10+ Year Member
- Feb 18, 2007
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what do you need to do after submitting the fafsa?
EFC = Estimated Family Contribution.
If your EFC = 0, they are saying that you have no outside source of funding and are a high priority for financial aid.
Not true. Medical schools use their own calculations to estimate need. That's why most require parental tax returns.
Huge misconception: Even when entering parental data, FAFSA EFC does NOT take parent's income into account.
My fafsa said that I have: EFC of 0. What is that and what does it mean?
Your EFC is 0 because you didn't make enough money for them to assume you could contribute to your education.I think that the people at BU are probably wrong. There would be no way that my EFC was 0. But hey who knows.
Your EFC is 0 because you didn't make enough money for them to assume you could contribute to your education.
They do take your parents income into account in the sense of need-based scholarships.
Look at it this way: Most traditional applicants applying straight out of college have a very low EFC because you're full time students. Since everyone looks poor on paper, when they look to award whatever need based scholarships/grants a school may have, they use parental income. Thinking being, if your parents are butt poor, you are probably more deserving of something need-based than the kid with rich parents.
Not perfect, but I shudder at the thought of the upper middle class kid getting a need-based scholarship rather than someone who truly grew up poor.
Yeah I know. I am just saying that the FAFSA EFC doesn't take into account parental information. If it did my EFC would have been higher than 0. Anyway, I made over 5k mostly in the summer, but I guess they saw my empty savings account and figured that I won't have any money next year either.
I probably won't be eligible for a lot of need based/campus based aid because my parents are reasonably well off even though they are in huge debt. My mom is retired from teaching and is now running a small business. She makes a good bit of money but has a lot of expenses too. Crazy situation but we'll see how it turns out.