Does your/spouse's income hurt you on fafsa?

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newcomer

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I am attending a dental school in 2007. Since I have been working full time for the past few years. I just wonder if my income from the past year would give a big negative impact on the amount of loan I can get from fafsa.
 

Ex_EE

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Yes it does. I got hurt because I rolled my 401k into a roth IRA last year and so it all counted as income. This despite the fact it is in a retirement account. My expected family contribution went from 4,000 to 22,000.
 

newcomer

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Oh man! I'm going be in trouble because my W-2 last year was kind of fat:smuggrin:
 

BirkChick

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You might want to fill out your fafsa now to find out what you're in for EFC-wise. I'm married and both of us made some decent money last year -- my EFC is >$30K!:scared:
 

crazy_sherm

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Dental school is so expensive already, it shouldn't matter what your EFC is when applying for the Stafford loans. You should be able to get the full amount. The only loan that takes into consideration your income (and your parents' income) is the HPSL loan, which is hard to qualify for anyway. I worked a few years before starting dental school so my EFC was in the 50k range the first year. It didn't affect my loan award amount at all. I would advise talking to the financial aid people at the school you'll be attending.
 

newcomer

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Thank you for the replies. I hope I can get a full loan amount from fafsa since tuition won't give any mercy ;) ...
 
S

sumluck

You might want to fill out your fafsa now to find out what you're in for EFC-wise. I'm married and both of us made some decent money last year -- my EFC is >$30K!:scared:

how did you find out what your EFC is already? I have already submitted my FAFSA, but don't the individual schools decide what your EFC is? Or is it government regulated for EFC? Thanks.
 

tissy

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I'm so confused about the way FAFSA works!! I thought that when your in grad school it doesn't matter how much your spouse makes..
 

BirkChick

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I'm so confused about the way FAFSA works!! I thought that when your in grad school it doesn't matter how much your spouse makes..

Your parents' income doesn't matter -- but your spouse's does.
 

BirkChick

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how did you find out what your EFC is already? I have already submitted my FAFSA, but don't the individual schools decide what your EFC is? Or is it government regulated for EFC? Thanks.

I received an email from fafsa a few days after submitting my information. I checked my fafsa account online and received my EFC.

The government sets your EFC. The school sets the cost of attendance (including books, living expenses, etc).

cost of attendance - EFC = need
 
S

sumluck

I received an email from fafsa a few days after submitting my information. I checked my fafsa account online and received my EFC.

The government sets your EFC. The school sets the cost of attendance (including books, living expenses, etc).

cost of attendance - EFC = need

hey BirkChick, thanks for the info. I was able to log on to my FAFSA account and there was indeed an EFC. I guess it is now a waiting game as far as what type of loans I will receive. Thanks again and good luck at Case.
 

armorshell

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I'm pretty certain the EFC is mostly an undergrad phenomena. As health professions graduate students we'll get the gamut of staffords and grad plus loans.
 
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