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Will parental income affect amount of subsidized stafford loan?

Discussion in 'Pre-Medical - MD' started by megkudos, Feb 5, 2002.

  1. megkudos

    megkudos Senior Member 7+ Year Member

    530
    3
    Dec 18, 2001
    New Jersey
    Hi guys, I know FAFSA stuff is running rampant on SDN but I haven't been able to get this answer anywhere.

    Say your parents make a pretty good amount of money...should you just report them on your FAFSA incase or leave them off? Will their income (if you include it) affect the amount of subsidized federal stafford loans you get? They are not helping me pay for med school and I am afraid that the FAFSA with calculate a higher EFC than is really the case and it will affect my loans.

    Thanks and I'm sorry but I am driving myself crazy with this stuff.
     
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  3. Jessica

    Jessica Senior Member 7+ Year Member

    587
    0
    Sep 7, 2001
    Baltimore
    I know that most of the schools that I have been to will want your parents info, even if you do not post it on your FAFSA.

    They use your parents info to get a better idea of your "financial support network" as one financial aid speaker put it.... if they did not collect your parents info, most of us would look pretty much the same (poor college kids working part-time jobs.) In any event, I included my parents info on the FAFSA, I figured that since I will have to provide it anyway, I might as well get it over with.

    I am not sure if they were referring to the FAFSA or to other financial aid forms, but most of the financial aid officers that spoke to my interview groups indicated the not providing your parents info would defintely hurt your case.

    I don't know if it would directly affect your subsidized stafford loans, but it would definitely change your EFC (so I am guessing it would...) But even if it does not change your FAFSA EFC, when the schools get your parents info, they will adjust your EFC accordingly.
     
  4. drjo2002

    drjo2002 Member 7+ Year Member

    77
    0
    Jan 25, 2002
    Illinois
    As I understand it parental income isn't considered in determining fedral EFC once you are out of college becuase you are considered independant by the government, only for your institutional EFC...so it shouldn't affect your federal stafford loans.
     
  5. Skye04

    Skye04 Senior Member 7+ Year Member

    127
    0
    Dec 15, 2001
    USofA
    Would the situation be any different in one applies, say, 5 yrs out of college, having not been financially dependent on one's parents for years?
     
  6. mpp

    mpp SDN Moderator Moderator Emeritus 10+ Year Member

    3,398
    15
    Jan 17, 2001
    Portland, OR
    I may be wrong but I believe that for medical school, your parent's income is included in determining eligibility for subsidized Stafford Loans even if you have been independent.
     
  7. Whisker Barrel Cortex

    Whisker Barrel Cortex 1K Member 10+ Year Member

    1,785
    19
    Aug 10, 2001
    Midwest
    Although I can't be sure this is the same everywhere, at our school, we are not required to put parental income on the FAFSA and it does not affect our Stafford loans. However, our schools separate financial aid form asks for this info. This can affect grants and lower interest loans that our school offers.
     
  8. rikkitikki

    rikkitikki Member 10+ Year Member

    55
    0
    Sep 27, 2000
    at the schools I applied to parental income was required but they differed on how they used it. One school offered loans based on it and another didn't- its a case by case
     
  9. Jessica

    Jessica Senior Member 7+ Year Member

    587
    0
    Sep 7, 2001
    Baltimore
    </font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by Skye04:
    <strong>Would the situation be any different in one applies, say, 5 yrs out of college, having not been financially dependent on one's parents for years?</strong></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">I believe that if you are under 30 yrs. old, even if you have been out on your own, they want your parent's info. If you are over 30 they don't ask for it.
     

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