it's worth including their information this year; it can't hurt. You can only get $8,500 subsidized and about $30,000 unsubsidized from the Stafford Federal Direct Loan (6.8%) each year. If your personal income and assets are high, again this has nothing to do with your parents' income or assets, you will still be eligible for $38,500 from the Stafford Loan at 6.8%, but could be all unsubsidized. Beyond that you can get the unsubsidized PLUS loan (8.5%) to cover the remaining cost of attendance. Any money you can get, subsidized no less, at 5%, even if it's just $1000, the less you will have to borrow from higher interest rate, unsubsidized loans, such as the PLUS Loan. Congrats on getting into Buffalo! Good Luck
 

eecookie

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I have been working for private company making over 60K.
So my adjusted gross income is high for year 2006.
I will be quitting this job when I enter the school, and we will not be having this kind of income.
Will this hurt my chances of getting loan?
 
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Lesley

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I have been working for private company making over 60K.
So my adjusted gross income is high for year 2006.
I will be quitting this job when I enter the school, and we will not be having this kind of income.
Will this hurt my chances of getting loan?

Regardless of your income you will be able to borrow $38,500 from the Stafford, and the remainder, up to the cost of the attendance, from the Grad Plus Loan. You may not be eligible for the subsidized portion of the Stafford, that is based on need and limited to $8,500 anyway, but who knows. I recently posted some detailed information about the Grad Plus Loan in the pre-dental forum under Loans. The FAFSA is required for both the Stafford and the Grad Plus Loan.Good Luck.
 

gryffindor

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When I was a dental student in New York, as a New York state resident, parent's income definitely affected your eligibility for the Health Professions Loan and for TAP. Some of my classmates got the loan, some didn't. If you got TAP as an undergrad student in NY, they made it impossible to get it for grad school. I didn't really follow through with TAP since it was worth more for undergrad and waaay less for grad school. Don't know about other states.
 

natedizzle

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I'm going to be a first year with the HPSP through the Air Force. Would I be able to get the subsidized Stafford loan? If so are there restriction to what you can do with the money? Say, put it into a CD for 4 years?
 

natedizzle

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Thank's a lot for moving this to the finance forum, which gets an average of 5 veiwers at any given time as opposed to the dental forum which has an average of like 50.
 

Lesley

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I'm going to be a first year with the HPSP through the Air Force. Would I be able to get the subsidized Stafford loan? If so are there restriction to what you can do with the money? Say, put it into a CD for 4 years?

Nate, Why don't you post this question on the Military Medical forum. They get a lot more viewers than the Financial or the Military Dental forums and may be best able to answer this question for you.
 
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