Financial Aid Question

[Windchime]

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I was wondering if anyone knew what the difference in potential aid/loan awards was if you declared your parents' income vs. not including it. From my understanding, we're obviously not required to include it but there are some pro's and con's to including this information. I am pretty sure that if you don't include parents' info, it makes you ineligible for institutional aid at some universities, but does anyone know if it changes your eligibility for subsidized and unsubsidized stafford loans?

If anyone has any insight, or knows of any resources where I could do some research, I would really appreciate it. Thanks!!

 

[aaj117]

Most schools that i've been to actually told me that they do require parental information to be considered for aid or loans there. It's pretty frustrating because i've been independant of them for a long time, but it doesn't seem avoidable.

 

[Jolie South]

I believe that the loans you will be eligible for are the same whether or not you list your parents info because these are guaranteed through the federal government. As a professional student, you are viewed as independent from your parents. For the FAFSA, their information is not required.

 

[Runner585]

I believe that the loans you will be eligible for are the same whether or not you list your parents info because these are guaranteed through the federal government. As a professional student, you are viewed as independent from your parents. For the FAFSA, their information is not required.

Yeah I think your parents income has nothing to do with the loans you qualify for because you're considered an independent. It just affects the amount of need-based grant money you will get from the school.

 

[Captain Fantastic]

From my financial aid advisor...

"Graduate and professional students automatically are considered independent students for 95 percent of the aid available. The Department of Education does not consider parental income in need determination for its aid, which constitutes the bulk of federal aid for medical students. This aid comes in the form of Federal Perkins and Federal Ford Direct Student loans. The Department of Health and Human Services does require parental information on the FAFSA form and uses this information for most of its financial aid programs, such as the Scholarships for Disadvantaged Students, Primary Care Loans and Loans for Disadvantaged Students."

 

[Phoenix.]

Moving to the Financial Aid Forum.