Full Med School Aid without Cosigners?

[HawaiiHereICome]

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My parents are well off but will not be helping me whatsoever through medical school. They won't cosign for anything either (I haven't asked but I know they would say no). I am newly independent. Can I still get full aid for medical school tuition and living costs without a cosigner? I also don't have any relatives I can ask

 

[The Poet Sings]

My parents are well off but will not be helping me whatsoever through medical school. They won't cosign for anything either (I haven't asked but I know they would say no). I am newly independent. Can I still get full aid for medical school tuition and living costs without a cosigner? I also don't have any relatives I can ask

are you trying to get private loans or something? as far as fafsa and government loans go, you're independent of your parents at this point, and i didn't need a cosigner (i can't remember if these loans depend on your credit score or not, but i have good credit and i didn't have any difficulties). contact your school's financial aid office, they'll be (more) helpful (than me) 🙂.

 

[Jolie South]

are you trying to get private loans or something? as far as fafsa and government loans go, you're independent of your parents at this point, and i didn't need a cosigner (i can't remember if these loans depend on your credit score or not, but i have good credit and i didn't have any difficulties). contact your school's financial aid office, they'll be (more) helpful (than me) 🙂.

This. I think you might need good credit for a Grad Plus loan, but for Staffords you definitely don't.

 

[willen101383]

Staffords you need no credit check whatsoever.

Grad plus loans you need a credit check. However its not based on your score, its based on your credit history. If you currently have no lines of credit more than 60 days outstanding you will get a grad plus loan.

 

[just one]

You don't need perfect credit for grad plus, just no repos or major negatives on the reports. High debt with a late payment here or there would be fine. Like others said, stafford has no credit check and is around 40,000 year that you can borrow before a credit check is needed.

 

[exptherainbow]

are you trying to get private loans or something? as far as fafsa and government loans go, you're independent of your parents at this point, and i didn't need a cosigner (i can't remember if these loans depend on your credit score or not, but i have good credit and i didn't have any difficulties). contact your school's financial aid office, they'll be (more) helpful (than me) 🙂.

Not true, you are not entirely independent of your parents in the government loan process. While your parents are no longer expected to finance your existence, your parents will need to provide their tax returns and financial details. This means that your financial aid package will be influenced by their income. But, the other posters are correct that providing you haven't messed up your credit record you will be able to get loans for the full cost of your medical education. However, the types of loans (for example unsub stafford vs sub stafford) will depend on your parents income.

 

[mybubbles14]

Not true, you are not entirely independent of your parents in the government loan process. While your parents are no longer expected to finance your existence, your parents will need to provide their tax returns and financial details. This means that your financial aid package will be influenced by their income. But, the other posters are correct that providing you haven't messed up your credit record you will be able to get loans for the full cost of your medical education. However, the types of loans (for example unsub stafford vs sub stafford) will depend on your parents income.

I think your parents info is more for the schools rather than the government. My parents income did not dictate the type of loans that I got. Most schools tell you that they will only consider you for certain scholarships if you report your parent's income. That is why you are supposed to put your parent's information. I was not offered any government loans for undergrad because of my parents, but have them for med school.

 

[addo]

Not true, you are not entirely independent of your parents in the government loan process. While your parents are no longer expected to finance your existence, your parents will need to provide their tax returns and financial details. This means that your financial aid package will be influenced by their income. But, the other posters are correct that providing you haven't messed up your credit record you will be able to get loans for the full cost of your medical education. However, the types of loans (for example unsub stafford vs sub stafford) will depend on your parents income.

So say that according to your parents finances you apparently dont have any need, but like OP said they wont fork a dime to pay for your medical education.... does that mean that youre out of luck with subsidized stafford loans, but you can get all the unsubsidized stafford loans youre allowed to get? And then if you have any extra need take out grad plus loans? or how does it work?

 

[exptherainbow]

In my case, at least, due to my parents income I am not eligible for subsidized stafford and as a result I am maxed out on unsub stafford, direct plus, and grad plus. But it all adds up to the cost of attendance at my school. My debt will be higher at the end, but having gone through it with a financial advisor I will still be able to pay it off (or at least pay monthly payments until I die).

 

[addo]

In my case, at least, due to my parents income I am not eligible for subsidized stafford and as a result I am maxed out on unsub stafford, direct plus, and grad plus. But it all adds up to the cost of attendance at my school. My debt will be higher at the end, but having gone through it with a financial advisor I will still be able to pay it off (or at least pay monthly payments until I die).

Do you know if subsidize loan need is based on your parents net worth, or their yearly income? What if there is zero yearly income from work, but have substantial investments?

 

[The Poet Sings]

Not true, you are not entirely independent of your parents in the government loan process. While your parents are no longer expected to finance your existence, your parents will need to provide their tax returns and financial details. This means that your financial aid package will be influenced by their income. But, the other posters are correct that providing you haven't messed up your credit record you will be able to get loans for the full cost of your medical education. However, the types of loans (for example unsub stafford vs sub stafford) will depend on your parents income.

i think i remember not having to put my parents' information in because my school said it wouldn't matter. also i vaguely remember in fafsa that one of the criteria for being considered an independent is the fact that you're beginning graduate level studies. but i guess it depends on what types of aid the school is willing to offer. and i also didn't have any loans from undergrad, which i'm sure makes a difference in my case.

 

[TooMuchResearch]

So say that according to your parents finances you apparently dont have any need, but like OP said they wont fork a dime to pay for your medical education.... does that mean that youre out of luck with subsidized stafford loans, but you can get all the unsubsidized stafford loans youre allowed to get? And then if you have any extra need take out grad plus loans? or how does it work?

You will qualify for $8500 in subsidized and $32.5k in unsubsidized federal aid (up to your school's CoA) every nine months, regardless of your parents' income, as long as you are below the aggregate federal loan limit (no idea what that is...).

 

[Kevin Baker]

Not true, you are not entirely independent of your parents in the government loan process. While your parents are no longer expected to finance your existence, your parents will need to provide their tax returns and financial details. This means that your financial aid package will be influenced by their income. But, the other posters are correct that providing you haven't messed up your credit record you will be able to get loans for the full cost of your medical education. However, the types of loans (for example unsub stafford vs sub stafford) will depend on your parents income.

The part you wrote about parents is 100% false from what I've been told. You do not need to put down the parent's info, and you'll still qualify for Staffords and Grad Plus. One can put down their parent's info and potentially qualify for some need based grants and scholarships, but this is not mandatory. Regardless of the inclusion of one's parents financial information, you will file the FAFSA as an independent. Your parent's info WILL NOT affect your Staffords or Grad plus loans, including the amount of subsidized/unsubsidized loans.

http://www.finaid.org/loans/studentloan.phtml

 

[exptherainbow]

Well perhaps I was misinformed by my school's financial aid office, but that is what they told me. According to the website linked, the $8500 is a combined unsub and sub limit with an additional $32000 in unsub. There is no information on how they determine what ratios of sub to unsub you get in that $8500. Like I said, mine is all unsub and it was the first loan I ever took. The school said I was better taking the hit on the unsub loans because they could give me need-based aid if I provided my parents information.

Of course it is possible that they were wrong, this is entirely from my financial aid office. I apologize if that's the case, but I think the ultimate answer to your question is that your parents will not need to cosign your loans.

 

[mdeast]

Financial aid usually works like this for those people without grants, etc.

$8500 Stafford Subsidized Loans (6.8% interest, but interest free while in school, start paying in residency).
$32,000 Unsubsidized Stafford Loan (6.8% interest, accumulates interest while in school, start paying in residency)
+ whatever else you need up to your school's budget: Grad Plus Loans

You'll qualify for all of these without a parental co-signer. You're going to be a doctor so you're generally thought of as a good investment. The tough part about medical school loans isn't getting them. It's paying them back.

 

[HawaiiHereICome]

Thank you for the input. It's nice to know that cosigners are not necessary. On another note, did you guys list on-campus or off-campus on the fafsa? If I list off-campus will I get more money?