Estimated Family Contribution
Started by Gone fishin
BURN ... now I'm scared.
Good topic. I finished my FAFSA today (as an independent student) and my EFC is just shy of $19,000.
My concern is that while I've had a good-paying job in '05, those earnings will quickly go away once school starts in August & I don't have $19K to apply toward my education. We will be living off of my wife's salary (when she goes back to work) and d-school living expense funds = totaling nearly 1/3 less than what I had been making.
Will the financial aid counselors take this into consideration when determing financial aid need? We will need the full monthly allowance for living expenses, at least for the first two years. Am I screwed?
My concern is that while I've had a good-paying job in '05, those earnings will quickly go away once school starts in August & I don't have $19K to apply toward my education. We will be living off of my wife's salary (when she goes back to work) and d-school living expense funds = totaling nearly 1/3 less than what I had been making.
Will the financial aid counselors take this into consideration when determing financial aid need? We will need the full monthly allowance for living expenses, at least for the first two years. Am I screwed?
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i'm looking at better than $50k
WhoooaaaBUNDY said:
Wow, I guess it is time to ask my boss for a raise!!! Is everyone this financially prepared for school?
FCIllini said:
I'm in a very similar situation. I haven't had a chance to complete my FAFSA info but when I do I plan on talking with the Financial Aid office to see if they can adjust some of the numbers for me. (My school's website for financial aid mentions that this is what you should do and that they oftentimes adjust the calculations to accommodate expected changes in finances.)
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I don't know how the look at these investments. I think they calculate the EFC mainly from your income.Obelix said:
chordata said:
I hope it's not too late for me since I already processed the application. I do have to go back and enter my parent's info. when they file their taxes though.
I actually put a call into the financial aid office today to speak with one of the counselors and fittingly enough, they're at a conference all day. I'll post whatever I find out from them - should be similar throughout most of the dental schools.
Gone fishin said:
i'm just barely breaking even on previous debt before i go to school. i certainly won't have any actual "family contribution" to make. i wonder how bad this is.
Anyone else care to share?
Same here.
A big fat zero.
I would like to struggle and establish myself. Or maybe i'll just go surfin.
Oh why isn't UCLA or UCSF contacting me???
(oh i remember, i never applied to thses schools! CRAP!)
A big fat zero.
I would like to struggle and establish myself. Or maybe i'll just go surfin.
Oh why isn't UCLA or UCSF contacting me???
(oh i remember, i never applied to thses schools! CRAP!)
Hey Guys
Did fafsa send you something in the mail that tells you how much your EFC is going to be? is it online?
Did fafsa send you something in the mail that tells you how much your EFC is going to be? is it online?
Another good old 0 here too. This was the sixth time I applied through FAFSA and everytime I have had 0 so I am not surprised. But I think 0 is a better starting point than negatives(like credit card debts etc.) some of my friends have.
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FCIllini said:
I'm in the same boat - haven't filled out my FAFSA yet but right now I have a really good salary and from what I understand FAFSA will factor in for next year using my info from the previous year which won't exist in d-school. As with FCIllini, my wife and loans will support our family. Does anybody know if we can somehow adjust the FAFSA to basically "ignore" my earnings from 2005 when factoring in my need for 2006? I'll call financial aid tomorrow and see what they say but I thought I would post tonight.
FCIllini said:
Okay, i'll look back on the Fafsa website. Yah same here fcillini. congrats on making a hard decision. Wish I could've stayed in town, but philly is great city and temple is awesome.
Hd
FCIllini said:
Ha! Too late- my fate was sealed the day I was born, I bled scarlet and grey 🙂 I had a friend who almost went to Illinois undergrad, all he talks about is this library under some corn field. That's not a rip, just a campus location you you and I both might be familiar with. At least we both know the Big Ten is by far the best.
Anyway, I called OSU - financial aid coordinator told me to file a FAFSA like normal and include my 2005 income. When I receive my award letter in July I will have to submit an appeal along with a letter from my (at that point) former employer stating that I am no longer employed. At that same time I have to file a budget appeal stating that I am not a single student who will live in a dorm with a roommate as the government will by default consider my status. Doing both of those will increase the amount of subsidized (if I don't get the full $8500) and open more opportunities for low-income school specific laons like health profession loans, dental loans, etc... So the end result is that you have to follow the rules at first but then financial aid coordinators have some leniency to get creative.
DoubleD_DDS2B said:
Good info!! The only problem I see (besides the fact that y'all ruined our perfect, regular season record last year) is that my employer won't want to give me any letter - he'll be so ticked off that I'm quitting, I'll be lucky to get anything more than a foot to the butt. I'm sure I can work something out though.
As for the library, it is under a corn field, but huge!! I want to say that it's the third largest library in the US, behind the Library of Congress & Harvard (don't quote me on that though).
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jaerob said:
mine was 3000 bucks.
To: Those of you you's contribution was 0000.00...hockeydentist said:
Did you guys fill out parent info...? I have 0 to my name, my parents are both public school teachers so they do OK at best... WHATS THE TRICK TO MAKING THAT MAGIC NUMBER 0?
Bump
gator1210 said:
Hmm... usually dental schools require you to provide parent info. I know for sure Maryland requires it no matter the circumstance. To be safe, find out what your dental school asks for before submitting the FAFSA w/o parent info just b/c the FAFSA app tells you that you don't need parent stuff.
jaerob said:
Parent info is usually only required for the Health Professions Loan (HPL). I don't think it's required for the Stafford Loans or other private loans.
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I filled out my parent's info and I think the numbers can be fudged around so you get a 0 EFC. My dad had filled out the parent info section in the fafsa for me and he had said that certain investments do not need to be shown as thats where most of his money is and would definitely have brought my EFC up. Get some one who is good with finances and knows the in's and out's to help you.
I just filled it out for my 4th year of dental school and it's been 0 every time.
jaerob said:
Actually, I think that number of schools that require you to turn in parental info is minimal.
Parental info is ONLY necessary for school-based grants, aid, and scholarships. Since schools use the FAFSA form to caluculate these, some schools require it.
The FAFSA form is a federal form, and NO federal aid requires parent information, hence the FAFSA saying it isn't necessary.
I would NOT fill it out unless your school contacts you and asks for parent information.
ItsGavinC said:
What sucks is UCLA does require you to fill it out to be eligible for university aid, and I will fill it out, have some EFC #, and then my parents might give me a twenty dollar bill and tell me not to spend it all in one place.
Headaches galore!!! (I thought once i got in they would go away... boy was i wrong.)
Mine was 5760 since my wife works. I guess it isn't too bad.
last year my EFC was around 15K (how? I don't know since I only worked over the summer and made around 5K and have minimal in other accounts) I was still able to get everything I wanted in loans by filling out some revision form explaining that I didn't have 15K. For us, parental info was only required for HPLs
I spoke with the Texas Health Science Fin. Aid Department on Friday - the counselor assured me not to worry. She said I need to fill out UT-Houston's financial aid forms, explain the situation and that I would get all the money I needed/wanted (up to the limit, of course).
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Wait just a minute here. When I went to the Maryland interview the woman from financial aid told us that Parent Income has ABSOLUTELY NOTHING to do with EFC. Evidentially, parent info is for one thing and one thing only: the Health Professions Loan. She assured me that I would have an EFC of $0 because I haven't had a job in the last couple of years, I am single, have no investments, etc. I am basically worth nothing, and therefore can offer nothing in terms of monetary contribution. Am I totally off my rocker or does this idea sound familiar to anyone else?
this may sound stupid, but where do you find all that info out? is it on the fafsa site? or in a letter once the schools reply to your fafsa application? all i'm able to see is a summary of all my info. thanks
vipergts
Once you submit your fafsa via online using electronic pin, you should get a something via email, or mail depending on which option you chose that shows your calculation of EFC. I think my took a couple of days(2) to be processed. Your EFC will be calculated as long as there are no clerical errors on your part in the application.
hd
Once you submit your fafsa via online using electronic pin, you should get a something via email, or mail depending on which option you chose that shows your calculation of EFC. I think my took a couple of days(2) to be processed. Your EFC will be calculated as long as there are no clerical errors on your part in the application.
hd
Gone fishin said:
I have observed how some of my classmates have had the financial struggle from past high-income jobs. Most of them did not get the maximum Stafford subsidized or simply did not qualify for perkins because of their high income status. In my case that was not the case. When I entered school I was making 21K and married. When I went through financial aid obviously I had a contribution of 0$, nada!!! And received all types of stafford subsidized, perkins, a low-income type of scholarship (covered my first year!!!) and the Health Professions Student Loan (very low interest!!) nedless to say I did NOT asked for ANY private loans. I guess being a poor student pays off.
So my advice to you guys is...try getting a low-tier or a job that is average the year before applying to dental school to take advantages of the many benefits of being low income status; I understand is very tough to go through it but it defenitely pays to do so.
gator1210 said:
I got a huge EFC, and didn't fill out parental info, it's all about your current job (that you obviously won't have in August).
I also don't think Maryland requires parental info, do they? The packet says it's encouraged for the HPL, and that's all I remember from the presentation at the interview as well. I could be wrong.
The most confusing thing to me are the Health Professions Loans. I've heard that they're based on first-come first-serve, then they're base on need, then they're not. Does anyone really know who gets HPLs? I would like to get those, being interest free, but with my parents' info I don't think I would be eligible. Even though my parents aren't going to really contribute anything to my tuition, I have no idea. I already submitted my FAFSA w/o parent info, so I guess I just won't get them anyways. But I would appreciate a knowledgable response.
Heavyd22 said:
HPL takes into account your parents' income; that's the sole determinant. I currently have HPL. Best of luck to you!
TeethVader said:
For the HPL does FAFSA need parent info or does the school need it? Penn asked me to fill out the parent info which I did so are they going to look into if I am eligible to get the HPL's? Those loans would be awesome to get. (Keeping as many fingers as I can crossed and closing my eyes and wishing as hard as I can. I can get those loans....I can get those loans...I CAN GET THOSE LOANS!!!!)
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Does anybody remember the details of NYU's financial aid guidlines? From my phone calls I recall that parent info is only required for the HPL, and school based grants. Am I correct or did I miss something. Thanks in advance.
Gone fishin said:
Mine was $22,000
