Listing Parents on FASFA? Independent student

[Obama4President]

I am a married, independent "student" in my late 20s. I'll be leaving a well paying job to go back to medical school and I am trying to figure out how to best prepare my finances. I have already liquidated my own assets in order to fill out the FASFA.

My parents are financial well off (ie good jobs, close to retirement, a second vacation house). I don't know what they make but I think they're in the upper tax bracket. We've never discussed this. For example, I have no idea if they stretch ever dollar with lots of debt or own their houses outright. I am wondering if it's even worth it to ask for my parent's assets and tax return to fill out the FASFA.

Is there a particular asset amount that would make me ineligible for institutional financial aid anyway, thereby making a conversation with my parents moot?

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[Phoenix.]

Contact your school. It really depends. For example, there are a few (rare) schools that don't consider parental information whatsoever for institutional aid (i.e., Mayo), while the vast majority of schools will definitely count you out for institutional aid in your situation. Call the school's financial aid office about this and to see where your school stands.

And while for some schools you don't have to list parental information on FAFSA, they direct you to put it on the school's own fin aid applications instead (i.e., Loyola). Other schools direct that you MUST put parental information on FAFSA (i.e., George Washington). My point is, it runs the gamut. Ditto with what will count you out for institutional aid. But my gut is that you're probably not going to get any institutional aid if you're leaving a high paying job and have parents that are well off (regardless of the fact that you're an older independent student and will not be working for four years). While your parent's income will continue to count against you, your own income won't factor in in the future when you fill out financial aid forms in future years when you haven't been working.

 

[Luxian]

Coming from another non-trad: The FAFSA has an age cutoff which I think you meet, so you may not have to fill out the FAFSA parental information. However, your institution probably has their own financial aid paperwork that must be filled out. Almost every one asks for parental information no matter how old you are. Some make an exception if you are married. You just have to ask and find out.

I found this difficult too. My parents are both over 70 and had no input into whether I applied, so I reluctantly asked them to fill out their part of the application for the institutional forms, merely because the school requires it in order to receive ANY institutional aid. I asked and discovered that I can indeed take out loans for the entirety of the "parental contribution" so I will be moving forward as planned and NOT taking money from my elderly parents.

But you just have to go through the hoops. Call your school and find out what they are!

 

[DoctorPardi]

Coming from another non-trad: The FAFSA has an age cutoff which I think you meet, so you may not have to fill out the FAFSA parental information. However, your institution probably has their own financial aid paperwork that must be filled out. Almost every one asks for parental information no matter how old you are. Some make an exception if you are married. You just have to ask and find out.

I found this difficult too. My parents are both over 70 and had no input into whether I applied, so I reluctantly asked them to fill out their part of the application for the institutional forms, merely because the school requires it in order to receive ANY institutional aid. I asked and discovered that I can indeed take out loans for the entirety of the "parental contribution" so I will be moving forward as planned and NOT taking money from my elderly parents.

But you just have to go through the hoops. Call your school and find out what they are!

FAFSA doesn't require your parent's information because you are a grad student if nothing else. However if you want to be considered for need based aid then many schools will require parental information to be required for it regardless of age, married status, millitary service etc.

 

[TMP-SMX]

At Wayne the cutoff student/parental EFC is 18k. Last year I was over it this year I was under it. I got 9k in campus based scholarships and 5k in perkins low interest loans. It's unlikely you will be eligible for them if your parents made a lot of money and you made a lot of money, but many schools do not give out merit-based scholarships either if you don't provide parental information.