timeline for applying for financial aid

[Lys726]

This may sound like a dumb question, but when do u apply for financial aid for med school? I am applying for class of 2004, but have no idea how to apply for what, or what the whole process entails...can someone give me some tips please? Thanks a bunch!😛

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[mpp]

The first step is to fill out the Free Application for Federal Student Aid (FAFSA) at www.fafas.ed.gov . You can do this beginning in January 2004 for the 2004-2005 school year.

 

[OrthoFixation]

BTW, you will have to have tax records for 2003 completed....for you and any others that may be required for your application.

Can you confirm the amount of FA (loans) that you are eligible for in conjuction with the school that is extending you an admission? Like your costs for ABC SOM is X and you will be eligible for Y in loans based on the COLA, expected contribution, etc.

 

[mpp]

Ortho, I'm not entirely sure what your question is, but if you asking can you predict what your eligible loan amounts will be once you know your EFC is...sort of. For some schools (especially the big ones and most definitely the Direct Loan schools) you can figure out your loan eligibility exactly by taking the estimated annual cost for tuition and expenses and subtracting your EFC. However you will not know the mix of subsidized/unsubsidized loans. Many schools will offer you more than you might expect. Plus there may be institutional scholarships for which you are eligible. Get your FAFSA in as early as possible (and you are correct that you will need to complete your taxes or at least be able to estimate your taxes) so that the financial aid office can do their work and get their offers out. Some schools are fast, others take forever.

 

[thackl]

What's up with having to do taxes. I thought they assumed you would not be working in med school, so all that 2003 income means nothing??? Am I screwed for 1st yr???

 

[mpp]

The FAFSA requires that data to compute your EFC. But then the financial aid office will adjust it accordingly to compensate for your not working (they might require you to fill out a form or they might just do it automatically). FAFSA also wants to know how much you have in savings although you can 'hide' that money if you buy a home.

 

[usmaple]

So, does this mean that you won't have any idea about your financial aid package until after the FAFSA is in? What about something like merit-based scholarships - do you hear about them with the acceptance letter, or will those also wait until the whole aid package comes in?

And on a semi-related note, assuming that schools take a good deal of time to get your FA package together after your FAFSA is submitted, is it common that you have to decide between two acceptances (post 5/15) w/o knowledge of the aid you'll get from one or both?

Sorry for all the questions, and sorry if these have been asked before (I searched, and this thread is the best I could come up with, honest!).

 

[mpp]

The answer to all your questions is a conditional yes. Each schools does things differently. Some will offer you scholarships in acceptance letters, others do it early (before the May 15 acceptance deadline) and for others you won't know until the middle of summer.