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If my parents' combined income is 100k, will I likely get institutional help/loans?

Discussion in 'Pre-Medical - MD' started by yunfat, Apr 16, 2002.

  1. yunfat

    yunfat Senior Member 7+ Year Member

    Feb 25, 2002
    HK triads
    I already did my FAFSA online without entering my parents' info, cuz I thought my parents' income bracket was too high for me to receive institutional grants/loans...

    just wondering if it's worth the time to go back and do it...

    any advice would be much appreciated...thanks!
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  3. Scooby Doo

    Scooby Doo IEatShavedPussyCats 10+ Year Member

    Jul 9, 2001
    I think MOST schools who do institutional aid REQUIRE that your parents fill out their part of the FAFSA. Check with your particular schools...if your parents are making that much though, you probably won't get anything too wonderful <img border="0" title="" alt="[Frown]" src="frown.gif" />
  4. Loans...yes.

    Grants...don't count on it. Mine make less, and I didn't get a red cent in grant money.
  5. yunfat

    yunfat Senior Member 7+ Year Member

    Feb 25, 2002
    HK triads
    scoob: i didn't bother to enter my parents' info cuz i've been told by other ppl that i wouldn't qualify for institutional financial aid anyway...

    i was thinking of just sucking it up with federal loans... but lately, i've been wondering if there might be a chance i can get some institutional grants or loans (which would have lower interest than federal loans)...

    just wondering if it's worth the trouble to go back and add all that info in... cuz if 100k is too high for most institutional loans, i am not going to bother...

    are there any peeps out there with a similar parental COMBINED income??? What type of packages are you all getting? If you know already, please post your parental combined income, and the amount of institutional aid...

    as always, your help is greatly appreciated...
  6. ckent

    ckent Banned Banned

    Jul 31, 2000
    Depends on the school and depends on if this is for med school or undergrad. For undergrad, yes, always put your parents financial info down, I know of people whose parents made far more then yours did and still got a lot in financial aid grants in med school and of course, much more in college. For med school, some med schools don't care about your parents financial situation because they will count you as an idependent, unless they made &lt;50,000, in which case you might qualify for some special loans or grants, but a lot of med schools particularly private, expensive ones want your parents financial info so that they can calculate an estimated parental contribution and deduct that from whatever your financial aid package would be. If you don't turn it in for these schools, they will assume that your parents are millionaires and will be paying for your education in cash or else you will have to use high interest loans to pay for school if your parents are not actually millionaires or your parents aren't going to be paying anything. Either way, 100,000 parental income shouldn't be too high to exclude you from getting any institutional aid. Bottom line: talk to your school's financial aid office. If you are waiting or deciding between several schools, then yes, turn in your parents financial info ASAP.
  7. whoanelly

    whoanelly Member 7+ Year Member

    Apr 4, 2002
    I heard that, at Stanford, you won't qualify for any aid if your combined parental income is $300,000!! I don't know if the aid refers to only grants or both grants and federally subsidized loans. Does anyone else know?
  8. I really don't see the hurt in putting your parents information if you are in doubt whether you will qualify.

    To the OP: My parents make slightly (~$5,000) less than that combined and I still got ~6,000 in institutional grant aid from one school that already awarded me a scholarship. That was completely based on my need assessment, so don't count out anything. Over 4 years, it becomes a nice chunk of change. It all depends on the school, but it won't hurt to try.
  9. My parents' combined income is over 10,000, and they are not going to give a red cent (they told me). I got my aid last week, no grants or financial aid, pure freaking unsubsidized staff loans and other weird ass loans. For 4 years of med school, my toll will be around 300,000 in 2016. I wanted to go into academic medicine, now I can't afford too. I have to practice.
  10. kafka79

    kafka79 Member 7+ Year Member

    Jun 17, 2001
    Yeah, I can sympathize with you, Retro. It really sucks that schools expect that just because your parents can afford to pay for school that they will. Thankfully, my parents told me they'd help me out with some living expenses, but everthing else is my responsibility. Since my dad makes $300-$400K, there is no way I'm going to get anything but loans. For this same reason, I couldn't leave the state to go to a great private school (which I was accepted to) for undergrad. My parents just said it's their money and they didn't want to spend it on private school when I could go to a state school for nothing. Hell, I wasn't going to borrow $100,000 to get an bachelor's degree when I knew I wanted to go to medical school. I'm sure some of you think this a baseless corcern. Why should a person be whining about his parent's having money? It really is discouraging though, especially when you're not on good terms with your parents or they don't particularly value what you are trying to do. I want to be independent now, but the financial aid system does not really allow that.

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