Scholarships, financial aid, family contribution

[petomed]

I'm turning 29 shortly and applying next cycle for the first time. I don't quite understand how my financial need will be calculated. Right now I'm single and my income far exceeds that of my parents growing up. I haven't lived with my parents in years. Whose household income determines my financial need?

I'm also considering getting married before matriculating. Would need then become based off of our combined salaries?

How would having kids, married or unmarried, change either of the scenarios mentioned?

I know some colleges automatically qualify you for scholarships based on expected parent contribution. Who represents that expected contribution?

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[676188]

Your age makes you an independent student, meaning that your parents' income isn't considered when applying for financial aid. Also, medical school is graduate school, which means you will be offered loans, not grants. Scholarships are often merit-based, but can be need-based depending on who offers them.

The AMCAS and the AACOMAS ask for your parents' financial information when you were growing up to determine if you would be considered disadvantaged, it has no bearing on your FAFSA or the financial aid you will be offered in the future.

If you get married before matriculation, both of your incomes would be considered when determining financial aid. For the 2019-2020 school year, the FAFSA will use the income reported on your 2017 tax returns. Having children does matter, as need is determined by a combination of income, household size, number in household who are currently in college, and other factors. When filling out the FAFSA, you will be offered the opportunity to use your parents current income, but it is optional for an independent student. I have never reported parent income, and never been denied financial aid.

 

[wysdoc]

Here's a thread that discusses all the ins and outs https://forums.studentdoctor.net/th...-to-financing-your-medical-education.1293928/

 

[petomed]

Your age makes you an independent student, meaning that your parents' income isn't considered when applying for financial aid. Also, medical school is graduate school, which means you will be offered loans, not grants. Scholarships are often merit-based, but can be need-based depending on who offers them.

The AMCAS and the AACOMAS ask for your parents' financial information when you were growing up to determine if you would be considered disadvantaged, it has no bearing on your FAFSA or the financial aid you will be offered in the future.

If you get married before matriculation, both of your incomes would be considered when determining financial aid. For the 2019-2020 school year, the FAFSA will use the income reported on your 2017 tax returns. Having children does matter, as need is determined by a combination of income, household size, number in household who are currently in college, and other factors. When filling out the FAFSA, you will be offered the opportunity to use your parents current income, but it is optional for an independent student. I have never reported parent income, and never been denied financial aid.

I think I understand now. The example I'll give is for Harvard, which gives very good financial need based scholarships. Their formula is simple "Financial Need Minus Unit Loan Equals HMS Scholarship". Below is a link to the applicable page.

Package Determinations

I will walk through my example, with the understanding that I am an Independent.

Total cost of attendance = $92,620
Family Contribution = $0 (since I'm an independent and have salary < $100k)
Equals Financial Need = $92,620
Unit Loan = $33,950 (max)
HMS Scholarship = $58,770 (according to "Financial Need Minus Unit Loan Equals HMS Scholarship")

This is why Harvard's average student debt is so low. I want to make sure not to mess up the expected family contribution. Sounds like marriage will have to take a back seat for now...

 

[Astharia]

Keep in mind however, that if you're applying for the fee assistance program through AACOMAS or AMCAS, they WILL consider parental income, even if you're independent and have children. I was denied because my parents were middle class, despite being a teen mom who was 100% financially independent when I was married at 18. Had 3 kids, medicaid, and food stamps, still didn't qualify.

Applications themselves are expensive, then consider secondary costs and travel expenses for interviews. You'll probably spend minimum $5K for this process. Save up, and good luck!

 

[676188]

Keep in mind however, that if you're applying for the fee assistance program through AACOMAS or AMCAS, they WILL consider parental income, even if you're independent and have children. I was denied because my parents were middle class, despite being a teen mom who was 100% financially independent when I was married at 18. Had 3 kids, medicaid, and food stamps, still didn't qualify.

Applications themselves are expensive, then consider secondary costs and travel expenses for interviews. You'll probably spend minimum $5K for this process. Save up, and good luck!

Good point, I didn't qualify for FAP so I didn't think to include it.

 

[hamiltonnyc]

I think I understand now. The example I'll give is for Harvard, which gives very good financial need based scholarships. Their formula is simple "Financial Need Minus Unit Loan Equals HMS Scholarship". Below is a link to the applicable page.

Package Determinations

I will walk through my example, with the understanding that I am an Independent.

Total cost of attendance = $92,620
Family Contribution = $0 (since I'm an independent and have salary < $100k)
Equals Financial Need = $92,620
Unit Loan = $33,950 (max)
HMS Scholarship = $58,770 (according to "Financial Need Minus Unit Loan Equals HMS Scholarship")

This is why Harvard's average student debt is so low. I want to make sure not to mess up the expected family contribution. Sounds like marriage will have to take a back seat for now...

I'm no expert on this, but I believe the HMS scholarship requires your parental info. It is not needed for federal loans, but for institutional aid, they factor in a lot of things, including parents.

The linked thread: "By the way, current law makes professional students “independent”, meaning their parents’ income and favorite color aren’t used when considering eligibility for federal loans. However, many schools do consider parental information when determining whether to award institutional aid."

Most medical schools that provide financial aid scholarships will ask for a CSS profile as well, which has more required info. Let me know if I'm wrong, I'm curious as well.

EDIT: After reading more on the Harvard site that you linked, I'm confident that you need to include your parent's info.

"Harvard Medical School requires parent financial resource information from all applicants who are applying for institutional funding regardless of age, dependency, marital status, tax status, income level or prior history of financial independence."

However, it looks like if your parents make less than 100k, then their expected contribution is waived.

 

[petomed]

I'm no expert on this, but I believe the HMS scholarship requires your parental info. It is not needed for federal loans, but for institutional aid, they factor in a lot of things, including parents.

The linked thread: "By the way, current law makes professional students “independent”, meaning their parents’ income and favorite color aren’t used when considering eligibility for federal loans. However, many schools do consider parental information when determining whether to award institutional aid."

Most medical schools that provide financial aid scholarships will ask for a CSS profile as well, which has more required info. Let me know if I'm wrong, I'm curious as well.

EDIT: After reading more on the Harvard site that you linked, I'm confident that you need to include your parent's info.

"Harvard Medical School requires parent financial resource information from all applicants who are applying for institutional funding regardless of age, dependency, marital status, tax status, income level or prior history of financial independence."

However, it looks like if your parents make less than 100k, then their expected contribution is waived.

From the university's perspective, it makes the most sense to consider your income as an independent (with your SO's income if married) as well as your parent's income. If the university is really looking out for the student, they'll take the lesser of both salaries when considering need-based scholarship. If the university is looking out for their bottom line then they'll take the greater of the two. Seems reasonable that it could go either way, depending on the college.