Yet another Fafsa question...

[lmgonza2]

Does it hurt you not to include parental information on the Fafsa?
Is there a benefit?

Also, my wife works full time. I have been working full time for about 1.5 years. Do the schools or Fafsa take into account that our income will be reduced by half when I go to school? Obviously it would be impossible for out income to stay the same while i'm in school. The ECF calculator says that we are expected to contribute 12,000! There is no way we have that kinda cash lying around! where are we supposed to get that kinda coin?

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[paulallen]

Hey,

My ECF calculator was 7K when I applied for loans. Don't worry, I called my financial aid office and asked how this could adversly affect my financial situation. She said they use it only to determine subsidized and unsubsidized loan amounts when deciding your award summary. If you are going to go to Tufts then your financial aid officer will more than likely request maximum loan amounts from the government. You have to give your parental information if you want to be eligible for special health profession loans and etcetera. I know, I'm independent, and this makes things for people who are on their own a hassle.

PA

 

[lmgonza2]

If this info is used to determine amount of subsidized / unsubsidized loan amounts....what else is there? What will be there to cover the 12K or in your case....7K?

Or are you saying it just determines the ratio of subsidized / unsubsidized loans and that in the end it should all be covered?

Thanks in advance!

 

[paulallen]

Yes, it is used to determine ratios. At least that is what I was told. Since I'm going to an in-state school and don't realistically need the whole 38.5K that some people need, they will give me another amount in different ratios depending on ECF. Living comfortably is one thing, but living comfortably and driving a porshe is another.

PA

 

[paulallen]

For those anal individuals who spell check everything at all times. I meant Porsche.

 

[xkurkox]

I can wait till i get out of dental school to get one of those, since im going to a state school my loan payment and Porsche payment will equal most peoples private school loan payments.

 

[trypmo]

Originally posted by paulallen
Yes, it is used to determine ratios. At least that is what I was told. Since I'm going to an in-state school and don't realistically need the whole 38.5K that some people need, they will give me another amount in different ratios depending on ECF. Living comfortably is one thing, but living comfortably and driving a porshe is another.

PA

Whoa... I'd been under the impression that 28.5k was all you could get: 8.5k subsidized and 20k unsubsidized. I'd be ecstatic if I'm wrong -- where can the other 10k come from?

If we can really get 38.5k, my spouse & I might not starve after all. w00h00!

 

[spooky42]

The financial aide person at the Stony Brook interview told us the max you can get is 38.5.

 

[aphistis]

Originally posted by trypmo
Whoa... I'd been under the impression that 28.5k was all you could get: 8.5k subsidized and 20k unsubsidized. I'd be ecstatic if I'm wrong -- where can the other 10k come from?

If we can really get 38.5k, my spouse & I might not starve after all. w00h00!

It's $38,500 in Stafford Loans, and if that's not enough, you can always hit up a private lender. Try to remember, though, that sooner or later the piper will come calling with a hefty invoice in hand

 

[trypmo]

<dance of joy> Invoice Schminvoice! Muaahahaaa!! If I get into dent school we're actually gonna be able to EAT! Yeee-haaa! </dance of joy>

I'm learning SO much here; thanks, you guys.

 

[rsweeney]

If $38,500 is all I can get, then what is the point of FAFSA if it can't cover UNC's estimated $48,000 cost for non-residents[includes tuition and fees]?. Is the $38,500 only relevant to in-staters--I hope so.

 

[KDBuff]

As was previously stated, if you need more than $38,500, you need to get the rest through private loans or the school. They've gone over all this stuff at just about every interview I've gone to. Some schools offer loans through the school, or have a list of lenders they suggest you get the rest from.