Decoding Financial Aid
 

So I finished my FAFSA the other day and it says I have an EFC of around 9000. I have been working full time for the past 18 months, saving $ for school (income around 35000 before taxes). It says I will be able to get 20,500 in Stafford Loans, but clearly that won't be enough for what I need.

Where does the gap money come from? Can any current students help me? This also concerns me since my EFC should be 0 since I won't be working full time in school. Maybe a part time for some quick cash. I'm going to Nova, if that helps, but any insight is helpful since I'm the first person in my entire extended family (a LOT of people) to be accepted to a doctoral program and I'm lost.

:D thanks!

Just to let you know things like OD, PharmD are really just the new Masters degrees. College is like the new high school degree. You will be a highly qualified professional but not equivalent to an MD or a PhD.

I had an EFC of 0 and I still got no scholarships or grants. You will most likely have to pay for yourself fully unless you are a star student (top 10%) or both your parents make less than around $60,000. At least in my school that's when you get a grant. I'd seriously think about the return on investment especially if you go to a private optometry school and pay for your own living expenses.

You should be able to get a Grad PLUS loan as well. That is what I have that helps cover the extra cost that doesn't come from the Stafford Loans. But, depending on your credit history you might need a co-signer to get the extra funds.

I am not familiar with Nova but I bet you could contact their financial aid office to have someone help you understand the process.

what is a grad plus loan and what is a stafford loan?

http://studentaid.ed.gov/PORTALSWebA...udentloans.jsp

http://studentaid.ed.gov/PORTALSWebA...ofstudents.jsp

I'm in a similar situation. If graduate school financial aid is like undergrad aid, then the FAFSA takes into account what you made the previous year-- not what you anticipate you will earn during the next year. The PLUS loan is a crappy loan, and I will be looking into any other options (credit unions, etc.) available to me once I hear more definitive figures from SUNY, but I'm pretty sure the gap will be filled with undesirable loans.