Med School Loans

[SS01]

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Forgive me if this is a dumb question..I'm kind of new to loans..but how exactly does it work? I got a letter from NYMC stating that only my info is needed for stafford and grad plus loans but parental data is needed for the perkins loan (optional). Is there any reason why anyone WOULDN'T put parental data? Would the loan be taken out in my name still if I supplied parental data?

Would stafford & grad plus be enough without needing a Perkins loan?

 

[gravitywave]

Forgive me if this is a dumb question..I'm kind of new to loans..but how exactly does it work? I got a letter from NYMC stating that only my info is needed for stafford and grad plus loans but parental data is needed for the perkins loan (optional). Is there any reason why anyone WOULDN'T put parental data? Would the loan be taken out in my name still if I supplied parental data?

Would stafford & grad plus be enough without needing a Perkins loan?

you'd want a perkins loan if you qualified for one (not likely). they have a lower interest rate, longer grace period, better deferment/forgiveness terms than Stafford/GradPlus.

i can't think of a reason you wouldn't put parental info, but regardless the loans will all be in your name, and you can get GradPlus to cover everything up to the maximum cost of attendance. The only caveat to GradPlus is that you need a credit check to get them, which you will pass unless you've had a very bad credit event in the past (bankruptcy, foreclosure, repo, etc)

 

[45408]

Is there any reason why anyone WOULDN'T put parental data?

No. They'll assume the worst (that your parents are rich and giving you lots of money) if you don't supply it.

 

[SS01]

If i put parental data though won't they include my parent's income into my estimated family contribution and then give me loans for the remaining cost? My parent's wont actually be contributing though, thats why I didn't want to include their data...

 

[Sunny Side Up]

I haven't had to include it so far and it doesn't make sense to b/c they are not considered as income anyway. Apparently some schools do want that info. though.

 

[alwaysaangel]

Parental info is NOT included in your EFC. Because you are going to be in a professional degree program (MD) you are an independent. Your EFC will be estimated on your information alone.

The parental info puts it in a format that schools can use for their own aid. Institutional based aid such as loans, grants, etc. Basically if you want any chance at free money put your parents info. That is the ONLY thing it will affect. It will not affect your ability to get your full cost of attendance in Staffords and Grad Plus loans.

At my school, people who's parents make combined income <100,000 generally get some grants to fill in the gaps between Federal maximums and cost of attendance. So a lot of schools are pretty generous.

Put your parental info, it can only help.

 

[OrangeandMaroon]

Parental info is NOT included in your EFC. Because you are going to be in a professional degree program (MD) you are an independent. Your EFC will be estimated on your information alone.

This is school dependent for institutional aid and always true for govt aid.

 

[alwaysaangel]

This is school dependent for institutional aid and always true for govt aid.

I've never seen a school that actually calculated a separate EFC.

EFC is really a federal number for how much loans you can get relative to the cost of attendance.

Schools then usually fill gaps that would have to be covered by private loans for low income families. But when I applied all 3 just used incomes, didn't take much else into account and none calculated a separate EFC.

 

[OrangeandMaroon]

I've never seen a school that actually calculated a separate EFC.

EFC is really a federal number for how much loans you can get relative to the cost of attendance.

Schools then usually fill gaps that would have to be covered by private loans for low income families. But when I applied all 3 just used incomes, didn't take much else into account and none calculated a separate EFC.

Two of the three schools at which I applied for aid do so. Expected Family Contribution is not solely a federal number. Although an institution may choose to use the federal methodology to calculate EFC, they're free to incorporate parental tax information for institutional aid.

 

[alwaysaangel]

they're free to incorporate parental tax information for institutional aid.

Well yes, I said that in my initial post. I've just never seen one actually calculate a separate EFC.

 

[OrangeandMaroon]

Well yes, I said that in my initial post. I've just never seen one actually calculate a separate EFC.

Sorry, you did. I can only speak for what I've seen. But being a 4th year I trust that you've seen much more. Carry on.