EFC too high?

[Fritz]

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I have just calculated my EFC, and it turns out to be like 3000. I am independent with spouse and two kids. Spouse does not work, stays home with the kids. I made 50000 last year, and we live in bay area, where 50000 for a family of 4 is a little bit close to being poor. I pay 1600 for a very, very small 2 bedroom apartment. If I could find anything cheaper, I would move, but there is not anything else around here cheaper than this. However my EFC turned out high and I don?t know how this is going to affect my ability to get loans. Once I file my FAFSA in January 2004, should I send my schools a letter indicating how much are our living expenses. I have copies from the lease agreement, electricity bills, car insurance, etc. Everything adds up to exactly how much money I am making. It is hard to believe that someone making 50000 a year would be having trouble getting by, but in the Bay Area is really bad, although it has gotten better since the .com bubble burst.
If you have any experience with this please advise me.

 

[mpp]

I would not send schools anything as it probably will not alter anything. Each school determines their own annual budget which includes tuition and living expenses (for that geographic area). They will take that amount and subtract your EFC and then find aid (loans and scholarships) to cover the full extent of the budget. That $3,000 will likely be a drop in the bucket. You could easily find a private loan to cover that $3,000 if it is absolutely necessary. Some schools will add an amount to the budget for childcare expenses. However, your spouse's expenses will not be included in the school budget.

 

[jon_jon]

It's unfortunate but for your 1st year in med school, having had an income prior to med school penalizes you when in comes to financial aid.

You should definitely be able to get $38,500 a year in Stafford Loans. Anything above that will most likely be Private Loans with higher fees and interest rates.

You need to talk to the FA office at your med school (after you get accepted and decide to matriculate at one school) about getting grants or scholarships. However, having earned $50k the past year, I can say with almost 99% certainyy that they will not give you any need-based grant for your 1st year, unless the FA office makes a special exception. This is what I mean by being penalized for having worked before med school. They will more likely give need-based FA to someone fresh out of college who did not earn any income this past year. It's just a pure number game from the FAFSA.