Form if previously worked FT

[Aaargh]

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I read here once there was a form to file if you worked fulltime last year (since the SAR assumes you will have equal income available...and med school means you obviously will not). Can anyone direct me to the form/provide more information?

Thanks.

 

[citygirl]

I don't know anything about a form, but I was told by my financial aid counselor that they assume you WON'T be working in medical school, no matter what your previous income. I had the same question because I have worked full time all this year and will continue to do so right up until med school.

 

[mpp]

This can be a tough situation. There is no official FAFSA form for this but your school may have a Budget Adjustment Form. Check with the financial aid office.

 

[Aaargh]

Ok, then what is the impact of the past employment? Does it mean anything more than the 7,500 sub becomes 7,500 unsub?

Do I understand this correctly: One just says I did not save this amount and borrows it as unsub/the expected contribution is NOT deducted from the amount you can actually borrow .... right???!

 

[mpp]

I'm not sure I entirely understand your question, but it works something like this.

The school completes comes up with a budget that includes tuition, books, and living expenses. The FAFSA determines your EFC for the year. Your school then takes the budget and subtracts your calculated EFC to determine your need. They then use that 'need' to determine your mix of institution grants/loans and Stafford subsidized/unsubsidized. There is nothing set in stone as to the amount they can offer (although they can't add more Stafford loans then would be allowed by their calculated budget).

Having had a full time job (and perhaps some savings) your EFC will likely be high and so your 'need' will be lower than others in you class. However the financial aid office can alter things a bit. For my first year of medical school (prior to which I was in a high-paying job), my EFC was higher than the entire school budget and yet they still offered me some Stafford loans although it was lower than the maximum of $38,500 and there were no subsidized loans offered. For my second year of medical school I had put most of my savings into buying a house, had little income and therefore had a low EFC and qualified for the full subsidized loans ($8,500) some more unsubsidized and even some institutional grants.

 

[Aaargh]

Originally posted by mpp
For my first year of medical school (prior to which I was in a high-paying job), my EFC was higher than the entire school budget and yet they still offered me some Stafford loans although it was lower than the maximum of $38,500 and there were no subsidized loans offered.

That is exactly my question. Let's say your
EFC = 50,000
school budget = 40,000

I thought you could get the whole 37,500 in stafford, but it would all be unsub. So the only impact of the EFC was whether the the first 7,500 was sub or unsub. But apparently I was wrong if you were not offered the whole amount. Can you explain/elaborate how this works?