Financial Aid Question ???

[MiraFlor]

So it's almost that time of year where people must begin to fill out the FAFSA... I'm hoping somebody knows a little bit about my question:

Right now I'm out of school and not working. Normally my family claims me on their tax returns. But now I'm not sure if I should let them do that or file on my own. Does anyone know which would be the best way to get some type of financial aid? I'm not even sure if I can file on my own without any proof of an income (I do little side jobs like babysitting here and there or tutoring) Does it matter if I file on my own or if my parents still claim me as a dependent?

Thanks for any advice!

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[DrYoda]

I'm not even sure if I can file on my own without any proof of an income

I'm puzzled as to why you would want to, unless you're dying to pay taxes next April.

I've never filled a FAFSA, so my experience in this is limited, but as far as taxes go if your parents don't claim you as a dependent, that will (at least in many cases) make you ineligible to receive healthcare benifits through them.

I don't think it will affect financial aid, as your parents financial information will be on the FAFSA and they take it into consideration regardless of your independent/dependent status.

 

[Dr Lyss]

I'm puzzled as to why you would want to, unless you're dying to pay taxes next April.

I've never filled a FAFSA, so my experience in this is limited, but as far as taxes go if your parents don't claim you as a dependent, that will (at least in many cases) make you ineligible to receive healthcare benifits through them.

If the OP is not in school, as he/she stated, then they won't be eligible for health care through their parents anyway

I don't think it will affect financial aid, as your parents financial information will be on the FAFSA and they take it into consideration regardless of your independent/dependent status.

I'm not good with the FAFSA either but as far as I knew grad schools don't require parental info for the FAFSA (the school might ask for it though but the gov't won't look at it). I don't really know the answer to your question tho, OP sorry.

 

[DrYoda]

If the OP is not in school, as he/she stated, then they won't be eligible for health care through their parents anyway

Ah, missed that.

I'm not good with the FAFSA either but as far as I knew grad schools don't require parental info for the FAFSA (the school might ask for it though but the gov't won't look at it). I don't really know the answer to your question tho, OP sorry.

Most of the school I interviewed at said they take parental info into account, so I guess they must get it seperate.

OP: There is a financial aid forum down the main page a bit, you may want to check there.

 

[Bacchus]

If you don't file a FAFSA you are ineligible for Stafford Loans.

http://www.staffordloan.com/stafford-loan-info/

 

[iheartmpls]

If the OP is not in school, as he/she stated, then they won't be eligible for health care through their parents anyway



I'm not good with the FAFSA either but as far as I knew grad schools don't require parental info for the FAFSA (the school might ask for it though but the gov't won't look at it). I don't really know the answer to your question tho, OP sorry.

False. Whether or not you get health insurance after graduation depends on your insurance company and the extent to which your parents are supporting you.

Also, the schools I've interviewed at have said that they require your parents information if you are expecting to get any sort of institutional aid.

 

[Pedsbro]

False. Whether or not you get health insurance after graduation depends on your insurance company and the extent to which your parents are supporting you.

Also, the schools I've interviewed at have said that they require your parents information if you are expecting to get any sort of institutional aid.

That's the key right there as far as I understand it. If you want institutional aid, you have to provide parental info to the school, regardless of dependent/indep status. If you're going for only federal loans (Stafford, GradPLUS), I do not believe you have to supply parental info if you are independent.

 

[bluesmd]

what if you're parents aren't american citizens. how does that work?

 

[funkymunkytoes]

The government, when it comes to financial aid, considers you an independent. Parental information isn't looked at in your FAFSA, so we are all on the same playing field there (young, broke, and fabulous).

In regards to institutional aid, most if not all medical schools want you to include your parents financial situation as a means of determining how much you need the cash (they need some way of determining need, otherwise EVERYONE would deserve money). Even if your parents won't pledge you a dime for medical school, their information is still required for institutional aid, sorry guys.

 

[MiraFlor]

The government, when it comes to financial aid, considers you an independent. Parental information isn't looked at in your FAFSA, so we are all on the same playing field there (young, broke, and fabulous).

In regards to institutional aid, most if not all medical schools want you to include your parents financial situation as a means of determining how much you need the cash (they need some way of determining need, otherwise EVERYONE would deserve money). Even if your parents won't pledge you a dime for medical school, their information is still required for institutional aid, sorry guys.

this is my situation. I was recently accepted into a med school and advised to fill out the FAFSA in Jan.

I come from a middle class family who has been kind enough to pick up the tab for my undergrad loans but won't be flipping the bill for my med school loans. I know that I will not be receiving any institutional aid but I'm hoping that maybe I could qualify for some financial aid because FAFSA doesn't require my parents info. Is that possible? Which then leads me to ask which will give me the best chance of receiving any govt aid: the file tax returns (even though i don't have a real job) vs allowing my parents to continue to claim me on their tax returns. UgH I hate this process!

 

[nogolfinsnow]

this is my situation. I was recently accepted into a med school and advised to fill out the FAFSA in Jan.

I come from a middle class family who has been kind enough to pick up the tab for my undergrad loans but won't be flipping the bill for my med school loans. I know that I will not be receiving any institutional aid but I'm hoping that maybe I could qualify for some financial aid because FAFSA doesn't require my parents info. Is that possible? Which then leads me to ask which will give me the best chance of receiving any govt aid: the file tax returns (even though i don't have a real job) vs allowing my parents to continue to claim me on their tax returns. UgH I hate this process!

The only "aid" you'll receive from the federal government is them picking up the interest on the first $8,500 of your Stafford loans. FAFSA is used to calculate your expected family contribution (EFC). If you make a lot of money or your spouse makes a lot of money or you have a boat load of savings, then your EFC could get so high that you wouldn't qualify for the subsidized loans. I can't remember if FAFSA asks if you've been claimed as a dependent. If so, you might have to give parental info, which could impact your ability to get the subsidized Stafford.

 

[diosa428]

The only "aid" you'll receive from the federal government is them picking up the interest on the first $8,500 of your Stafford loans. FAFSA is used to calculate your expected family contribution (EFC). If you make a lot of money or your spouse makes a lot of money or you have a boat load of savings, then your EFC could get so high that you wouldn't qualify for the subsidized loans. I can't remember if FAFSA asks if you've been claimed as a dependent. If so, you might have to give parental info, which could impact your ability to get the subsidized Stafford.

Just wanted to highlight that. The government won't be giving you any grants, only loans. If you want grants or scholarships, you'll have to get them from your school or outside sources.

 

[TMP-SMX]

The bottom line is that just about everyone (unless your personal, not parental, EFC is greater than 32k) will get the full amount of subsidized Stafford federal loans at $8500 and $32,000 of unsubsidized Stafford loans. If your EFC is greater than 40,500 then you get all unsubsidized Staffords at $40,500 rather than the $8500 of subsidized loans and $32,000 of unsubsidized loans. For subsidized Stafford loans, the federal government pays the interest while you are in school or deferment. Unsubsidized Staffords do accrue interest, but it is not capitalized until you enter repayment. This means that interest is not adding on to the principal until repayment, which is the amount that you actually take out. The interest is treated as a separate entity. Once your cost of attendance goes over 40,500 you have to apply for gradplus or private loans but that is a separate issue.

It cannot hurt you to fill out parental information for the medical school FAFSA. It can only help you. There are some merit-based scholarships and grants along with the need based grants. There are also Perkins loans at 5% which are federal loans but are considered institutional aid because each school decides who to give it to based on need. All of the scholarships and board of gov type grants are also institutional aid. If you don't fill out a FAFSA with parental information you have no chance of getting any of it. If you fill the FAFSA without parental information you will get your staffords, grad plus, and private loans just fine.

This thread should also be moved to financial aid since this has nothing to do with the pre-med forum.

 

[Depakote]

This thread should also be moved to financial aid since this has nothing to do with the pre-med forum.

moving

 

[PlatinumPenny]

I have a few questions regarding financial aid and would love input from anyone who may have answers:

1. My parents are divorced so only one parent claims me on tax returns. In so far as institutional aid from schools, do they only look the parental info of the parent who claims me or both parents?

2. Also can schools look at your FAFSA history. The reason I asked because in undergrad my mom claimed me as dependent and I only used her info. But since my dad is currently not employed I was thinking i could use his info this year and possibly get some better fin aid packages. Just didn't want to get caught up LOL

3. I might qualify for the FAP from AAMC. For those of you who have qualified for FAP in the past, do you feel you get better fin aid packages from indiv schools compared to others who may not have FAP. AAMC told me FAP and school fin aid has nothing to do with each other, but I thought Id ask anyways..lol

thanks for your help everyone!!