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Did anyone else get an EFC=0 even though their parents make a significant amount of money and parental information was included on the FAFSA?
Did anyone else get an EFC=0 even though their parents make a significant amount of money and parental information was included on the FAFSA?
Yes. EFC doesn't take into account parental income when you are considered an independent.
I have no idea how they calculate it, but I got an EFC about 8k. Is this considered a lot? (I have no idea how the financial aid office rates these numbers). I would love to know what part of my family will be contributing this though so I can go and ask for the check. I think part of my problem is that my wife and I made pretty decent money last year, but I obviously won't be working while in med school (thus cutting our income in half). I guess maybe next year's FAFSA will take that into account.
I have no idea how they calculate it, but I got an EFC about 8k. Is this considered a lot? (I have no idea how the financial aid office rates these numbers). I would love to know what part of my family will be contributing this though so I can go and ask for the check. I think part of my problem is that my wife and I made pretty decent money last year, but I obviously won't be working while in med school (thus cutting our income in half). I guess maybe next year's FAFSA will take that into account.
I'm in the same boat exactly. My EFC is also about $8000 and I will also not be working next year. So, I am really worried about having enough financial aid because my husband's income alone will not be enough to cover all of our expenses. To make it worse, I can't get a straight answer from my school regarding whether I can take out an unsubsidized loan to replace my EFC or not. I am super stressed.
Easy: Buy the house before you quit your job.Thanks for the replies. Its good to know that others are in the same situation. I guess all of the uncertainty goes with the territory. My wife and I were crunching numbers about buying a new house near where I have been accepted, but we have no idea how we will qualify for a decent mortgage given that I will no longer be working next year. Does anyone know if banks consider your financial aid as income? It would be weird to be counting a loan as income for another loan. But otherwise, how can anyone qualify for a mortgage under these circumstances? Perhaps we are doomed to rent.
Grrrr. It would be so much easier if we could just stay in our current house.
Thanks for the replies. Its good to know that others are in the same situation. I guess all of the uncertainty goes with the territory. My wife and I were crunching numbers about buying a new house near where I have been accepted, but we have no idea how we will qualify for a decent mortgage given that I will no longer be working next year. Does anyone know if banks consider your financial aid as income? It would be weird to be counting a loan as income for another loan. But otherwise, how can anyone qualify for a mortgage under these circumstances? Perhaps we are doomed to rent.
Grrrr. It would be so much easier if we could just stay in our current house.
I'm in the same boat exactly. My EFC is also about $8000 and I will also not be working next year. So, I am really worried about having enough financial aid because my husband's income alone will not be enough to cover all of our expenses. To make it worse, I can't get a straight answer from my school regarding whether I can take out an unsubsidized loan to replace my EFC or not. I am super stressed.
I'm in the same boat exactly. My EFC is also about $8000 and I will also not be working next year. So, I am really worried about having enough financial aid because my husband's income alone will not be enough to cover all of our expenses. To make it worse, I can't get a straight answer from my school regarding whether I can take out an unsubsidized loan to replace my EFC or not. I am super stressed.
Thanks for the replies. Its good to know that others are in the same situation. I guess all of the uncertainty goes with the territory. My wife and I were crunching numbers about buying a new house near where I have been accepted, but we have no idea how we will qualify for a decent mortgage given that I will no longer be working next year. Does anyone know if banks consider your financial aid as income? It would be weird to be counting a loan as income for another loan. But otherwise, how can anyone qualify for a mortgage under these circumstances? Perhaps we are doomed to rent.
Grrrr. It would be so much easier if we could just stay in our current house.
You could always do a no documentation loan. That way you just say that you have x amount of money to put towards living expenses (you can include the loan money, since you won't have to prove that you actually make that income). It might end up costing you anywhere up to 1% point in interest, but if you talk to a lender or broker and they don't want to approve you for a conventional loan it might be worth it.
You could always do a no documentation loan. That way you just say that you have x amount of money to put towards living expenses (you can include the loan money, since you won't have to prove that you actually make that income). It might end up costing you anywhere up to 1% point in interest, but if you talk to a lender or broker and they don't want to approve you for a conventional loan it might be worth it.