Financially supporting SO in med school question?

[TulipsAndSunscreen]

So my BF was telling me that he has a classmate who is delaying getting married until after medical school so that her boyfriend isn't stuck with having to contribute a massive amount of his salary to her school. I think this is rather stupid because what's the difference if you're paying before or after school, debt is debt.

But this got us thinking, is there a way to figure out what they would take from my paycheck once we get married? We're already saving as much as possible but I didn't know if there was some way to figure it out and adjust accordingly. I just don't want to submit the forms and then find out that they take my entire salary or something because I'm also supporting my little brother in college.

Any help would be much appreciated. Sorry to keep asking these weird questions, my friends don't really have these issues....

Thanks,
Elisabeth

5 days until marathon day!!

[Tenacious_D]

Re: Financially supporting SO in med school question?

They won't take what you can't give them. It's all loans...seriously. Getting married won't really change the financial aid piece at all...Because it doesn't exist (at least not for us)

[houseelf]

Re: Financially supporting SO in med school question?

5 days until marathon day!!

ROCK ON!!!! Best of luck...Share your story for inspiration here!

BTW, which marathon?

Kelly

[SuzySunshine]

Re: Financially supporting SO in med school question?

We personally did not run into this but did have a medical school friend that did. Your financial aid is based off of your taxes so if you marry and file jointly they will take your spouses income into account.

Sorry I can't give you more details but I know it is a valid concern.

Re: Financially supporting SO in med school question?

Based on our experience oh-so-long-ago, my salary did affect DH's ability to get subsidized loans. About 90% of his loans were unsubsidized, still federal loans, but the interest accrued during schooling was not subsidized.

I don't think it affected what we paid in taxes, unless we got that education credit part of the time, but they did use our tax returns, which included my income. I recall thinking that if we weren't married his loan package would have been better.

But that was a while ago so check it out for yourself.

[GrayMatterWife]

Re: Financially supporting SO in med school question?

So my BF was telling me that he has a classmate who is delaying getting married until after medical school so that her boyfriend isn't stuck with having to contribute a massive amount of his salary to her school. I think this is rather stupid because what's the difference if you're paying before or after school, debt is debt.

I'm confused...why would he be required to "contribute a massive amount of his salary" to "her school"? It's not like they can garnish his salary.

Things should pretty much be exactly as they were prior to getting married: she takes out lots of loans. The only difference is, depending on state law, the marriage-accrued debt may end up being marital debt if he has to cosign. But all this could be avoided by good premarital counseling by an attorney. It can be arranged that the debts belonging to a spouse prior to the marriage remain that spouse's obligation only post-wedding, and all school debt accrued post-wedding be taken in the name of only the student-spouse. It's a matter of avoiding the creation of community or marital property and debts.

Re: Financially supporting SO in med school question?

God. My reply was lost. So annoying.

Don't cosign any educational loan. It is never advisable to have educational debt in two names. If the primary beneficiary dies, the cosigner is responsible for the remainder of the debt.

[GrayMatterWife]

Re: Financially supporting SO in med school question?

But this got us thinking, is there a way to figure out what they would take from my paycheck once we get married?

"Take from my paycheck"...? Why would you think anyone would "take" anything from your paycheck? There are only two ways (other than by voluntary contributions) anyone can take anything from your paycheck: by withholding for tax purposes or by court-order (like a writ of garnishment or a wage order for withholding for domestic support obligations). The company from whom your DH would be receiving loans can't march in and start stripping down your paycheck.

Am I seriously misunderstanding the question?

[GrayMatterWife]

Re: Financially supporting SO in med school question?

God. My reply was lost. So annoying.

Don't cosign any educational loan. It is never advisable to have educational debt in two names. If the primary beneficiary dies, the cosigner is responsible for the remainder of the debt.

Yep. The only time you should cosign a loan is when you absolutely have to (you can't get the loan otherwise).

Re: Financially supporting SO in med school question?

Darn! Where did my reply go?

I agree that they can't take money from a paycheck. I'm guessing that she means -- how much of the family income do they expect to be the personal contribution to tuition? What sort of calculation is used?

So -- school costs $10K per year, you get $1K in scholarships, $8K in loans, and $1k in a personal contribution. (Obviously, I'm making up the amounts). If a student isn't married and has no income, then maybe the loans are $9K and $0 personal/family contribution.

Unless it has changed, I believe that the financial aid package is determined by family assets and income and that the spouses assets and income are included in that. When we submitted the FAFSA form, it was similar to filling out a federal tax return and my income was included. I don't think there is anyway around that.

[GrayMatterWife]

Re: Financially supporting SO in med school question?

Darn! Where did my reply go?

I agree that they can't take money from a paycheck. I'm guessing that she means -- how much of the family income do they expect to be the personal contribution to tuition?

OH!! I did seriously misunderstand the question! I thought I must have, since everyone else participated in the conversation without seeming confused. Sorry!

Re: Financially supporting SO in med school question?

Elizabeth, maybe you could find out more here?

http://www.fafsa.ed.gov/index.htm

[planet]

Re: Financially supporting SO in med school question?

Actually, checking with the particular school is just as important as they have their own policies on how they process financial aid. Some schools will even demand parental income statements for 40 year old students. Some do include spouse income. It varies.

[samssugarmomma]

Re: Financially supporting SO in med school question?

GrayMatterWife - I was confused too. I was thinking "no school can come in and take part of your paycheck!".



We just finished school 2 years ago and I don't remember how we did the loans. I think our experience was similar to cupcakes - my income was taken into account but he was still able to get 100% of the tuition covered in loans. The loans were a mix of subsidized and unsubsidized and I think we got one from the TMA (Texas Medical Association). Scary that I don't know since I'm in charge of finances in our house!

[SuzySunshine]

Re: Financially supporting SO in med school question?

Sorry I do beleive it was a loan thing, not a take my money thing. If the spouse's income is to high the student won't qualify for the better loans - that is my understanding.