By Dr. Jim Dahle, WCI Founder

By virtue of their high income, a physician’s family situation is likely to differ significantly from that of the average student’s family. Average students and parents will fill out a Free Application for Federal Student Aid (FAFSA) or the similar College Scholarship Service (CSS) application and discover a difference between the parents’ Expected Financial Contribution (EFC) and the cost of attendance at their chosen school. That is not the case for the typical children of physicians.

College Financial Aid Isn’t Likely for High-Income Families

This means that your children will not receive any need-based grants or scholarships, and they can’t take out federal and state student loans, at least as undergraduates, unless they can be considered independent from you (marriage, military service, or children). The exception to this is with a Direct Unsubsidized Loan ranging from $5,500-$12,500 and available to students regardless of

Keep reading this article on The White Coat Investor.

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