Yet another financial aide question

[BabyDoc]

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I have another twist on the financial aide question. I'm finishing up my science courses over the next two years. I'll be 43 (+ -)when I apply, with a wife and three kids. My oldest will be starting her first year of college about that time. I'll have a 1st and 2nd mortgage, but my wife is a part-time teacher's aide at our local elementary school. So what kind of loan or grant possabilities might I be looking at pertaing to financial aide? I have a full time job now, but I won't while attending med school.

<img border="0" alt="[Pity]" title="" src="graemlins/pity.gif" /> Any thoughts?

 

[KyGrlDr2B]

I really can't give you much help. Anyone can get a loan, though, so you've got no problem there. Having a child in college at the same time stinks, though. Financial aid officers at schools have all the information. I know that the one at the school I am going to attend is very helpful and quick to answer ANY question we might have.

BTW, it may take a while to get an answer in this forum. It doesn't get checked very often, which bugs the **** out of me.

 

[Sugar72]

I know that the amount you have in savings and unqualified retirement acounts will play a role in your financial aid package. There is no way to have an estimated family contribution of less than zero. Your wife will be expected to contribute to your costs and your daughter's college costs.
It wouldn't hurt to give your state medical school's financial aid office a call and ask a professional (maybe in Ocotober).

I think it is great that you want to go into medicine. I am a late bloomer (30y.o.) and will be matriculating in the fall. There is a forum for older students - and a society that holds their annual meeting the first week in May in Dallas. There are going to be financial aid and admissions counselors there to speak. If you scroll through some of the older posts you will find information on it posted by oldmandave. It sounds like this would be an excellent resource for you!

I hope everything comes together for you!

 

[lamyers1]

I was always told that when you get into med school, you will get all of the money that you need. Banks will "throw" it at you. What a load of crap! For South Alabama, I am capped at 26,200 with only an extra 3,000 for daycare, which I can use for other things since my mom keeps my kids. But still, at 29,200 with 9,000 for tuition and 4,000 for medical insurance, that lets me with, oh about...let's see...um, CRAP to live on! (with 3 kids as a single mom). Still, I will do it - and happily, I might add...

 

[Fermi]

•••quote:•••Originally posted by Sugar72:
•I know that the amount you have in savings and unqualified retirement acounts will play a role in your financial aid package. There is no way to have an estimated family contribution of less than zero. Your wife will be expected to contribute to your costs and your daughter's college costs.
•••••Actually, the original poster has a few things to his advantage:

1. Having your child in college at the same time will mean that your family contribution will be distributed between you, meaning that both your contributions will be much less than if you didn't go to school at the same time.

2. Applying for financial aid at your age (43), you will have a significant amount of "asset protection" kicking in when you fill out the FAFSA. This is a scaled factor that begins protecting a small percentage of assets from consideration at age 26, and increasing as you get older.

3. I believe that having a mortgage actually "helps" you with respect to financial aid--although I don't have firsthand knowledge of this situation.

Make sure you very thoroughly research your financial aid options, and speak with a counselor to make sure you will be financially prepared. Good luck!

 

[paean]

Asset protection is great for getting Stafford loans, but few schools use the federal EFC (estimated family contributution) for determining institutional grants & loans. 🙁

If you have significant savings outside certain protected retirement accounts (and I don't know if all schools consider retirement savings off limits or just some of them), it will negatively impact your EFC.

Having a child in college is great, that will help a lot. Having a mortgage is also good. The school will deduct the amount needed for the mortgage from your income. Consumer debt (credit cards, car loans, etc.) are not deducted, and you will not be able to get money, even loans, to cover them.

Good luck.

 

[squeek]

If you are supporting a family, and one child is in school, you will probably do very well with your financial aid package (assuming your parents aren't still working...believe it or not, many schools take into account parent income, regardless of your age or marital status. You should probably check individual school policies on this when applying). But most, if not all, medical schools ask you whether you have children in college, or if you have dependents, and they factor this into your aid package.

Also, if you are in school, your DAUGHTER will have tremendous grant opportunities in college. Make sure you look into this when she is applying, and use it to your advantage. It is MUCH easier to get grants as an undergraduate than it is for professional school.

Good luck!