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Make myself as poor as possible?

Discussion in 'Pre-Dental' started by esquia, Dec 16, 2005.

  1. esquia

    esquia esquia
    5+ Year Member

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    Call me crazy but:

    Wouldn't I get more subsidized loans if I didn't work at all? While in the short-term I would have less money, in the long run I'd save tons on not having to pay the interest of what would be unsubsidized loans if I were working part time. I was going to work full time and save as much money as possible my extra semester before dental school starts (january to august), but it seems to me that I should rather make myself as poor as possible. What do you think?
     
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  3. jpollei

    jpollei Senior Member
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    There is a max amount of federally subsidized loans per year you are eligible for (I believe it's ~$8500 stafford for DDS students). Whether you work or not, you are eligible maximally for this...depending on what your program deems you are in "need" of. The remainder of the cost of education would usually be covered by either federal unsubsidized, or state-/school-based (ex: Health Professions loans). By not working, you cannot increase the amount of subsidized federal loans above this if you are already at the max, but you may be eligible for more unsub or state/school-based loans. It's up to what the school--via your FAFSA--determines you are eligible for.

    If they say you should be able to foot all the cost of school because of your job, thereby making you ineligible for the max amount of sub loans (which are usually the first kind awarded, before unsub, etc.), then yes by not working you could potentially get more subsidized loans. But that's usually not an issue for most students. If you've got a job that pays that well...keep it. :) There's plenty of time to be poor later...enjoy a little income now while you can.
     
  4. DentalNerd

    DentalNerd Senior Member
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    You can use the linked worksheet to calculate your Expected Family Contribution (EFC) based on your status. A % of your earned income is used to calculate your EFC.

    http://www.ifap.ed.gov/efcinformation/attachments/0506EFCFormulaGuide.pdf
     
  5. Sprgrover

    Sprgrover Pulped out Moderator
    Moderator Emeritus 7+ Year Member

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    There is a cap on subsidized loans, and, to further complicate matters, unless you are married you have to submit your parent's financial information as well in order to be considered for additional need-based aid. This can sometimes work against you (e.g. my situation in which my parent's income, which I don't benefit from at all, excluded me from certain forms of financial aid). With all that said I think you should work and enjoy the money while it's there.
     

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