I am new to this site. I was wondering if anyone knew about the possible financial aid hit that I might take after marriage. I am getting married this summer before beginning the second year. Currently I am recieving Need Based scholarships. After talking to some people, I was told that I will have to forego such scholarship because of the requirement to disclose the spouse’s financial information, which they use for potential family contribution.
I am weighing the pros and cons of tax benefits of joined tax return vs. getting need based scholarship from medical school. I would love to find your suggestions/ advice.
Your spouse's income will be counted in most if not all aid formulas. It is a real disadvantage for most people. Consider your options carefully and I recommend discussing the issues involved with a financial aid advisor.
good luck (and congratulations)
Joint vs independent Fed returns are irrelevent…if you are married, spousal income must be reported. Their income may/may not alter your FA picture…depends on how things factor out. The scales are adjusted for a 2-person household; so the threshold numbers may change for need-based determinations.
Most likely, unless he/she makes a BOATLOAD of $$, it will not affect your net eligibility, but possibly the composition of loan types in your FA package, ie: Pell vs sub-Stafford vs unsub-Stafford vs private loans.
As for your tax question: Assuming you're a full-time student and earn no income, your new spouse will benefit from paying lower taxes by filing a joint return. Can't answer your Q on need-based loans, but the issue generally arises if income is substantial.
Just though I’d add some humor to this whole thought of financial aid, as it can often be burdensome and stressful. Upon announcement of our engagement, a distant relative of my soon to be significant other decided to call him up and explain why we should wait till after med school to get married! Being an accountant, he felt that he should share his “expert” advice…surprisingly he has been married for more than 2 decades!
I’m banking on the benefits of marriage beating all the odds out. As clichéic as this might sound, money comes and goes, but I’m hoping the partner lasts for life. If I didn’t look at it thinking that the glass is 1/2 full rather than 1/2 empty, I wouldn’t make it down this journey.
BTW Rishi, congratulations are in order! I’m looking forward to joining the club myself!