How/When to Start Financial Aid

[drdude21]

---

Members do not see this ad.

Anxious as anyone else about paying for med school, I've started to look into the FAFSA, etc., for the upcoming school year.

When's the best time to start filling it out? I know the 2010-2011 FAFSA was just released, but basically the schools I've been accepted to have told me that whereas in college finaid was on a fist-come basis, in med school everyone's package is decided after a deadline (seems to be end of Feb-early March at most places).

But some schools' aid offices' sites say to go ahead and estimate my numbers and get the FAFSA in ASAP, and then update my numbers once I've filed taxes. Am I freaking out about this, and too early? 😱

 

[Everglide]

It's never too early to fill out a FAFSA, it certainly can't hurt. Mine is done w/ estimated numbers.

 

[searun]

OP, you should relax. I am a third year med student. I always submit my FAFSA during the first week of February, after I have all of the necessary financial information for myself and my parents. I submit my parents financial information because I receive a substantial need based grant from my private med school's endowment and parental information is required for this grant.

If you submit your FAFSA in early February, you will be perfectly fine. There is no reason to submit estimates that you will have to update.

Med school financial aid offices will not make final decisions on your financial aid until after they receive signed copies of your tax return and your parents' tax return (if you are seeking need based grants) to verify the financial information on the FAFSA. Some med schools will also require you to complete the NeedAccess form online in addition to the FAFSA. So doing the FAFSA in early January, before you have all of the necessary financial information related to your taxes, is pointless and unnecessary.

Trust me, I am a student doctor.

 

[TakeMe]

OP, you should relax. I am a third year med student. I always submit my FAFSA during the first week of February, after I have all of the necessary financial information for myself and my parents. I submit my parents financial information because I receive a substantial need based grant from my private med school's endowment and parental information is required for this grant.

If you submit your FAFSA in early February, you will be perfectly fine. There is no reason to submit estimates that you will have to update.

Med school financial aid offices will not make final decisions on your financial aid until after they receive signed copies of your tax return and your parents' tax return (if you are seeking need based grants) to verify the financial information on the FAFSA. Some med schools will also require you to complete the NeedAccess form online in addition to the FAFSA. So doing the FAFSA in early January, before you have all of the necessary financial information related to your taxes, is pointless and unnecessary.

Trust me, I am a student doctor.

I was actually wondering about this. I am married, and independent so I am not required to enter my parent's information. I vaguely remember at some interview a financial aid person telling us to enter it in regardless. The problem is, my parents make a LOT of money and will in NO WAY supplement my education.

I am afraid that if I put their information in, it will actually hurt my chances of getting a need based grant. Do I have to put it in? Should I put it in? I am confused.

Any insights???

 

[TakeMe]

Also, I am a non-trad who is working, but clearly I will not be during medical school. I make a decent living as a teacher (40,000). My husband is an engineer and does fairly well. Will the fact that I am earning a good amount of money this year but this income will not be earned next year be considered?

Thanks again

 

[searun]

I was actually wondering about this. I am married, and independent so I am not required to enter my parent's information. I vaguely remember at some interview a financial aid person telling us to enter it in regardless. The problem is, my parents make a LOT of money and will in NO WAY supplement my education.

I am afraid that if I put their information in, it will actually hurt my chances of getting a need based grant. Do I have to put it in? Should I put it in? I am confused.

Any insights???

Do you have any acceptances at this point? If so, I would call the financial aid offices of any schools where you have been accepted and describe your situation. I am single so I am not sure how being married affects the general rule - that you must submit your parents financial information to receive a needs based grant from the med school itself.

However, if your parents are wealthy, and you still have to submit their information even though you are married, you are unlikely to receive a needs based grant. The med schools will expect your parents to help you and will not give you a grant.

This is one of the few situations where having wealthy parents is actually a disadvantage. I am glad that my parents don't have any money to help me, other than paying my cell phone bill. Otherwise, I would be graduating with a ton more med school debt.

 

[searun]

Also, I am a non-trad who is working, but clearly I will not be during medical school. I make a decent living as a teacher (40,000). My husband is an engineer and does fairly well. Will the fact that I am earning a good amount of money this year but this income will not be earned next year be considered?

Thanks again

No, the income that you are earning this year as a teacher will not be considered when the med school makes financial aid decisions for you. The financial aid officers understand that you will not be earning any income next year, as few med students are employed.

However, the income earned by your engineer husband will be factored into your financial aid award. He will be expected to provide financial support for you while you are a med student.

Based upon your decription of your circumstances, it is probable that your financial aid will consist of a package of loans. The amount of loans that you will receive will not be the entire cost of attendance, given the financial contribution that will be expected from your husband. But this is fine, keep your debt as low as possible, and only borrow what you actually need to make ends meet, given your husband's financial resources.

 

[PinkIvy08]

Do you have any acceptances at this point? If so, I would call the financial aid offices of any schools where you have been accepted and describe your situation. I am single so I am not sure how being married affects the general rule - that you must submit your parents financial information to receive a needs based grant from the med school itself.

However, if your parents are wealthy, and you still have to submit their information even though you are married, you are unlikely to receive a needs based grant. The med schools will expect your parents to help you and will not give you a grant.

This is one of the few situations where having wealthy parents is actually a disadvantage. I am glad that my parents don't have any money to help me, other than paying my cell phone bill. Otherwise, I would be graduating with a ton more med school debt.

Well I guess it finally pays to be single and broke with a broke parent. We shall see...I'm actually starting to have mini panic attacks over the finances portion of an MD. Hopefully, it all works out...

 

[searun]

Well I guess it finally pays to be single and broke with a broke parent. We shall see...I'm actually starting to have mini panic attacks over the finances portion of an MD. Hopefully, it all works out...

Exactly. I never thought or expected that being a poverty stricken med student with broke parents would provide me with any advantages - but I was wrong. My private med school tuition is paid entirely with grants from the medical school. So I am grateful and humbled. I plan to endow a scholarship at my med school when I die for some similar impoverished student. Pay it forward.

 

[futureMD435]

Exactly. I never thought or expected that being a poverty stricken med student with broke parents would provide me with any advantages - but I was wrong. My private med school tuition is paid entirely with grants from the medical school. So I am grateful and humbled. I plan to endow a scholarship at my med school when I die for some similar impoverished student. Pay it forward.

Way to be. Graduating without debt would be amazing. I'm just assuming I'll be paying back the loans from med school for a while.

Is there any sort of estimate on how much you can expect to be given based on your parents income? My dad lost his job, but was given a severance and vacation pay, so last year it looks like he made the same amount. This year though, he will obviously be without income. This will be taken into account right?
Also, is there any chance of filling out a fafsa form for this spring semester in hopes of a grant?

 

[TakeMe]

Okay. I will just call each medical school I have been accepted or waitlisted at individually. Thanks!!! Although, I am a little upset that tis probably takes me out of the runnimg for a need based grant.

 

[TakeMe]

and I hope they consider that my husband is working full-time but also going to school for his MBA full-time as well. So he has his own tuition to pay as well. Yup, I'm gonna be poor for a LONG time

 

[alibai3ah]

Does anyone know if area of living is taken into account in this whole calculation for need-based vs. grants?

I am from California and my parents combined income is above six figures. However, we are by NO MEANS even close to being wealthy. I took loans out for undergrad. And my parents have no savings trying to pay the mortage to live in this area (b/c they have to for work). I was just wondering if this is taken into consideration?

 

[alibai3ah]

I am almost positive parents' cost of living is not taken into account for your FAFSA EFC, although local tax rates are considered.

Check this out: http://chronicle.com/blogPost/Reforming-Federal-Student-Aid/9188/

O boy, that's a real bummer... I guess I won't be getting much