Parents have money - any point in filling out FAFSA? Forum

[duckmoney]

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]

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]

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

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

[Mattalones]

.

[AreJay711]

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.

[inchoate_con]

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

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

This is correct.

[duckmoney]

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]

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.

[kalvano]

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

[bostonlawchick]

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]

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)

[duckmoney]

This makes much more sense. Thanks everyone.