Working before medical school and financial aid

[Texan888]

Advertisement - Members don't see this ad

Hi guys,

I currently work as a tutor at my university and I estimate that I will make approximately $4,000 in one calendar year. I was thinking about financial aid for medical school and when I apply for FAFSA, it will probably think that I will continue to make $4,000 a year even as a medical student. Which is false because I won't be a student at the university and can't be a tutor anymore. I'm afraid this will affect the aid I will get. I come from a low income family so I'm on my own in terms of paying for medical school. I'm thinking about not working the year before I enter medical school so I will qualify for need-based aid. I'm scared that if I continue to work, they'll think I make $4,000 and won't give me any need-based aid.

What do you guys think?

Thanks!

 

[DrMidlife]

For federal loans and merit-based aid there are no income considerations. (Note that income and credit rating are completely different things, and credit rating is a factor for federal loans above around $40k/yr.)

For state and institutional aid (free money or lower rate loans) that are need-based, your family's estimated contribution (EFC) will determine your eligibility. Your $4k is part of your EFC, but is most likely dwarfed by your parents' income and most likely will make no difference.

Best of luck to you.

 

[Gauss44]

Ask an adviser in your Financial Aid Office or the Financial Aid Office of the school you plan to attend because I think policies vary from school to school. They might suggest that you keep your job for now and notify them when you stop working so that they can adjust your award. They might change your EFC when you stop working to reflect that.

 

[Texan888]

Ask an adviser in your Financial Aid Office or the Financial Aid Office of the school you plan to attend because I think policies vary from school to school. They might suggest that you keep your job for now and notify them when you stop working so that they can adjust your award. They might change your EFC when you stop working to reflect that.

I think this sounds like a good plan. I will definitely call them and hopefully they can give me a solid answer like that.