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Guidance Needed: Eligibility for Need-Based Aid in Medical School
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Generally, no. You can either be old enough (24) or have formally and legally separated from your parents (emancipation) to not have their income considered.
But the fact that you want to fund your education independently does not compete on even footing with people who have no other option.
But the fact that you want to fund your education independently does not compete on even footing with people who have no other option.
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I can answer some questions here based on personal experience, but I'm not an expert, and you should definitely reach out to the financial aid office of your acceptances and just ask them some of these questions.
1. You won't be getting Pell grants for med school, but you'll still qualify for the types of unsubsidized loans that all grad students do regardless of income. This should be enough money ($200,000+_) to cover fees at a typical in-state school. I'm not sure if it's enough to cover private schools that cost more like $400,000 without having to take out private loans, but if you were accepted to Harvard for example, they probably have a system down for people like yourself. My point is, ask your school/each school to make sure, but I am 99% sure you'll be able to get loans for whatever you need. They just might be at a crappy interest rate as opposed to someone from a more working-class background.
Also, most medical schools need to see your parents' income to justify any kind of federal loans, even if it isn't need-based. This is bad policy in my opinion, and because of that, some schools (like mine) have changed their policy. But whether they take your parents' income into account is each individual school's policy.
2. You definitely need to fill out the FAFSA bro. Merit-based scholarships are rare for medical students. Most people not borrowing any money either have rich parents or are in HPSP/NHSC/etc. Now, pay attention here- FAFSA gives you the option to not include your parents' income. My med school allows this, which is what I did.
The thing is, since almost all medical schools want your parents' info, the only way you can do this is if you already have committed to attend a school with this policy. Otherwise, you just have to add your parents' info, add the schools on the FAFSA site, and send the same data to all of them.
3. You aren't going to be eligible for need-based aid if your parents are upper-middle class. You WILL be eligible for unsubsidized loans through the federal government, because everyone is, and you have to fill out the FAFSA to be seen in the feds' system. Sorry, unless your school decides to give you a free ride, you're going to have to borrow a lot of money like most med students do.
You should buy The White Coat Investor's Guide for Students off Amazon- that's what I did. $200,000 of debt is scary to someone who's first generation like myself, but it is a good financial investment to become a physician. $400,000 is still acceptable but approaching a bad amount. Once you start hitting the $500,000 or $600,000 mark, and above, you start getting into the land of not being able to pay your loans off as a primary care physician for example. I'd avoid schools that are that expensive.
4. Because you aren't eligible for need-based aid, it shouldn't matter too much when you fill out your FAFSA. However, pay attention to all your schools- maybe they have a scholarship committee that's meeting already, and that committee wants your FAFSA done before they consider you for a merit-based scholarship. If that's the case, I'd fill it out ASAP. and PLEASE DON'T FORGET TO COMPLETE IT.
5. I don't understand this question. Feel free to elaborate if I'm missing the point. You should send your FAFSA to all of the schools to which you applied. If you decide to attend a school, and they don't get your FAFSA, you're screwed. You need that loan money to pay tuition.
Also, I'm speaking very generally here about need-based aid. If your definition of "upper middle-class" is a combined income of $60,000 a year, you probably would be eligible. You need to email your accepted schools' financial aid offices. And feel free to DM me if you want, I can at least tell you how stuff shook out for me.
1. You won't be getting Pell grants for med school, but you'll still qualify for the types of unsubsidized loans that all grad students do regardless of income. This should be enough money ($200,000+_) to cover fees at a typical in-state school. I'm not sure if it's enough to cover private schools that cost more like $400,000 without having to take out private loans, but if you were accepted to Harvard for example, they probably have a system down for people like yourself. My point is, ask your school/each school to make sure, but I am 99% sure you'll be able to get loans for whatever you need. They just might be at a crappy interest rate as opposed to someone from a more working-class background.
Also, most medical schools need to see your parents' income to justify any kind of federal loans, even if it isn't need-based. This is bad policy in my opinion, and because of that, some schools (like mine) have changed their policy. But whether they take your parents' income into account is each individual school's policy.
2. You definitely need to fill out the FAFSA bro. Merit-based scholarships are rare for medical students. Most people not borrowing any money either have rich parents or are in HPSP/NHSC/etc. Now, pay attention here- FAFSA gives you the option to not include your parents' income. My med school allows this, which is what I did.
The thing is, since almost all medical schools want your parents' info, the only way you can do this is if you already have committed to attend a school with this policy. Otherwise, you just have to add your parents' info, add the schools on the FAFSA site, and send the same data to all of them.
3. You aren't going to be eligible for need-based aid if your parents are upper-middle class. You WILL be eligible for unsubsidized loans through the federal government, because everyone is, and you have to fill out the FAFSA to be seen in the feds' system. Sorry, unless your school decides to give you a free ride, you're going to have to borrow a lot of money like most med students do.
You should buy The White Coat Investor's Guide for Students off Amazon- that's what I did. $200,000 of debt is scary to someone who's first generation like myself, but it is a good financial investment to become a physician. $400,000 is still acceptable but approaching a bad amount. Once you start hitting the $500,000 or $600,000 mark, and above, you start getting into the land of not being able to pay your loans off as a primary care physician for example. I'd avoid schools that are that expensive.
4. Because you aren't eligible for need-based aid, it shouldn't matter too much when you fill out your FAFSA. However, pay attention to all your schools- maybe they have a scholarship committee that's meeting already, and that committee wants your FAFSA done before they consider you for a merit-based scholarship. If that's the case, I'd fill it out ASAP. and PLEASE DON'T FORGET TO COMPLETE IT.
5. I don't understand this question. Feel free to elaborate if I'm missing the point. You should send your FAFSA to all of the schools to which you applied. If you decide to attend a school, and they don't get your FAFSA, you're screwed. You need that loan money to pay tuition.
Also, I'm speaking very generally here about need-based aid. If your definition of "upper middle-class" is a combined income of $60,000 a year, you probably would be eligible. You need to email your accepted schools' financial aid offices. And feel free to DM me if you want, I can at least tell you how stuff shook out for me.
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The chances of not incurring loan debt for medical school are so small as to be miniscule. That's not a good goal.
My students that come from families in abject poverty or who have no family aren't getting full need-based funding and still taking out 200k+ in debt.
I would strongly suggest that given the profession you want to go into, some introspection on how your comments that someone from an upper middle class background is "not favored" with respect to financial ability to attend medical school sound to those who have struggled with homelessness and food insecurity on their journey to medical school.
My students that come from families in abject poverty or who have no family aren't getting full need-based funding and still taking out 200k+ in debt.
I would strongly suggest that given the profession you want to go into, some introspection on how your comments that someone from an upper middle class background is "not favored" with respect to financial ability to attend medical school sound to those who have struggled with homelessness and food insecurity on their journey to medical school.
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When the development office goes out asking alumni and other wealthy philanthropists to donate money for scholarships to help students who would struggle to afford medical school, do you think that they are thinking of students from upper middle class households who graduated without any loans from undergrad??
You are asking people to give you money so you can pursue professional education that will, with any luck, propel you into a profession that will pay in the mid-six figures by the time you finish your training. You will be capable of paying back a sizable loan. There is no reason why you should beg people to give you money so that you can pursue the education that will make you rich.
You are asking people to give you money so you can pursue professional education that will, with any luck, propel you into a profession that will pay in the mid-six figures by the time you finish your training. You will be capable of paying back a sizable loan. There is no reason why you should beg people to give you money so that you can pursue the education that will make you rich.
I am deeply committed to independently funding my education. This decision is driven by a strong desire for self-reliance and taking personal responsibility for my educational journey. My aim is not just to avoid relying on my parents or incurring significant loan debt, but also to develop a sense of independence and financial responsibility, which I consider crucial for my personal development.
It’s important to clarify that my comments are not intended to downplay the challenges faced by others in more difficult situations. Instead, I wish to draw attention to the systemic issues within educational funding. Recognizing and discussing these disparities is crucial in our collective effort to create more equitable educational opportunities for everyone.
I also want to emphasize that the complexities of an individual’s personal life are often hidden behind the generalizations made based on their family background. It’s essential to understand that each person’s situation is unique and deserves to be considered on its own merits, rather than being judged by a broad categorization of their family’s economic status.
This discussion is not about comparing struggles but acknowledging that the landscape of educational funding is complex and affects people differently.
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A student's access to family resources is always going to be taken into account when assessing NEED-BASED financial aid. If you want funding based on your own personal qualifications, you are talking about MERIT-BASED need. That tends to go to the unicorns with 4.0/525 applications that schools are attempting to attract as a feather in their cap.
Yes, I am aware, and I understand that I might not be the ‘feather’ in this situation.
Looking ahead, although all admitted students will eventually earn a similar salary, the time required to repay loans will vary. This disparity often arises from assessments based on family background rather than individual realities.
Such judgments can significantly impact students’ financial trajectories, regardless of the actual availability of funds or their personal circumstances, which are often more complex than their family background might suggest.
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FIRST (Financial Information, Resources, Services, and Tools)
The AAMC's FIRST (Financial Information, Resources, Services, and Tools) program provides free resources to help you make wise financial decisions.
By chance, are you a devout Muslim who has a specific perspective on riba?
FIRST (Financial Information, Resources, Services, and Tools)
The AAMC's FIRST (Financial Information, Resources, Services, and Tools) program provides free resources to help you make wise financial decisions.students-residents.aamc.org
By chance, are you a devout Muslim who has a specific perspective on riba?
[mention]Mr.Smile12 [/mention] Thanks for sharing the link, and helpful resources.
All my perspective is financial (and personal) nothing else.
I just need to accept the reality and make the best possible decisions.
Thank you everyone for responding to my original questions.
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As someone coming from a similar financial background, think of it this way - if I for some reason underestimated the loans I needed one semester, I was always aware that my parents would be able to loan me a small amount until the next disbursement came. That never happened, obviously, but I always knew in the back of my mind that I would be okay. Those individuals who qualify for need-based aid simply do not have the familial finances to incur any extra expenses, and so do not have the same safety net.
You should expect to fund the majority, if not all, of your medical school through loans unless you were a rockstar who can earn one of the rare merit-based scholarships. It is what it is, and there exist programs such as PSLF to help with repayment down the line.
You should expect to fund the majority, if not all, of your medical school through loans unless you were a rockstar who can earn one of the rare merit-based scholarships. It is what it is, and there exist programs such as PSLF to help with repayment down the line.
@differentiating Thank you for your understanding, and support, and for sharing information about "PSLF", that might be a great pathway forward.
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No problem! That's my plan for my loans, and I know a few attendings who've had their loans discharged through the program, so I'm hopeful.
Glad to hear that. Some relief, at last.
Good luck to you. And thank you once again.
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There are many “more qualified” applicants (including yourself [mention]toastedbutter [/mention] ) in the pool and limited opportunities!
Thank you [mention]LunaOri [/mention] great practical advice.
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