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Efc=0

Discussion in 'Financial Aid' started by fldhkybnva, Mar 7, 2007.

  1. fldhkybnva

    fldhkybnva Junior Member
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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?
     
  2. TMP-SMX

    TMP-SMX Senior Member
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    Yes. EFC doesn't take into account parental income when you are considered an independent.
     
  3. Doctor~Detroit

    Doctor~Detroit this poll sux!!!
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    so you're saying that everyone's efc is a function of their personal income only, because they'll be in grad school and "independent"?
     
  4. Haemulon

    Haemulon Slippery When Wet
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    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. :confused: 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.
     
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  5. TMP-SMX

    TMP-SMX Senior Member
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    Schools will take that into account if you show need for campus based aid.

    The EFC only uses your personal, and spousal if applicable, income to calculate.
     
  6. StephanieOD2B

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    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.
     
  7. grinchick5

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    I had the same worry (but my EFC was a tad bit higher). Also, my SO is a grad student, so I'm the only wage-earner. Next year, we'll have $0 coming in. Anyway, I spoke with my school's fin aid office about my EFC. They said $8000 (or ~$11,000 in my case) might sound like a lot, but you have to consider the total cost of attendance. If medical school cost $10,000/year and you had an EFC of $8K you'd be in trouble. However, at my school, the total aid package is more like $60,000 ($40K tuition + $20K living expenses).

    It's my understanding that you can take out unsub staffords up to the cap (not sure what that is), regardless of your EFC. You can always cover any gaps with a Gradplus loan. However, even with my higher EFC, my school said that I should qualify for the max amount of sub and unsub loans. I know it varies by institution, but I wouldn't start freaking out until you get your award letter.
     
  8. Haemulon

    Haemulon Slippery When Wet
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    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. :(
     
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  9. Sol Rosenberg

    Sol Rosenberg Long Live the New Flesh!
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    Easy: Buy the house before you quit your job.
     
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  10. StephanieOD2B

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    My husband and I were approved for a home loan without me working, and his income is not that high (we do have good credit, though). And no, unfortunately, financial aid is not considered to be income in this respect.

    I would suggest meeting with a banker or mortgage broker. They have good ideas about how to get you a loan. Like, my sister is a hair stylist, so she didn't have proof of income (she must not have filed taxes as a stylist yet), so her broker got her a loan for people who don't show much, if any, income. I'm not sure what type of loan it was.

    Basically, I think about anyone can get a home loan. Whether or not mortgage payments are kept up is another issue :).
     
  11. Jinterpol

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    True that...mine is around $7K, but I live paycheck to paycheck after bills are paid... :( I feel like there is no financial gain in working b/t undergrad and med school.
     
  12. QuakerPreMed

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    Everything I've read indicates that you can get unsub Stafford or Graduate PLUS up to the whole cost of school (tuition+living+etc) that your school quotes. So, for example, if your school costs $56k a year and your estimated contrib is $6000, you could still loan/grant/etc yourself to $56k without spending a dime of your own money.

    I think EFC means YOU on the Fafsa if you are "independent". Us poor not-yet-graduated-college folk all get 0.
     
  13. It'sElectric

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    You'll be just fine. an EFC of 8 grand isn't much, so you'll still get the max in unsubsidized staffords. Plus, you can take out all you want (up to your school's max. budget - what you're already receiving in Aid) in Grad Plus loans.

    Not to mention the fact that you have a husband that's working and bringing in income - you're way ahead of the game because of this simple fact. You're final debt tally should be far less than the avg. med student, simply because you do have a solid wage earner throughout your 4 years.
     
  14. dpmd

    dpmd Relaxing
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    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.
     
  15. MJB

    MJB Senior Member
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    Our EFC was 34K...the financial aid director said not to worry.

    I've looked into No Doc loans, and they seem to want a minimum of 5% down. I'm going to go with a 100% loan I think...you get to write off the interest on both loans...which is nice.

    I have the benefit of having a working spouse, however.
     
  16. Bleurberry

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    I'm pretty sure you are considered independent at 24 years old.

    cheers.
     
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  17. It'sElectric

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    You're automatically independent, because you're a "grad" student working on a degree beyond your bachelor's....even if you're 15 (I assume).
     
  18. Haemulon

    Haemulon Slippery When Wet
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    Good idea. I am meeting with a broker this week. So I'll find out what I can. :)
     
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  19. YupGypsy

    YupGypsy Banne*d for Tr*olling
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    stated income is tougher to get approved than full-docs, especially with the recent developments in the mortgage industry. A full-docs will be a smoother ride and get you a lower interest rate.
     

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