Parents have money - any point in filling out FAFSA?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
duckmoney
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Parents have money - any point in filling out FAFSA?

Postby duckmoney » Mon Jan 03, 2011 5:56 pm

Not sure if this has been answered before, but is there any point in filling out a FAFSA and trying to secure assistance or subsidized loans if your parents do well for themselves? Does anyone know what a rough income cutoff would be for the "don't bother applying" folks?

bdubs
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Re: Parents have money - any point in filling out FAFSA?

Postby bdubs » Mon Jan 03, 2011 6:01 pm

Use the estimator on FAFSA to find out.
https://fafsa.ed.gov/FAFSA/app/f4cForm?execution=e1s1

I would imagine that when your EFC hits the full COA you become ineligible for federal loans.

albanach
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Re: Parents have money - any point in filling out FAFSA?

Postby albanach » Mon Jan 03, 2011 6:03 pm

http://www.fafsa.ed.gov/fotw1011/help/fftoc03k.htm

You parent's income should be irrelevant for a JD.

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Mattalones
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Re: Parents have money - any point in filling out FAFSA?

Postby Mattalones » Mon Jan 03, 2011 6:03 pm

.
Last edited by Mattalones on Mon Jan 03, 2011 6:07 pm, edited 1 time in total.

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AreJay711
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Re: Parents have money - any point in filling out FAFSA?

Postby AreJay711 » Mon Jan 03, 2011 6:06 pm

You need it for some loans too. I filled it out as an undergrad for the Direct Loans even though I didn't qualify for any grants or sub. loans.

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inchoate_con
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Re: Parents have money - any point in filling out FAFSA?

Postby inchoate_con » Mon Jan 03, 2011 6:09 pm

albanach wrote:http://www.fafsa.ed.gov/fotw1011/help/fftoc03k.htm

You parent's income should be irrelevant for a JD.


This is correct.

duckmoney
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Re: Parents have money - any point in filling out FAFSA?

Postby duckmoney » Tue Jan 04, 2011 11:18 am

albanach wrote:http://www.fafsa.ed.gov/fotw1011/help/fftoc03k.htm

You parent's income should be irrelevant for a JD.


So just to confirm - I should be able to qualify for need-based aid based on my poverty-level income even though my parents' income is high? Just doesn't seem right for some reason.

bdubs
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Re: Parents have money - any point in filling out FAFSA?

Postby bdubs » Tue Jan 04, 2011 11:21 am

duckmoney wrote:
albanach wrote:http://www.fafsa.ed.gov/fotw1011/help/fftoc03k.htm

You parent's income should be irrelevant for a JD.


So just to confirm - I should be able to qualify for need-based aid based on my poverty-level income even though my parents' income is high? Just doesn't seem right for some reason.


No the federal government only provides various forms of subsidized loans in small quantities (ie. max ~$20K/yr). Your institutional aid forms will ask for parental income and you will not receive institutional need based aid (if such a thing exists) because of your parents' income.
Last edited by bdubs on Tue Jan 04, 2011 11:22 am, edited 3 times in total.

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kalvano
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Re: Parents have money - any point in filling out FAFSA?

Postby kalvano » Tue Jan 04, 2011 11:21 am

My EFC was high (working the previous year) and it didn't matter one bit.

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bostonlawchick
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Re: Parents have money - any point in filling out FAFSA?

Postby bostonlawchick » Tue Jan 04, 2011 11:23 am

If you are going into a graduate program, this qualifies you as an "independent" student, so you will not need your parents information on the fafsa. A lot of schools, however, ask you to fill out other financial aid forms to determine need based aid that you will have to put your parents info on. You should still at least qualify for stafford and grad plus loans.

CyLaw
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Re: Parents have money - any point in filling out FAFSA?

Postby CyLaw » Tue Jan 04, 2011 11:24 am

albanach wrote:http://www.fafsa.ed.gov/fotw1011/help/fftoc03k.htm

You parent's income should be irrelevant for a JD.


For federal funds, this is correct.

But, a lot of schools will require you to include parent information because their own policies use parent information for need based grants. These schools will normally have some type of exception for people who are independent students for reasons other than just being in grad school and can show they have not been dependent on parental support for a long while (5 or 8 years I think for Cornell)
Last edited by CyLaw on Tue Jan 04, 2011 11:28 am, edited 1 time in total.

duckmoney
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Re: Parents have money - any point in filling out FAFSA?

Postby duckmoney » Tue Jan 04, 2011 11:27 am

This makes much more sense. Thanks everyone.




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