Scholarships & Financial Need?

[Glimmer1991]

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I am sort of confused about how schools determine who is "financially needy," particularly for merit scholarship purposes.

For example, a lot of UNC Dental's scholarships have descriptions like:
"Academic merit and financial need"
"Financial need and academic performance"
"Financial need"

At this point in the game, though, doesn't almost EVERYONE have financial need? I mean, we're mostly young folks who just graduated with our BA/BS degrees; of course, we don't have $300,000 sitting around. And, I'm sure that most people who are a bit older don't have this kind of cash saved up, either.

How do they determine who really qualifies for financial need? Is it through our FAFSA results? I'm sort of confused about this, too. A lot of us are probably still dependents. However, just because I'm a dependent and my parents could pay doesn't mean that they are paying for my dental school. I'm sure I'm not the only one in this situation--I think it's a perfectly acceptable (and common!) one.

So, if your parents theoretically can pay, are you SOL when it comes to these types of scholarships? Are you even required to put their information? If not, I'm still just as confused as to how we aren't all financially needy.

Thanks!! 😀

 

[predentstudentL]

YES.. unfortunately you will be SOL. It all depends on your FAFSA and what your FAMILY income is (In order to apply for these scholarships and even lower loan rates you HAVE to put in your family's income). To be considered financially needy its something ridiculous like a family of 4 income of less than $30k or lower. I know that most people that are going to school won't fit in that criteria. It must be nice to have parents that COULD pay for your schooling... When doing your FAFSA it'll tell you the EFC - Expected Family Contribution - the estimated amount of money your parents will be able to give you. My EFC for this coming year was $0.00 and I still can't apply for "financially needy" scholarships because my parents make more than $30k. Also, because I'm not a minority I can't apply for a lot of other scholarships/loans out there. Being a white individual, it is getting tougher and tougher to get "free" money - aka scholarships - even if you have outstanding stats! That's just the way it is today - get ready to take on that debt! 🙂 BTW congrats on your academic stats! Very competitive. 😉

 

[SES0112]

YES.. unfortunately you will be SOL. It all depends on your FAFSA and what your FAMILY income is (In order to apply for these scholarships and even lower loan rates you HAVE to put in your family's income). To be considered financially needy its something ridiculous like a family of 4 income of less than $30k or lower. I know that most people that are going to school won't fit in that criteria. It must be nice to have parents that COULD pay for your schooling... When doing your FAFSA it'll tell you the EFC - Expected Family Contribution - the estimated amount of money your parents will be able to give you. My EFC for this coming year was $0.00 and I still can't apply for "financially needy" scholarships because my parents make more than $30k. Also, because I'm not a minority I can't apply for a lot of other scholarships/loans out there. Being a white individual, it is getting tougher and tougher to get "free" money - aka scholarships - even if you have outstanding stats! That's just the way it is today - get ready to take on that debt! 🙂 BTW congrats on your academic stats! Very competitive. 😉

When applying for graduate loans thru Fafsa and plus loans, it gives you the option to include your parents info... Diff from undergrad where it was required. I left off all of my parents info since they were not paying for my grad degree.

 

[SES0112]

However im sure its diff if you are applying for scholarships!

 

[Glimmer1991]

Thanks, guys! That kind of stinks. Although my parents could pay for my dental school, it would be a huge financial strain for them, especially since they're paying for my brother's college at the same time! I would never expect them to; I'm already incredibly grateful that they're willing to help me with my living expenses.

Also, the EFC that gets calculated from the FAFSA is so ridiculous. My family is not wealthy, but we live comfortably. When I applied to Duke for undergrad, we got NO financial aid. As if 50 grand a year is just normal for a middle-class (to maybe slightly upper-middle-class) family... No!

I won't be applying for any scholarships; instead, I think the schools I'm applying to just automatically consider you for them. Oh well. Reading all of these recent posts about how loans are going to rise to 9.5% interest as the economy gets better are just so scary. Even though they might be lower than that right now, I strongly predict that I'll be paying back the majority of my loans at this rate. Yikes!

People think I'm crazy for applying to so few schools and that price shouldn't be a consideration if I "really want this." 0_0 Paying back $400,000 with 9.5% interest is just such a scary, scary prospect that I'd rather not tackle unless it is ABSOLUTELY NECESSARY.

 

[sacapuntas]

If you think it stinks for you now, consider how it feels for those of us who have not been dependents for 10+ years and have families of our own to have our parents income considered for need based aid and scholarships!

 

[JAWSSS]

WARNING!

Your parent's info WILL be required if you want to qualify for all types of loans. It is required... Even if you are 30 years old and have lived on your own for 12 years.

And sadly, you are SOL (for need-based scholarships) if your parents can pay.

Even thought they won't pay for you... Students who have parents that CAN pay (aka are wealthy) have it much easier financially than students who have parents that make barely enough to keep the bills paid. Regardless of whether or not the parents are planning on helping with dental school costs.

Having money in your family means you have not had "NEED" for financial assistance in the past. And that will be a deciding factor in the present.

 

[Glimmer1991]

Even thought they won't pay for you... Students who have parents that CAN pay (aka are wealthy) have it much easier financially than students who have parents that make barely enough to keep the bills paid. Regardless of whether or not the parents are planning on helping with dental school costs.

Very true, and I sincerely hope I didn't sound like a spoiled brat. I know I am incredibly fortunate to have my parents to fall back on, especially if something absolutely horrendous happened. I have it a lot better than most, and I know that. I don't think we are wealthy, but still in a better situation that many of my peers.

Also, that really does stink that you have to put your parents' info if you are a true independent. Ugh!

This is a frustrating subject for many, I know.

 

[biochem5]

WARNING!

Your parent's info WILL be required if you want to qualify for all types of loans. It is required... Even if you are 30 years old and have lived on your own for 12 years.

Not all loans, just the additional "needy" ones if you want. As someone said earlier, it is optional to put parent info on the FASFA. If all you want is the usual stafford unsubsized loan (~47,000) and/or the grad plus loan. They check your personal credit history for the grad plus and neither of those loans have to do with your parents.

Also, I don't know about other schools, but at UF, there was a needy scholarship where you had the option to submit 3 years of your own tax return if you had been completely independent and at least 24 years old in lieu of 1 year of your parents tax return.

 

[shootingstar7]

A good reason to include your parents financial information is to try to qualify for what is called the Perkins Loan (I think). It's loan money at a lower interest rate than the Grad PLUS loans (which are the ones expected to fluctuate).

I didn't include my parents financial info because I didn't think I would qualify but in retrospect I probably should have. My dad was just appalled at the idea of sharing his financial information. 🙄

In all honestly these are really just first world problems. Dentists make a fine living. More than enough to pay off most dental school loans. It's tough at first, don't get me wrong. I read something on SDN or dental town that said..5 years out of dental school only 50% percent of dentists say they would go back and choose the same path, but 10 years out 90% say they would do it again.👍