<p>My son is a premed student and will be applying for med schools soon. In my mind, he will be applying for loans to complete his med school study. However, I checked some med school's web sites and found that they require accecepted students complete FAFSA form. I understand what FAFSA form does for UG study. I am wondering if the FAFSA form for a med school plays the same role as for UG study. If not, what is the purpose of the FAFSA form for a med school? Thanks.</p>
<p>I thinki I know one reason for sure, but another reason that I am not very sure about.</p>
<p>The sure one: In case the med school has a little bit of grant money (no matter how little it may be, or some more desirable loans) to give, they want to know (maybe required by state law or maybe even federal law) how financially resourceful the student is (for practical purposes, how resourceful the parents are, as most students do not have much income or assets.) This is the reason why the med school still asks for parents’ income and assets, even though all med school students are considered as independent students for financial aid purposes. The student could choose to not have his parents’ FAFSA be submitted – but by doing so, he will not be considered for this potential free money or a better type of loans (maybe Perkin loan?) </p>
<p>The unsure one: To deccide how much loan the student is qualified for.</p>
<p>Filling out the FAFSA allows him to be eligible for federal loans. </p>
<p>If you include your info on that form and possibly complete any school based forms he could be eligible for some grants from some schools.</p>
<p>I think somemom is spot on. No FAFSA, then no federal loans.</p>
<p>BTW, for some private med schools, there is something similar to CSS Profile for college (It is “need access” for DS’s school), which asks for much more detailed info about parents’ assets like your retirement account, the equity on your house, etc.</p>
<p>^D1 has one med school that takes the Profile; seems like there’s a mix of what med schools want for FA, just like UG. I’ve just looked briefly at Need Access, but it seems better than the Profile in a couple of ways: flat rate for submission to any number of schools (assuming that you are sending it to several) and it can be corrected online after submittal.</p>
<p>I wonder how it works for other med school. In DS’s financial aid package/letter, the school includes a significant amount of “Parent’s contribution” just like financial aid package for UG student.</p>
<p>I vaguely remember that another school which DS was admitted to did not include parent’s contribution. They just assume that the student gets loans to fund their med schoo education.</p>
<p>Does the financial aid package at other med school include a significant amount of parents’ contribution? I am just curious about this. (Or DS’s school just assume that the parents of their students either have a deeper pocket or are more generous to their loved one for his/her med school education.)</p>
<p>My (midwest state school) med school does not require information about parent income nor does it require/expect any parent assistance. I filled out FAFSA, EFC=$0, and I qualified for the entire COA for my school in loans. I believe I can get up to $38k ish in loans at 6.8% and the remaining $10k is in loans at 7.9%, bringing to total up to my school’s COA of $49k ish. I have never taken out the full amount.</p>
<p>Same for D1 who is also at a state med school. She files her own FAFSA as an independent student. The school does not require parental info. However, the school only offers limited non-loan FA. (Grants worth a few thousand/year.) </p>
<p>FAFSA makes D1 eligible to take out Stafford grad/professional loans @6.8% and Grad Plus @7.9 up to the COA.</p>
<p>What she does is she takes her loan eligibility and goes to our credit union and takes out private education loans there which have a considerably lower rate (4.25-4.75%) than the current Grad Plus rate. (Or Staffords for that matter.) Saves her tons in interest!</p>
<p>The downside is that private loans are not eligible for IBR or federal or state medical loan forgiveness programs.</p>
<p>Son needed to fill out the FAFSA and the Need Access for his schools, with parental info since some private schools do offer need-based grant monies.</p>
<p>It also came into play with different grant/merit money packages. I have to fill it out my portion again this year.</p>
<p>Son has declined the majority of his loan since he has a scholie for tuition plus a little more. His first year he was unsure of how much everything would cost but now he has it down to a science. And he is being frugal, more so than usual. He hates looking at those loan amounts! The interest is making him nuts.</p>
<p>He was able to graduate undergrad(s) 3 degress and 2 minors with no debt so he feels like its an albatross around his neck! He knew my parental contribution beyond hugs and kisses would be a big fat zero so he is on his own, as plenty of other students are. He just has to listen to all his undergrad buddies that are at i-banking firms and private equity boutiques making an absurd amount of money.</p>
<p>So, he is bound and determine to take out even less for MS3. I told him to be reasonable and he just growls and grunts. Boy speak for “sure mom”.</p>
<p>He was also looking at his credit union for switching up the 6.8% for a much lower rate, but he too was making mention of the IBR and loan forgiveness. But I don’t think based on the total amount he will take out he will ever need the loan forgiveness. More grunts from him.</p>
<p>Kat
son is also at a state med school and they do require the FAFSA with the parental info</p>
<p>I believe if a student is married, the FAFSA uses the student/spouse information rather than the parents.</p>
<p>Thanks for so much information.</p>