Does FAFSA take into account spouse loans?

[punkiedad]

I am waiting for my financial aid info from my school and am getting a little nervous.

I am a non trad that has some retirment savings and when I did my FAFSA, my EFC was like 30k. Also, we made pretty good money over the last few years, but when you have kids, mortgage, etc and then bump up a tax bracket, it is surprining how fast money evaporates!

So, I want to see if I understad this.....Does my EFC affect just my eligibility for unsubsidized loans, or lonas at all? There is no way I can come up with 30k for school. I am trying to make up a six figure salasry by me going back to school...........

Also, my wife has 50k in loans as she is working on her masters and got her undergrad later in life. It doesn't seem like this was even included, but they do include her income (which is all what we will have when I am in school)

Any insight from any of you would help, especially non trads that have been through similar situations.

Thanks, in advance.

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[TMP-SMX]

EFC is not the amount they expect you to pay. It is just a number they use to calculate how much out of the annual $40,500 in staffords that is subsidized but to a maximum of $8500. It has no bearing on unsubsidized and even if you were not eligible for any of the $8500 in sub staffords you would just get the full amount in unsub staffords instead. So as long as your cost of attendance (CoA)-EFC is above $8500 you will get the full amount of subsidized stafford loans. In other words, assuming your 30k figure is correct your CoA must be at or above $38,500 to get the full $8500. If the CoA is $30,000 or below, you get $0 sub stafford but the $40,500 in staffords a year will just be all unsubsidized rather than the $8500 being subsidized and $32000 being unsubsidized.

Short answer, glancing here, your CoA is about $52,000 a year. You will get the full amount of subsidized stafford loans just fine. If you need the full CoA here is the breakdown:

$8500 sub stafford at 6.8%
$32000 unsub stafford at 6.8%
$11500 grad plus at 8.5%

Also keep in mind you don't have to take out the full amount if you don't need it and that schools are somewhat flexible with increasing your CoA for necessary expenses if you submit a budget to them.

 

[punkiedad]

EFC is not the amount they expect you to pay. It is just a number they use to calculate how much out of the annual $40,500 in staffords that is subsidized but to a maximum of $8500. It has no bearing on unsubsidized and even if you were not eligible for any of the $8500 in sub staffords you would just get the full amount in unsub staffords instead. So as long as your cost of attendance (CoA)-EFC is above $8500 you will get the full amount of subsidized stafford loans. In other words, assuming your 30k figure is correct your CoA must be at or above $38,500 to get the full $8500. If the CoA is $30,000 or below, you get $0 sub stafford but the $40,500 in staffords a year will just be all unsubsidized rather than the $8500 being subsidized and $32000 being unsubsidized.

Short answer, glancing here, your CoA is about $52,000 a year. You will get the full amount of subsidized stafford loans just fine. If you need the full CoA here is the breakdown:

$8500 sub stafford at 6.8%
$32000 unsub stafford at 6.8%
$11500 grad plus at 8.5%

Also keep in mind you don't have to take out the full amount if you don't need it and that schools are somewhat flexible with increasing your CoA for necessary expenses if you submit a budget to them.

Thank you for the detailed response. It was very helpful...........BTW, good luck with your 'marriage' rotation coming up....is that required or an elective......

 

[TMP-SMX]

Required

Lol seriously though it is technically part of my fourth year as I'm taking July off for moving, wedding, and honeymoon. I've been with my SO for 5.5 years already so it's about that time anyway. There's no good time to get married during medical school unfortunately.

 

[deleted98681]

Also, your school is required to increase your COA for dependent expenses.