Efc

[ngkats]

My submitted FAFSA was just processed and my SAR indicates that I have a an EFC of 2733 (I have been working in my year off before I start med school in the fall).

For students not working now, I know many receive EFC's of 0.

I imagine that my EFC is small enough to still qualify me for the federal subsidized stafford loans, but you never know. Anyone have any thoughts?

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[Chuck's Right Foot]

My submitted FAFSA was just processed and my SAR indicates that I have a an EFC of 2733 (I have been working in my year off before I start med school in the fall).

For students not working now, I know many receive EFC's of 0.

I imagine that my EFC is small enough to still qualify me for the federal subsidized stafford loans, but you never know. Anyone have any thoughts?

Whatwill happen depends entirely on the total cost of attendance. Basically you'll max out at Total Cost - 2733 for the first year. After the first year, your EFC will drop to 0 (unless you make millions). You'll max out Subsidized (max @ 8500) and likely max out Unsub. It's how much grad plus you'll get that might be different.

 

[anoncurious]

The way I understand it (and PLEASE correct me if I am wrong) - is that there are two separate loans:

-subsidized is maxed out at 8500 and is need based, so as long as your total cost of attendance minus EFC is more than 8500, then you will get all $8500.
-unsubsidized is not based on need, so you can get this amount of loan up till your cost of attendance.

Now, what I am not clear about is..say your Cost of attendance is 30k. Does this mean that you can get 8500sub + 21500unsub, or does it mean that you can get 8500sub + 18767unsub (ie does the efc factor into your unsubsidizied amount?)

 

[Leejwwc]

The way I understand it (and PLEASE correct me if I am wrong) - is that there are two separate loans:

-subsidized is maxed out at 8500 and is need based, so as long as your total cost of attendance minus EFC is more than 8500, then you will get all $8500.
-unsubsidized is not based on need, so you can get this amount of loan up till your cost of attendance.

Now, what I am not clear about is..say your Cost of attendance is 30k. Does this mean that you can get 8500sub + 21500unsub, or does it mean that you can get 8500sub + 18767unsub (ie does the efc factor into your unsubsidizied amount?)

Yes, that is correct. EFC is subtracted from unsub, not sub. You will always max out on stafford subsidized first, then stafford unsubsidized, then if you have more need on grad plus loans which are also unsubsized and slightly higher interest than stafford unsub.

 

[anoncurious]

wait..so just to be clear-- is the first or second option correct (21500unsub or 18767unsub)?

 

[TheElement]

We start paying back the sub when we're residents right? What was that 220/20 rule referring to that everyone was talking about?

 

[alwaysaangel]

wait..so just to be clear-- is the first or second option correct (21500unsub or 18767unsub)?

First option is right.

I worked during my year off and had an EFC of like 3k last year.

I still got full loans for my Cost of Attendance. 8500 sub'd, and about 30k unsub'd. Schools realize you won't be working this year and don't really expect you to pay your EFC. (at least the 2 schools I applied for fin aid didn't)

 

[virusgirl]

If you include your parents financial information, do schools consider only your individual information when giving you loans, or does your entire family EFC come into play? I just submitted my FAFSA, and because I included my parents info as well as mine, my EFC came out pretty high (I did this because I think some schools require parental information when they decide about merit scholarships). I seem to recall schools saying that with regard to loans, we are considered independent, but I could be wrong about this.

 

[alwaysaangel]

If you include your parents financial information, do schools consider only your individual information when giving you loans, or does your entire family EFC come into play? I just submitted my FAFSA, and because I included my parents info as well as mine, my EFC came out pretty high (I did this because I think some schools require parental information when they decide about merit scholarships). I seem to recall schools saying that with regard to loans, we are considered independent, but I could be wrong about this.

You're exactly right - parental info only affects institutional loans (lower interest rate) and free money.

You will get full sub'd, unsub'd and grad plus loans no matter what.

 

[skijumpbump]

My submitted FAFSA was just processed and my SAR indicates that I have a an EFC of 2733 (I have been working in my year off before I start med school in the fall).

Your EFC seems low compared to mine, and I think we are in similar situations. I am just curious if you provided your parental information and your bank account info? I make ~ $29K a year, I have ~ $4K in bank accounts, and my single parent who I listed makes ~ $60K a year. All of this gave me an EFC on my SAR of $7278, which seems a little much to me. I was expecting an EFC more like yours, I am just trying to find the difference. I don't plan on paying out $8K when I start school, or should I have that much saved?

 

[nogolfinsnow]

Your EFC seems low compared to mine, and I think we are in similar situations. I am just curious if you provided your parental information and your bank account info? I make ~ $29K a year, I have ~ $4K in bank accounts, and my single parent who I listed makes ~ $60K a year. All of this gave me an EFC on my SAR of $7278, which seems a little much to me. I was expecting an EFC more like yours, I am just trying to find the difference. I don't plan on paying out $8K when I start school, or should I have that much saved?

As said above, EFC only matters if cost of attendance minus EFC < 8,500 (the subsidized portion of the stafford). Assuming your total cost of attendance is > 15,778 then you won't have to pay anything out of savings. You always have the option to use your savings, but most people with a few thousand in the bank leave it there for emergency funds.

 

[ngkats]

Your EFC seems low compared to mine, and I think we are in similar situations. I am just curious if you provided your parental information and your bank account info? I make ~ $29K a year, I have ~ $4K in bank accounts, and my single parent who I listed makes ~ $60K a year. All of this gave me an EFC on my SAR of $7278, which seems a little much to me. I was expecting an EFC more like yours, I am just trying to find the difference. I don't plan on paying out $8K when I start school, or should I have that much saved?

Well per year I make a bit more than you. But I have only been working since July, so I have only earned a fraction of my full year income. Also, I have substantially less money in my checking/saving accounts (which makes me depressed).

I think those circumstances may explain the differences in our EFC. I did enter my family information, but since FAFSA recognizes as "independent" students, family financial information does not factor in to our EFC (even if we enter it). Family finances, like other posters on this thread have described, are only used to determine a students need for insitutional loans and scholarships (i.e., money given by medical schoos, not the government).

 

[funkymunkytoes]

My EFC was 8500, and I made about 4800 bucks in 2008 (I'm a student) - and I have only 10 bucks in savings. Does this high of an EFC make any sense? I included my parents information on the FAFSA, but how can their salaries explain such a high EFC? I know EFC stands for Expected FAMILY Contribution, but my parents are FAR from rich. Any one else have this problem? Did I fill out the FAFSA incorrectly?

 

[Myuu]

My EFC was 8500, and I made about 4800 bucks in 2008 (I'm a student) - and I have only 10 bucks in savings. Does this high of an EFC make any sense? I included my parents information on the FAFSA, but how can their salaries explain such a high EFC? I know EFC stands for Expected FAMILY Contribution, but my parents are FAR from rich. Any one else have this problem? Did I fill out the FAFSA incorrectly?

Wow, that doesn't sound right. Do you have existing student loans? Are you considered a dependent?

 

[funkymunkytoes]

Wow, that doesn't sound right. Do you have existing student loans? Are you considered a dependent?

I have no student loans, and according to FAFSA I'm independent (because I'll be attending professional school). Any other thoughts?

 

[Myuu]

I have no student loans, and according to FAFSA I'm independent (because I'll be attending professional school). Any other thoughts?

Investments? Do you own any real estate?

Edit: Which is to say: is your net worth greater than 0?

 

[funkymunkytoes]

All I have is 10 bucks in savings. My parents however DO own a townhouse that they rent out. The 8500 seems to come purely from my parents' information - and I was unaware that FAFSA generated the EFC in such a parent-heavy manner, considering that FAFSA considers me an INDEPENDENT.

 

[Myuu]

All I have is 10 bucks in savings. My parents however DO own a townhouse that they rent out. The 8500 seems to come purely from my parents' information - and I was unaware that FAFSA generated the EFC in such a parent-heavy manner, considering that FAFSA considers me an INDEPENDENT.

Yeah, it shouldn't be doing that. Are you absolutely sure it thinks you're independent?

 

[funkymunkytoes]

Yeah, it shouldn't be doing that. Are you absolutely sure it thinks you're independent?

Positively sure.

 

[Myuu]

Positively sure.

I would call them to see what's up. Maybe having +$10 and no student debt makes them think you'll probably try to generate some cash before school.

 

[rockydoc]

so my EFC with family contribution from last year on fafsa was over 60,000! I did not enter my parent's info on the fafsa this year, because I want to make sure I get my subsidized staffords. My independent info makes my EFC 0.

some of you are saying that if my COA-EFC is under 8500 then I wont get my subs....but then others are saying that parent's income doesnt matter at all in computing federal aid. Can Anyone clear this up for me?

maybe it's b/c last year i was dependent and this year i am considered independent....but then others seem to have EFC's that dont match their individual income......i have no clue

 

[alwaysaangel]

so my EFC with family contribution from last year on fafsa was over 60,000! I did not enter my parent's info on the fafsa this year, because I want to make sure I get my subsidized staffords. My independent info makes my EFC 0.

some of you are saying that if my COA-EFC is under 8500 then I wont get my subs....but then others are saying that parent's income doesnt matter at all in computing federal aid. Can Anyone clear this up for me?

As far as the gov't is concerned you are considered independent for medical school (you say you are working towards a medical degree in one question and that identifies you as independent). So as far as they are concerned you're dead broke and won't be working in med school - so EVERY med student gets their full subsidized and unsubsidized aid for medical school.

The only place that parental info matters is for individual schools - they look at parental income for free money, grants, etc because its the only needbased difference you can really look at in a bunch of 22 year olds.

So go ahead and enter your parent's info it won't affect your loans at all. The confusion is that some people take their knowledge from undergrad financial aid and try to apply it to medical school - and it doesn't work. Parental income can affect sub'd loans in undergrad - not in med school.

 

[mikecougarmd]

I think this has been pointed out, but to make sure:

You're not actually "expected" to come up with any amount of your EFC. The EFC is based only on you as the student, not on your parents. It can only affect the amount of subsidized loans you receive, not unsubsidized or grad plus. As long as total COA - EFC > 8500 you will qualify for the full amount of subsidized stafford.

 

[ButImLETired]

I think this has been pointed out, but to make sure:

You're not actually "expected" to come up with any amount of your EFC. The EFC is based only on you as the student, not on your parents. It can only affect the amount of subsidized loans you receive, not unsubsidized or grad plus. As long as total COA - EFC > 8500 you will qualify for the full amount of subsidized stafford.

By the way, for people with scholarships...

it's more like COA - (EFC+ Scholarship) should be > 8500 for you to get subsidized Staffords.

Has anyone had luck contacting finaid offices individually and asking them to rework your numbers assuming you will NOT have a full-time job in med school? It seems ridiculous that it wouldn't be done automatically...

 

[mikecougarmd]

By the way, for people with scholarships...

it's more like COA - (EFC+ Scholarship) should be > 8500 for you to get subsidized Staffords.

Has anyone had luck contacting finaid offices individually and asking them to rework your numbers assuming you will NOT have a full-time job in med school? It seems ridiculous that it wouldn't be done automatically...

True but not a bad problem to have!

 

[ButImLETired]

True but not a bad problem to have!

Oh absolutely! Definitely not complaining. I'm just wondering why my loans will be affected by the money I'm making in a job I won't have as of a couple of months from now.

 

[mikecougarmd]

Oh absolutely! Definitely not complaining. I'm just wondering why my loans will be affected by the money I'm making in a job I won't have as of a couple of months from now.

Is you're EFC that high that it is affecting your subsidized Stafford? Looking more closely at your above post, I though scholarships affected how much gradplus and unsubsidized you could take out, not subsidized. Perhaps I am mistaken. In any case, it seems that one is always able to take out in loans up to the full COA independent of how much money you do or do not have. It may just be that you qualify for more or less subsidized loans than others.

 

[ButImLETired]

Yeah, I have to make sure...either way, apparently you can count the fact that you won't actually have the same job during the school year as a "special consideration" or whatever they call it, meaning they'll take it into account.

 

[ngkats]

Yeah, I have to make sure...either way, apparently you can count the fact that you won't actually have the same job during the school year as a "special consideration" or whatever they call it, meaning they'll take it into account.

I believe your current EFC will only affect your loans for next year. For M2-4 years your EFC will be 0 (since you'll be in school and not working).

 

[TMP-SMX]

CoA-EFC must be greater than or equal to $8500 to get all of the sub stafford. The maximum amount of sub/unsub staffords is $40,500 so if you get no sub staffords you still get the full $40,500 in all unsub staffords instead. You can't get more financial aid than your cost of attendance unless the school increases your personal budget for certain expenses, and thereby increasing the CoA. Parental income is not included in that calculation. It is included in institutional need-based analysis done by the school.

 

[TMP-SMX]

I'm with you, except with a bit higher EFC. Grumble. And I thought one parent being unemployed this year was going to be a silver lining. Guess not.

If you are going to grad school next year your parental income has no bearing whatsoever on your EFC. The unemployed factor may help with getting need-based aid but depends on your numbers.