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Michigan Financial Aid

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gatormichigan

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Some schools require that you put down your parents info on your FAFSA. Is Michigan one of them?

I understand that if you don't include your parents, you wont be eligible for the Federal Perkins Loan or the Health Professions Loan (HPL). Lets say you want to add your parents so that you can be considered for those 2 loans, but your parents might make too much. You obviously wont get the Federal Perkins Loan and the HPL but will this affect your Federal Direct Loans?

For Michigan, how high of an income do your parents have to have to not be considered for the Federal Perkins Loan and HPL?
 

Lesley

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Some schools require that you put down your parents info on your FAFSA. Is Michigan one of them?

I understand that if you don't include your parents, you wont be eligible for the Federal Perkins Loan or the Health Professions Loan (HPL). Lets say you want to add your parents so that you can be considered for those 2 loans, but your parents might make too much. You obviously wont get the Federal Perkins Loan and the HPL but will this affect your Federal Direct Loans?

For Michigan, how high of an income do your parents have to have to not be considered for the Federal Perkins Loan and HPL?


Regardless of your parent's income, you, as a graduate student, provided your income and assets are low, will qualify for $8,500 in subsidized and about $30,000 in unsubsidized Stafford federal loans each year. Even if your personal income/assets are high, you would still qualify for about $38,500 in Stafford loans, but it would all be unsubsidized.

I don't know how high an income would disqualify you for the HPL loan. I think it's best to provide all the information they ask and let the school decide. If you don't qualify this year, provided your parents financial picture doesn't change, don't bother next year.

There's always a chance. I do think schools have guidleines, but remember as the schools have a limited amount of money. When distributing money, it's important that your information is available to them as early as possible, it's first come first serve, and, in some ways, your financial situation compared to your peers, could have an effect. So, don't rule out the HPL, let them decide. Good Luck.
 

gatormichigan

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Regardless of your parent's income, you, as a graduate student, provided your income and assets are low, will qualify for $8,500 in subsidized and about $30,000 in unsubsidized Stafford federal loans each year. Even if your personal income/assets are high, you would still qualify for about $38,500 in Stafford loans, but it would all be unsubsidized.

I don't know how high an income would disqualify you for the HPL loan. I think it's best to provide all the information they ask and let the school decide. If you don't qualify this year, provided your parents financial picture doesn't change, don't bother next year.

There's always a chance. I do think schools have guidleines, but remember as the schools have a limited amount of money. When distributing money, it's important that your information is available to them as early as possible, it's first come first serve, and, in some ways, your financial situation compared to your peers, could have an effect. So, don't rule out the HPL, let them decide. Good Luck.


Will your parents income influence the FEDERAL DIRECT loans?

I just got my answer from Mary Gaynor at Michigan ........ it does not. Thanks anyways!!
 

Lesley

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Will your parents income influence the FEDERAL DIRECT loans?

I just got my answer from Mary Gaynor at Michigan ........ it does not. Thanks anyways!!

Just for everyone else's information. No. For FASFA purposes, all graduate students are considered independent. As such, you are entitled to the Federal Stafford Loan regardless of your parent's income, even if they are generous millionaires. We could only wish they all were. The only influence your parent's income will have is in your ability to obtain need based loans such as HPS, Perkins and other institutional aid. Here schools will consider your parents income for loan eligibility. I think it's worth the try. Presently, you can only get $8,500 subsidized and about $30,000 unsubsidized from the Stafford Federal Direct Loan (6.8%). Beyond that you can get the unsubsidized PLUS loan (8.5%) to cover the remaining cost of attendance. Any money you can get, subsidized no less, at 5%, even if it's just $1000, the less you will have to borrow from higher interest rate, unsubsidized loans, such as the PLUS Loan. Congrats on getting into Michigan! Good Luck
 
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