The EFC is basically what they expect you to pay isn't it? If my school costs 30g a year and my EFC is 29 I'm basically going to be paying all of it by myself with the exception of one of their silly loans.
Anyway my question is, some people here talk about independent and parent information. I live with my parents, but can I consider myself independent and take out my family information? I don't recall it allowing me to leave their fields blank. What does being independent require?
You couldn't make a new thread? I'm glad you used the search though.
EFC is not what they expect you to spend. In your situation you don't have to spend a dime on school but it is probably a good idea if you have the assets to spend your money on it. You can also take out the $8500 in subsidized stafford loans each year because they have no interest until graduation. If you really had enough assets to pay for school then after they put the $8500 toward your tuition take $8500 of your own money and invest it in something safe.
We are all independent for medical school. Are you going to medical school/grad school? Are you turning 24 in the next year or are married? If yes to either one you are independent for the FAFSA. You can be dependent on taxes and independent on the FAFSA as they are unrelated to each other. It can only help you to include parental information on the FAFSA in order to get need-based aid. However, if your EFC is 29,000 you won't be eligible for it as that, if independent, only includes your assets and income and not your parental EFC. So taking out parental information won't help you as it isn't included in the normal FAFSA calculation for independents. The need-based EFC includes parental information also but you don't have to worry about that.
Now down to the nitty gritty on the 29,000 EFC. You say your school is $30,000 a year. Is that just tuition? As long as your cost of living/expenses are at least $7500 above that tuition figure ($37,500) you will be eligible for the full $8500 in subsidized stafford loans. If not, then you will still be eligible for the full $40,500 in unsubsidized stafford loans and an unlimited amount of grad plus if your cost of attendance is high enough.
Let us know if you have any more questions.