Financial Aid Status

[40323431]

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I know that many/most schools require you to include parental information for institutional aid, but do they require that you put your parental information on the FAFSA? Is that school-specific as well?

 

[JessebenBenjamin]

All my schools have told me to include it on the FAFSA.

 

[njtrimed]

I know that many/most schools require you to include parental information for institutional aid, but do they require that you put your parental information on the FAFSA? Is that school-specific as well?

I'm pretty sure it depends on the school. I don't have to, but I know if I matriculated to other schools on my list I would have had to include parental info.

 

[40323431]

Hmm.. so if one of my schools does and I include it, parental information will be provided to all. Is that correct? Will that impact my loans?

 

[nwts]

It depends on the school. None of them can require you to list it in order to get federal loans since the schools themselves don't allocate federal loans, and the government has decided that you don't need to list it. However, most schools want you to list parental information on the FAFSA in order to qualify for institutional grants.

Hmm.. so if one of my schools does and I include it, parental information will be provided to all. Is that correct? Will that impact my loans?

No, it won't affect your loans, as long as you're talking about federal. The government is the entity that issues federal loans (not the schools), and the government doesn't consider parental information when giving out federal loans.

 

[asdf123g]

It depends on the school. None of them can require you to list it in order to get federal loans since the schools themselves don't allocate federal loans, and the government has decided that you don't need to list it. However, most schools want you to list parental information on the FAFSA in order to qualify for institutional grants.


No, it won't affect your loans, as long as you're talking about federal. The government is the entity that issues federal loans (not the schools), and the government doesn't consider parental information when giving out federal loans.

then why provide it? Sorry, im really clueless on this subject.
I filled out my fafsa and it said somewhere if i will be attending medschool I should provide my parents financial info. So i checked off I am. My parents inputed their info but they haven't done their taxes yet for 2015 so they checked off that that is in progress. FAFSA doesnt let me submit my application and I dont understand why.

 

[nwts]

then why provide it? Sorry, im really clueless on this subject.
I filled out my fafsa and it said somewhere if i will be attending medschool I should provide my parents financial info. So i checked off I am. My parents inputed their info but they haven't done their taxes yet for 2015 so they checked off that that is in progress. FAFSA doesnt let me submit my application and I dont understand why.

You should provide it because it can't hurt you, but it can help you. If you don't enter it, you will be eligible for federal loans, but most schools won't give you any institutional grant aid without it. If you do enter it, it won't affect your eligibility for federal loans, but you may be able to get some institutional grant aid as well.

 

[asdf123g]

You should provide it because it can't hurt you, but it can help you. If you don't enter it, you will be eligible for federal loans, but most schools won't give you any institutional grant aid without it. If you do enter it, it won't affect your eligibility for federal loans, but you may be able to get some institutional grant aid as well.

Is that affected by my parents income? Also my school did not offer me a scholarship so I am unsure if that applies (or if we are even talking of the same thing)

thanks for the response btw!

 

[nwts]

Is that affected by my parents income? Also my school did not offer me a scholarship so I am unsure if that applies (or if we are even talking of the same thing)

thanks for the response btw!

It is affected by your parents' income and wealth. Your parents don't have to be poor for you to receive institutional grant financial aid, but you can be pretty sure you won't get it if they have a net worth of $100 million or something.

As far as whether or not we're talking about the same thing, the scholarships you mentioned that you did not receive are probably entirely merit-based. These would not depend on your parents' wealth. The grants I am referring to are institutional grants that are given out based on financial need, and these do take into consideration your parents' wealth.

 

[asdf123g]

It is affected by your parents' income and wealth. Your parents don't have to be poor for you to receive institutional grant financial aid, but you can be pretty sure you won't get it if they have a net worth of $100 million or something.

As far as whether or not we're talking about the same thing, the scholarships you mentioned that you did not receive are probably entirely merit-based. These would not depend on your parents' wealth. The grants I am referring to are institutional grants that are given out based on financial need, and these do take into consideration your parents' wealth.

thanks a lot. It makes sense now. Thank you for helping me!!!!

EDIT:
last question: do all or most schools have these institutional grants? or are these primarily private schools for example?

 

[njtrimed]

It is affected by your parents' income and wealth. Your parents don't have to be poor for you to receive institutional grant financial aid, but you can be pretty sure you won't get it if they have a net worth of $100 million or something.

As far as whether or not we're talking about the same thing, the scholarships you mentioned that you did not receive are probably entirely merit-based. These would not depend on your parents' wealth. The grants I am referring to are institutional grants that are given out based on financial need, and these do take into consideration your parents' wealth.

What if you are married with your own kids? If the school doesn't require it, is there any benefit to asking for it? I didn't need it for college or grad school, and at this stage it just seems intrusive to ask for such personal information.

 

[Lannister]

Your parents don't have to be poor for you to receive institutional grant financial aid, but you can be pretty sure you won't get it if they have a net worth of $100 million or something.

Sorry to hijack this thread, but I've been looking for an answer to this and haven't been able to find one. In general, how rich is too rich for institutional grant financial aid? Are we talking like if your parents make over 100k you probably won't get any grants? Or is it more like a few hundred thousand and you won't get any?

 

[nwts]

thanks a lot. It makes sense now. Thank you for helping me!!!!

EDIT:
last question: do all or most schools have these institutional grants? or are these primarily private schools for example?

You're welcome! In response to your question, most schools have them. The best way to find out about your school in particular is to look through their financial aid information and then contact them if you can't find that information.

What if you are married with your own kids? If the school doesn't require it, is there any benefit to asking for it? I didn't need it for college or grad school, and at this stage it just seems intrusive to ask for such personal information.

Even if you are married with kids of your own, many schools still require that if you want to be considered for institutional need-based grants. If you do not want to be considered for those and/or you feel that you would not qualify, you don't need to supply your parents' information. If you think you may qualify and want to be considered, you should check with the school and see if they require your parents' information in order to qualify since many schools require it.

Sorry to hijack this thread, but I've been looking for an answer to this and haven't been able to find one. In general, how rich is too rich for institutional grant financial aid? Are we talking like if your parents make over 100k you probably won't get any grants? Or is it more like a few hundred thousand and you won't get any?

I really don't know. Sorry I couldn't be of more help!

 

[Lannister]

I really don't know. Sorry I couldn't be of more help!

That's alright, thank you 🙂

 

[mrpeduncle]

Sorry to hijack this thread, but I've been looking for an answer to this and haven't been able to find one. In general, how rich is too rich for institutional grant financial aid? Are we talking like if your parents make over 100k you probably won't get any grants? Or is it more like a few hundred thousand and you won't get any?

Someone asked this question during one of my interviews. The financial aid counselor said there's no specific income limit he could give because they also consider the size of your household, assets, the number of dependents, and whether or not you have siblings in college.

 

[Mr. Beefy Lion]

Is it school dependent whether they sent a confirmation email once you sent in your fafsa? Sent it in already and only was confirmed from one school so I'm not sure

 

[gogodre]

Sorry to hijack this thread, but I've been looking for an answer to this and haven't been able to find one. In general, how rich is too rich for institutional grant financial aid? Are we talking like if your parents make over 100k you probably won't get any grants? Or is it more like a few hundred thousand and you won't get any?

My folks make ~150k and I received 10k in institutional aid each year. Some of this was a straight up gift and some of it was a loan on very favorable terms.

 

[7331poas]

I'm sure the line for institutional aid differs depending on how good you are and how rich the med school is that you are applying to.

 

[Lannister]

My folks make ~150k and I received 10k in institutional aid each year. Some of this was a straight up gift and some of it was a loan on very favorable terms.

Ah okay thank you! Last year my dad made ~250k, I think, sooo I would assume I probably won't get anything. Which kinda sucks cuz they won't be paying for any of my med school. Oh well, it is what it is.

I'm sure the line for institutional aid differs depending on how good you are and how rich the med school is that you are applying to.

I'm pretty sure your financial situation has no impact on merit scholarships.

 

[40323431]

Awesome, thanks for the answers guys! Also, glad this seems to have helped a few others 🙂

 

[40323431]

Last question: should we submit the FAFSA to schools we were waitlisted by? What about institutional finaid forms for waitlist schools? I know one school says "X date OR two weeks after acceptance, whichever is later." Another says, "X date for newly accepted students"

 

[7331poas]

I'm pretty sure your financial situation has no impact on merit scholarships.

Possibly but it also might cross the adcoms mind that a rich applicant is less likely to be swayed by money versus an equivalent applicant would is SES disadvantaged. Course we may be reading too far into it.

 

[foxm1]

I didn't include my parents' info because the school that I was accepted to does not require it... however, I did include my own tax information (I barely made enough that I was required to file). Does my own tax information affect what aid I will receive? Should I not include it? Should I also include my parents' info if it's optional and they make >$200k?

 

[pageantry]

Last question: should we submit the FAFSA to schools we were waitlisted by? What about institutional finaid forms for waitlist schools? I know one school says "X date OR two weeks after acceptance, whichever is later." Another says, "X date for newly accepted students"

Def submit the FAFSA for wait lists and also schools where you're still waiting on post-II news. It doesn't hurt.

I think you can wait on the institutional forms tho.

 

[Lannister]

Possibly but it also might cross the adcoms mind that a rich applicant is less likely to be swayed by money versus an equivalent applicant would is SES disadvantaged. Course we may be reading too far into it.

A lot of schools award merit aid before you even submit the FAFSA, though.