EFC ----> financial aid

[sarephina]

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My EFC (FAFSA) for 2006-2007 was about $700 less than the tuition for 2006-2007. Does that give me any chance at all of getting financial aid for next year, at NYU Medical School? (They say they just need my FAFSA and tax returns.)

Should I give my parents any advice regarding what they do with their money? Would their income/assets impact my financial aid at all? Specifically, they are wondering if they should invest more, or just buy more retirement funds.

Any help will be appreciated! 🙂

(i really wish i could edit the title... I mean EFC--> financial aid, not "vs." lol)

 

[TMP-SMX]

My EFC (FAFSA) for 2006-2007 was about $700 less than the tuition for 2006-2007. Does that give me any chance at all of getting financial aid for next year, at NYU Medical School? (They say they just need my FAFSA and tax returns.)

Should I give my parents any advice regarding what they do with their money? Would their income/assets impact my financial aid at all? Specifically, they are wondering if they should invest more, or just buy more retirement funds.

Any help will be appreciated! 🙂

(i really wish i could edit the title... I mean EFC--> financial aid, not "vs." lol)

Uh. For med school you are considered independent for financial aid purposes in federal loans. So you will get the full amount of federal loans no matter what. The only thing that matters in terms of getting the subsidized stafford loans in place of some of the unsubsidized staffords is your own wages whether you file the 1040EZ or have under a certain amount in savings.

Now what you are probably worrying about is need based aid or campus based aid such as perkins federal loans/scholarships. That does take into account your parents income as well as savings. However, I'm not sure how much merit there is in drastically changing investments for this purpose. If you parents have a lot of money to throw around in investments you aren't going to get any of the need based aid anyway so don't worry about it.

 

[sarephina]

Thanks!

 

[MavsFan08]

My EFC (FAFSA) for 2006-2007 was about $700 less than the tuition for 2006-2007. Does that give me any chance at all of getting financial aid for next year, at NYU Medical School? (They say they just need my FAFSA and tax returns.)

Should I give my parents any advice regarding what they do with their money? Would their income/assets impact my financial aid at all? Specifically, they are wondering if they should invest more, or just buy more retirement funds.

Any help will be appreciated! 🙂

(i really wish i could edit the title... I mean EFC--> financial aid, not "vs." lol)

Your EFC is irrelevant, because they know you will not be working while in medical school. Your financial aid office will work with you.

 

[Doctor Bagel]

Your EFC is irrelevant, because they know you will not be working while in medical school. Your financial aid office will work with you.

They will, but if your EFC is large enough, it's possible you won't get any subsidized loans. It sounds like that won't be the issue for the op, though, because she'll still be left with a significant difference between the school's cost of attendance and EFC because of living expenses. You're right, though -- the EFC won't stop you from being able to borrow the money you need.