Anyone familiar with financial aid????

[happygilmore]

If so, I have a question.

 

I am currently going to school for dental hygiene. I have received $9500 in federal loans that cover my school costs and I took out a student plus loan to help cover the cost of living next sememster because I won't be working.

 

However, right now I am working 21 hours a week to keep insurance and paying $240 a month for it because I need it for school and incase anything happens to me. In January I can become enrolled in my fi's works insurance because Vermont does a Domestic partnership thing. but that means waiting 4 months and paying almost $1000 bucks towards insurance

 

However, paying the $240 a month is really rough considering I am only working 21 hours a week. So, FI and I were thinking that if we did the legal portion of our wedding NOW we could save money because his work would let me join NOW! but then I got thinking and after I talked to my school they will consider his income if we get married this year for my financial aid for next year. I don't know how his income will affect my financial aid next year and I don't want trying to save $1000 bucks now to screw me later!

 

Hope this makes sence and maybe someone can give me advice.

[Bianca]

If your FI makes a decent amount of money... its not going to be in your benefit. Getting married is one thing we have been putting off bc of this. THere might be a way to check your expected family contribution on the financial aid site. I know it will affect you by reducing the amount of aid you need, but I have no idea by how much.

[*Lo*]

I am not totally familiar but I can tell you about my situation. We live in Canada but my FI just moved to Boston to go to school for 2 years. Despite us being common law technically because we were living together, he did not mention me on the financial aid application for loans because they would then include my income. I believe it then reduced the amount of aid he would qualify for. So that is definitely a consideration.

 

It is a little different for us because there are different rules for international students and he had to prove that he had ALL of the funds to cover his two years including living expenses before they would give him a student visa. So he wanted to qualify for the biggest loan he could get even if he didn't need it all.

 

I guess the tradeoff is the few months of extra insurance payments vs. the reduction in financial aid in the future. Do they have some type of student insurance program that is a bit cheaper that you would qualify for? I guess it is just a cost of attending school! I cannot BELIEVE how expensive school is in the US. It is outrageous.

[ErinB]

You are right, his income will have to be counted, as well as any assets in his name, when you apply for FA next year if you get married this year.

 

Double check with your school about student insurance. You should be able to get some for about $500 per semester. That would carry you through until you can qualify as a domestic partner.

 

Is there a particular reason you need insurance right now? I personally would probably gamble and not have insurance until Jan. Or, reduce your plan to the very minimum to only cover catastrophic illness.

 

I used to work at the University of Louisville, in academics, but my students were freshmen and sophomores so I learned a lot about finanical aid. I'll see if I can find some more specific info for you.

[Jessica]

Does your school not offer insurance? I waiver the fees my school charges for insurance because I'm under Brian's now, but when I was in undergrad, I got insurance through my school rather than work because it was cheaper. I mean, it's not the BEST insurance ever, but it's helpful. It was only like $250/semester.

[JoLo908]

Okay, I am going through, or went through something very similar... I am in my last year of my undergrad, and I recieved a grant. I also have to pay $265 a month for health insurance. You could marry legally early and get on his insurance, but... then his income is considered on your financil aid... it SUCKS I know... This is going to effect me when trying to get financial aid for grad school.... but, it is what it is... that's the way things work...

[happygilmore]

I do need the insurance because 1) the school requires it, especially being in an allied health program 2) I travel about two hours, to and from school work and home and I'd hate for something to happen and not have the insurance and then have thousands of dollars in medical bills!

 

The school does offer insurance but I am one credit short of being eligible!!!! Which sucks because I totally would have done that until Jan!

 

So I guess I just have to suck it up and pay the monthly fee until January! Man they get you coming and going!!!!

 

Thanks for the advice!!!

[luckygirl]

Like the others have said, yes his income will affect your financial aid. But, since you are receiving aid via loans it will affect the amount of subsidized loan money available to you. I was able to apply for the full amount of loan money for the year, but because I supposedly make all of this money..NOT..and receive child support from my baby daddy (how ignorant of me..) my efc was higher thus less loan money under the subsidized loan program. Which means I need to pay my interest off on the unsubsidized portion or wait till I finish school and get hit with an even bigger payment. I didn't even think about a student plus program. My insurance is $308/month for my daughter and I because her dad refuses to put her on his.