an EFC of $0?!!!

[phleebie]

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i received my SAR online today and it says that my EFC (expected family contribution) amount is $0.00!!! my family isn't poverty stricken or anything like that but i didn't know we would be classified as "broke."

im not peeved because it just means that i qualify for the maximum amount of aid, but i cant help but wonder if this is some sort of mistake.

anyone else know of similar stories?

 

[MWillie]

That's sweet! How can I get EFC of zero too?

 

[virilep]

that's sexy... that EFC of zero.

 

[bbaek]

i received my SAR online today and it says that my EFC (expected family contribution) amount is $0.00!!! my family isn't poverty stricken or anything like that but i didn't know we would be classified as "broke."

im not peeved because it just means that i qualify for the maximum amount of aid, but i cant help but wonder if this is some sort of mistake.

anyone else know of similar stories?

actually, i believe this is a preliminary SAR. does the EFC have an asterisk next to it? cause if it does, that means the FAFSA you sent in has not been finalized and so the EFC is just an estimate based upon the numbers you put in.

but it sure would be great to have an EFC of $0, no?

 

[phleebie]

actually, i believe this is a preliminary SAR. does the EFC have an asterisk next to it? cause if it does, that means the FAFSA you sent in has not been finalized and so the EFC is just an estimate based upon the numbers you put in.

but it sure would be great to have an EFC of $0, no?

nope, no asterik--i don't know how preliminary this SAR was, but i did receive an email from the people at fafsa.org telling me that my fafsa has been processed.

and no, you wont find any complaints here, although i've got a feeling that i'll be one of the "lucky" students going through the verification process.

 

[txguy]

i received my SAR online today and it says that my EFC (expected family contribution) amount is $0.00!!! my family isn't poverty stricken or anything like that but i didn't know we would be classified as "broke."

im not peeved because it just means that i qualify for the maximum amount of aid, but i cant help but wonder if this is some sort of mistake.

anyone else know of similar stories?

Its probably because you are considered an independent.....I don't think it has anything to do with your family's income....

-tx

 

[Dr. Donkey]

Can someone please give me the final word on this question. Filling out the parental information on the FASFA form is simply for school-specific loans right? No matter what the government has access to as far as parental wealth goes, the applicant to grad school is viewed as an independent, so only his savings are taken into account when determining how much subsidized loan $ is doled out. Correct? I know this has been covered before, but my parents are bothering me about it, so I want to be sure.

Its probably because you are considered an independent.....I don't think it has anything to do with your family's income....

-tx

 

[txguy]

👍

Can someone please give me the final word on this question. Filling out the parental information on the FASFA form is simply for school-specific loans right? No matter what the government has access to as far as parental wealth goes, the applicant to grad school is viewed as an independent, so only his savings are taken into account when determining how much subsidized loan $ is doled out. Correct? I know this has been covered before, but my parents are bothering me about it, so I want to be sure.

If I were you I woudl just call up FAFSA and ask them yourself. I called their helpline before and they were extremely nice and helpful (it may even be a 24/7 line). After all, they are the experts 😀

Good luck 👍

-tx

 

[fun8stuff]

My fafsa says that is processed but there is a blank next to the EFC. How long did it take for an amount to show up there?

 

[phleebie]

Its probably because you are considered an independent.....I don't think it has anything to do with your family's income....

-tx

hmmm...so does that mean that everyone of us will have an efc of zero, since the fafsa considers us all to be independents? (i didn't fill out any of the questions concerning my assets, savings account, etc.)

 

[beriberi]

Anybody with their first bachelor's degree is independent by the FAFSA gods and has an EFC of 0. (I think you are also independent if you have spent time in the military, have kids, above 25, etc--just guessing).

What this means is that every entering medical student is "independent." Woo-hoo. That means the government doesn't expect your family to contribute to your education. This would be perfect, except:

the government does not consider it their responsibility to fully fund your education (they will provide you with 38,5K in loans to help you out)

the goverment doesn't give grants for med school (as far as I know)

the government doesn't care so much about you being able to afford an apartment, food, books, etc.

Which means that many important decisions are made by your medical school and private banks. And in their eyes, I bet your EFC is nowhere near 0.

 

[phleebie]

Anybody with their first bachelor's degree is independent by the FAFSA gods and has an EFC of 0. (I think you are also independent if you have spent time in the military, have kids, above 25, etc--just guessing).

What this means is that every entering medical student is "independent." Woo-hoo. That means the government doesn't expect your family to contribute to your education. This would be perfect, except:

the government does not consider it their responsibility to fully fund your education (they will provide you with 38,5K in loans to help you out)

the goverment doesn't give grants for med school (as far as I know)

the government doesn't care so much about you being able to afford an apartment, food, books, etc.

Which means that many important decisions are made by your medical school and private banks. And in their eyes, I bet your EFC is nowhere near 0.

awesome, thanks for the clarification 👍

 

[ZappBrannigan]

It's true that parental information is not considered for government loans, but being independent does not mean we'll all get an EFC of 0. Some of us have taken time off to work more than part time and will most likely have higher EFC's. I've heard from people who have gone through the process before that having a non-zero EFC doesn't matter much when getting the maximum loans unless it is very high (wouldn't be able to give you that cut-off though).

 

[OSUdoc08]

i received my SAR online today and it says that my EFC (expected family contribution) amount is $0.00!!! my family isn't poverty stricken or anything like that but i didn't know we would be classified as "broke."

im not peeved because it just means that i qualify for the maximum amount of aid, but i cant help but wonder if this is some sort of mistake.

anyone else know of similar stories?

All medical students have an EFC of $0, because you are an independent student simply by the fact that you are in a graduate school.

If you work on your own and make a significant salary, however, then that number may go up.

The EFC is always based on you and your spouse's salary alone. Parents are NOT CONSIDERED in any way/shape/form on the FAFSA.

 

[Manifesting]

My status, other than incoming med student, is married w/kids, independent, spouse gainfully employed. Our EFC is definitely not $0, try $20K 😱, which basically is the sum of all personal expenses (food, lodging, transpo, insurance, etc) listed on the school budgets I received. I was terrified when I first saw that figure on the estimate and then later on the confirmation, but I think we will still qualify for sufficient loan funds to cover tuition, fees, books and hopefully, equipment. If not, then I can forget about med school, 'cause there is no way we can foot THOSE bills "independently". Yes, friends, we are the working poor, with money on paper but not in our pockets. I wouldn't have done my post-bacc at our CC if we had money for tuition, books and fees. 🙄 Geez! We had better get loans!

Anyone else (married, working spouse) have a similar report from FAFSA?

 

[synapse lapse]

It is true that you are considered independant by fafsa while in medical school. However, if you wish to be considered for institutional aid, most schools require that you put your parents income as well. Call your med school and ask!

 

[USCTex]

My status, other than incoming med student, is married w/kids, independent, spouse gainfully employed. Our EFC is definitely not $0, try $20K 😱, which basically is the sum of all personal expenses (food, lodging, transpo, insurance, etc) listed on the school budgets I received. I was terrified when I first saw that figure on the estimate and then later on the confirmation, but I think we will still qualify for sufficient loan funds to cover tuition, fees, books and hopefully, equipment. If not, then I can forget about med school, 'cause there is no way we can foot THOSE bills "independently". Yes, friends, we are the working poor, with money on paper but not in our pockets. I wouldn't have done my post-bacc at our CC if we had money for tuition, books and fees. 🙄 Geez! We had better get loans!

Anyone else (married, working spouse) have a similar report from FAFSA?

You could probably qualify for private loans to make up the difference between the cost and what the gov't/you school offers, no??

 

[Stitch626]

i received my SAR online today and it says that my EFC (expected family contribution) amount is $0.00!!! my family isn't poverty stricken or anything like that but i didn't know we would be classified as "broke."

im not peeved because it just means that i qualify for the maximum amount of aid, but i cant help but wonder if this is some sort of mistake.

anyone else know of similar stories?

my EFC is also $0. I worked for 2.5 months last year and did not list parental information on my FAFSA. Take that!

Are you a phlebotomist?

 

[drguy22]

zero here too!!🙂

 

[Manifesting]

USCTex: Yes, you are correct. Private loans might be an option, but our existing debt might already be too high with mortgage, vehicle, husband's school loan balance. I'm not sure what ratio of debt to income is allowed. Will definitely check out all options, but borrowing the minimum necessary is best and we should be OK if sub/unsub loans cover tuition, fees, books & equip. Thanks for caring!

 

[synapse lapse]

My status, other than incoming med student, is married w/kids, independent, spouse gainfully employed. Our EFC is definitely not $0, try $20K 😱, which basically is the sum of all personal expenses (food, lodging, transpo, insurance, etc) listed on the school budgets I received. I was terrified when I first saw that figure on the estimate and then later on the confirmation, but I think we will still qualify for sufficient loan funds to cover tuition, fees, books and hopefully, equipment. If not, then I can forget about med school, 'cause there is no way we can foot THOSE bills "independently". Yes, friends, we are the working poor, with money on paper but not in our pockets. I wouldn't have done my post-bacc at our CC if we had money for tuition, books and fees. 🙄 Geez! We had better get loans!

Anyone else (married, working spouse) have a similar report from FAFSA?

Hey Manifesting...don't worry, the federal loan limit for medical students is $38,500 a year. You may not qualify for subsidized stafford, but you can certainly cover all your expenses with unsubsidized staffor loan. This will carry only around 2-3% interest rate, and you should be more than able to pay it back on a physicians salary. Good Luck 👍

 

[phleebie]

my EFC is also $0. I worked for 2.5 months last year and did not list parental information on my FAFSA. Take that!

Are you a phlebotomist?

yes--i'm only a part-time vampire, though

 

[Syranope2]

Hey Manifesting...don't worry, the federal loan limit for medical students is $38,500 a year. You may not qualify for subsidized stafford, but you can certainly cover all your expenses with unsubsidized staffor loan. This will carry only around 2-3% interest rate, and you should be more than able to pay it back on a physicians salary. Good Luck 👍

Alex Pink is right. No matter what, however big your EFC is, you can borrow up to $38500 a year from unsubsidized loans, meaning you will have interest. that should be a big chunk of the money you need.

Also, just a general note: FAFSA considers all of us independents because we are medical students, so they don't look at parental contributions, meaning that most of us just-graduated-types will be eligible for the maximum amount of subsidized Staffords (you don't have to pay interest until you graduate). This is only $8500 a year, though, not really gonna get you very far. Any med student can take out up to $38500 a year in unsubsidized Staffords, meaning you'd have to pay interest on that money starting immediately. But you won't, no way no how, receive any grants from the federal government. Those Stafford loans are all you will get. And, unless you are truly independent (ie supported yourself for two years, etc), your medical school WILL look at your parent's income when deciding on the financial aid package they will offer you. So be prepared to spend a pretty penny, even if your EFC is 0.


**Also, my numbers might be off for the amount of money you get for unsubsidized Staffords. Someone correct me if I'm wrong**

 

[OSUdoc08]

Alex Pink is right. No matter what, however big your EFC is, you can borrow up to $38500 a year from unsubsidized loans, meaning you will have interest. that should be a big chunk of the money you need.

Also, just a general note: FAFSA considers all of us independents because we are medical students, so they don't look at parental contributions, meaning that most of us just-graduated-types will be eligible for the maximum amount of subsidized Staffords (you don't have to pay interest until you graduate). This is only $8500 a year, though, not really gonna get you very far. Any med student can take out up to $38500 a year in unsubsidized Staffords, meaning you'd have to pay interest on that money starting immediately. But you won't, no way no how, receive any grants from the federal government. Those Stafford loans are all you will get. And, unless you are truly independent (ie supported yourself for two years, etc), your medical school WILL look at your parent's income when deciding on the financial aid package they will offer you. So be prepared to spend a pretty penny, even if your EFC is 0.


**Also, my numbers might be off for the amount of money you get for unsubsidized Staffords. Someone correct me if I'm wrong**

Not all schools do this (use parents). The reason I know is because I didn't ever give them the parental info.

I have a total of $38,500 in loans, but it is composed of sub stafford, unsub stafford, and perkins.