Need based aid/expected student contribution and retirement funds

[Snakes]

This is a question that probably won't apply to 90+% of the typical premeds out there, but it may be something answerable in the non-trad forum. Does anyone know how retirement funds come into play when medical schools compile a financial aid package for students? Do schools look at money you or your spouse have saved specifically in retirement funds when figuring out your expected contribution or when awarding need-based aid?

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[MD89]

Not sure about school specific aid but from what I recall, the FAFSA does not make you include IRAs, 401ks, etc.

 

[BluMist]

Personally, I've been stashing ~90% of my net worth into retirement accounts thinking I would go back to school at some point. Only kept enough on hand for basically emergency/"peace of mind" fund.

On a related note, FAFSA only looks at the previous year tax return if I remember correctly. I am contemplating a "gap year" between current job and medical school to focus on the cycle while driving down my expected contribution.

 

[CaffeinatedForLife]

If you are applying for federal student loans, the only ones that apply to medical school are the unsubsidized Stafford loan and the graduate PLUS loan. Neither of those look at your assets or income or those of your spouse. I think the PLUS requires a good credit history. So basically, you can be rich like Trump and still borrow up to the full COA at your med school of choice, as long as you have good credit.

Individual schools may have loan programs (haven't encountered any of these on the D.O. trail, btw) or scholarships that are need-based, though.

This is all to the best of my knowledge. I welcome any corrections!