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Efc = 84000

Discussion in 'Financial Aid' started by Kriyaban, Apr 10, 2007.

  1. Kriyaban

    Kriyaban Downstate c/o 2011
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    So I have a really high EFC, but I'm going to pay for med school by myself. Can I still get the government loans, or only private loans? Can some one give me an idea of what my financial aid package would be? Would I be able to get subsidized or unsubsidized stafford loans etc.? And are T.H.E. loans the best private loans to get? Any help would be appreciated.
     
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  3. dpmd

    dpmd Relaxing
    Physician 10+ Year Member

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    You will still be able to get the max in staffords. I would anticipate that you won't get any of it subsidized. Do you just have a ton of investments that you don't want to touch, or are you leaving a really high paying job (or do you have a rich spouse)? I would recommend taking out as little in loans as possible at first, then seeing how things go. You can always take out more (up to the max) at any point in the semester. Also, you never know if you will get a merit scholarship. Some you have to apply for, but some the school just gives out.
     
  4. Kriyaban

    Kriyaban Downstate c/o 2011
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    I have a trust fund in my name, something my mother created a while ago. And it's a pretty big amount, but I also think I made a mistake in my fafsa. In the student finances section, it asks about total investments, and so I put the amount in the trust. Then under "cash, checking, and savings amount" I put the value of my checking account ($2000) plus the trust, and used that. I think I might have counted the trust twice as an asset. So maybe that's why I have this ridiculous efc.

    I'm not going to take money out of the trust to pay for school. I actually don't even know how to access it. So I guess I'll just get unsub. stafford loans and private loans. Thanks for the help.
     
  5. Farmercyst

    Farmercyst From the shadows
    Pharmacist Moderator Emeritus 10+ Year Member

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    Is it too late to update your FAFSA with the correct data? I seem to recall you are supposed to update it when you file taxes, meaning you could update at least as late as 4/15. I'd suggest taking out the trust and resubmitting.
     
  6. Kriyaban

    Kriyaban Downstate c/o 2011
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    I fixed my fafsa. The EFC dropped to 40k, which I guess is a lot better.
     
  7. Miami_med

    Miami_med Moving Far Away
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    The worst that could possibly happen, is you might not get the Subsidized loans. Annoying, but it probably doesn't impact anything but a few thousand in total interest. You can still get the money.
     

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