Is my EFC wrong?

Pharmboy922 · Mar 5, 2008

I've been accepted to pharmacy school, and filled out FAFSA as an independent. However, I did put my parent's info in because one of the loans I was looking at required the information.

My spouse and I made under $45,000 last year and my EFC came back as 11778. Is something wrong here? Does that mean I'll only qualify for a loan amount minus my EFC?

RockfordWF · Mar 5, 2008

Pharmboy922 said:
I've been accepted to pharmacy school, and filled out FAFSA as an independent. However, I did put my parent's info in because one of the loans I was looking at required the information.

My spouse and I made under $45,000 last year and my EFC came back as 11778. Is something wrong here? Does that mean I'll only qualify for a loan amount minus my EFC?

Yes.

Sol Rosenberg · Mar 5, 2008

Pharmboy922 said:
I've been accepted to pharmacy school, and filled out FAFSA as an independent. However, I did put my parent's info in because one of the loans I was looking at required the information.

My spouse and I made under $45,000 last year and my EFC came back as 11778. Is something wrong here? Does that mean I'll only qualify for a loan amount minus my EFC?

No, that's the amount of NEED-BASED aid (Subsidized Stafford Loans and/or Perkins Loans) that you qualify for (COA - EFC). You can still get non-need based aid (Unsubsidized Stafford Loans, GradPLUS Loans) up to your entire COA, if necessary.

Doctor Bagel · Mar 5, 2008

Pharmboy922 said:
I've been accepted to pharmacy school, and filled out FAFSA as an independent. However, I did put my parent's info in because one of the loans I was looking at required the information.

My spouse and I made under $45,000 last year and my EFC came back as 11778. Is something wrong here? Does that mean I'll only qualify for a loan amount minus my EFC?

That does seem a little high for an EFC. If you're counted as an independent, the only way I can see it being that high is if you didn't qualify to file an EZ or A form and have significant assets.

Sol's statement about qualifying for loans is correct.

plauto · Mar 6, 2008

Actually that sounds right! My wife and I made just a little less than $100,000 last year and my EFC is about $33000. I am going to a school that's $40,000 a year so from what I understand I'll qualify for $7000 in Stafford Subsidized loans and the rest will Stafford unsubsidized. Am I right or did I get this wrong?

TMP-SMX · Mar 6, 2008

plauto said:
Actually that sounds right! My wife and I made just a little less than $100,000 last year and my EFC is about $33000. I am going to a school that's $40,000 a year so from what I understand I'll qualify for $7000 in Stafford Subsidized loans and the rest will Stafford unsubsidized. Am I right or did I get this wrong?

Makes sense. And that's the reason why we really don't need to worry about the EFC. You miss out on $1500 of the subsidized. Not a big loss.

Jolie South · Mar 7, 2008

Pharmboy922 said:
I've been accepted to pharmacy school, and filled out FAFSA as an independent. However, I did put my parent's info in because one of the loans I was looking at required the information.

My spouse and I made under $45,000 last year and my EFC came back as 11778. Is something wrong here? Does that mean I'll only qualify for a loan amount minus my EFC?

my husband and i have similar income to yours and we have an efc of around 12k too.

it's not wrong.

Random Anesthesiologist · Apr 10, 2008

My EFC is 18K. My breakdown is this:

Direct Loan - Subsidized Accepted $8,500.00
Direct Loan - Unsubsidized Accepted $32,000.00
Grad PLUS Loan Offered $6,421.00
Total $46,921.00

I'm completely new to the world of Financial Aid - is there any way to borrow a little bit more to cover the mortgage while I'm living away from my spouse?

Phoenix. · Apr 10, 2008

Random MS said:
My EFC is 18K. My breakdown is this:

Direct Loan - Subsidized Accepted $8,500.00
Direct Loan - Unsubsidized Accepted $32,000.00
Grad PLUS Loan Offered $6,421.00
Total $46,921.00

I'm completely new to the world of Financial Aid - is there any way to borrow a little bit more to cover the mortgage while I'm living away from my spouse?

Yup, you'll have to get a private loan. Check out some of the other threads. I've been looking into Chase's private educational loans. The interest rates and any origination fees depend on your credit rating, and all payments may be deferred during school. And you can borrow above your cost of attendance (i.e., to cover mortgage/living expenses).

Random Anesthesiologist · Apr 10, 2008

Phoenix. said:
Yup, you'll have to get a private loan. Check out some of the other threads. I've been looking into Chase's private educational loans. The interest rates and any origination fees depend on your credit rating, and all payments may be deferred during school. And you can borrow above your cost of attendance (i.e., to cover mortgage/living expenses).

Thanks Phoenix. I kind of thought this would be the case but since I'm pretty green with the financial aid you advice helps

Looks like I'll be checking into private loans....

So far I've encountered
Chase
My Rich Uncle
Wells Fargo

any others that are appropriate for what I need (mortgage expense) and won't affect my un/subsidized loans?

Dancing Doctor · Apr 21, 2008

Random MS said:
Thanks Phoenix. I kind of thought this would be the case but since I'm pretty green with the financial aid you advice helps

Looks like I'll be checking into private loans....

So far I've encountered
Chase
My Rich Uncle
Wells Fargo

any others that are appropriate for what I need (mortgage expense) and won't affect my un/subsidized loans?

Where can I apply for a Rich Uncle? :laugh:

I'm trying to figure out this stuff, since I have always been with THE and as we know they are "temporarily suspending" applications, and my school is no longer partnered as a lender I have to work this out myself...

Is my EFC wrong?

Pharmboy922

New Member

RockfordWF

Membership Revoked

Sol Rosenberg

Long Live the New Flesh!

Doctor Bagel

so cheap and juicy

plauto

Full Member

TMP-SMX

Senior Member

Jolie South

is invoking Domo. . .

Random Anesthesiologist

Random Anesthesiologist

Phoenix.

Emdee Jaydee

Random Anesthesiologist

Random Anesthesiologist

Dancing Doctor

Redneck Woman

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