Supporting a family on Financial aid Question

[robg]

Hi everyone, the time is getting near and I'm going to have to make some important choices. I would really appreciate someone with experience in the area to give me some solid advice.

Here is my scenerio. I'm living in Miami Florida. I'm married and just recently had my first child (March 31, 2004). Both me and my wife work full time.
I own a home with a $1000 month mortgage, all my credit cards are paid off and so are both of our cars. I have about $13,000 in savings for school in the bank.

I started going back to school full time amost two years ago. Now I'm one semester away from finishing my associates in pre med/dental at a local community college.

My next step is to finish my bachelors in biology at FIU. Then if all goes well, I'm off to Dental school.

Up to this point I have paid for all my own schooling and have not used any form of financial aid or loan.

Because of the timing of the classes offered and to better focus on my studies I am going to quit my current job. This leaves me with the $13,000 in the bank and my wifes salary of about $35000 per year to support us.

Here are my questions:

1. As a full time student (at FIU) with my wife's salary and my savings will I qualify for financial aid or loans to cover my classes and living expenses?

2. How much are students in my situation usually offered in loans and or financial aid.

3. With loans or aid could I stretch my savings to cover the 1-2 years I will be at FIU?

4. What is the limit one could borrow over this period of time and would this limit the amount I could borrow when I get into dental school?

I would like to hear from student that have gone through this.

Thanks,

Rob

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[mpp]

I think all your questions would be best answered by the financial aid department at FIU. There are many loan/grant/scholarship opportunities, at the federal/state/institutional/private level and it would all depend on the school and even the program you are going into and tuition increases over time. If your plan is to be a dentist then there should be more than enough aid (in the form of grants/loans/scholarship etc.) available for you to complete your studies.

As far as federal loans go, as an undergrad you will, at a minimum, be eligible for $6,625 in federal Stafford loans per year (if no one else claims you as a dependent on their taxes). This money is not need-based and every student in a full-time 'eligible' program will qualify. But, there are many other programs that might depend on need or merit or both or neither. The financial aid department will let you know. Federal Stafford loans do have an aggregate limit ($189,125 for professional students...dental, medical, etc.). So any money borrowed from this program will lower your total available. But again, there are many other programs available and there is more than enough aid available.

 

[robg]

Mpp, first of all thank you for your input. One question though, when you say $6,625 in standford loans, is this a total to cover tuition, books and living expenses?

Also what difference would it make if my wife claimed me as a dependant? I would think that it would help my cause.

Thanks again.