Expected Family Contribution

[Procrastinator]

Alright, I just wanted to see data for people's EFC. My parents are both teachers here in Cali (they make around 120k combined) and my EFC came out to be $26,000. This seems pretty steep and I was wondering if anyone else would be so kind as to share their data (ie parents salary and EFC) so that I can see if this is a typical number.

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[mpp]

A thread like this has already been started in the Financial Aid Forum. Click <a href="http://www.studentdoctor.net/ubb/ultimatebb.php?ubb=get_topic;f=35;t=000020" target="_blank">here</a>.

 

[Dr. Kermit]

As medical students, aren't we considered independent from our parents and thus, their income shouldn't effect our EFC? I haven't done my FAFSA yet since I'm lazy and my parents are doing their taxes this week. I'm working this year as a lab tech, but I started in June so my personal income should only be around 15K. I'll let you know what my EFC is as soon as I do the FAFSA, as my parents' income is around yours.

 

[Procrastinator]

Thanks mpp.

Kermit, I think that you are considered independent for federal aid (ie loans), but when it comes to institutional grants, im pretty sure that they look at your parents info.

 

[Dr. Kermit]

•••quote:•••Originally posted by Procrastinator:
[QB]My parents are both teachers here in Cali (they make around 120k combined) and my EFC came out to be $26,000.[QB]••••If we're independent, then how on earth is your EFC at 26K? Does this mean the government believes we can chalk up this amount and the rest will be covered by loans?

 

[WaitingImpatiently]

•••quote:•••Originally posted by Procrastinator:
•Alright, I just wanted to see data for people's EFC. My parents are both teachers here in Cali (they make around 120k combined)•••••Just curious, what kind of teachers are your parents? I thought that (public school) teachers made something like $30-40K, $50K tops...

 

[lilycat]

First off, it depends if you are an independent student or not.

If you're not, what are your savings, or your parents' savings like? That definitely impacts your EFC.

Finally, have you been working this year, and if so, what have you been doing with the money (saving it?)?

These factors all go into determining the EFC, I believe.

Now I'll be moving this to the financial aid forum.

 

[Procrastinator]

Dad's actually a superintendant and mom is a bilingual kindergarten teacher in a underserved area. Those boost pay. I think they actually make more than I originally posted, but we dont talk about that in my family. Plus, they are old and have been working forever. They are retiring soon and are not going to contribute to my medical school. I'm scared that I won't get any grants because of their income and have to take out a fortune in loans.

 

[lilycat]

Procrastinator -- for what it's worth, I had a lower EFC last year (~$11,000), I'm an independent student, and I'm receiving absolutely no financial assistance from my family. However, my dad technically has a good income, (whose info. I submitted to the school directly), has a good income, although he is close to retirement age, like you parents. I did not qualify for any need-based grants or loans -- just the standard package of Stafford loans.

Apparently, they do take the age of your parents into account -- if they are close to retirement age, it's considered less likely that they will be able to contribute to your education. However, with two parents who work and an EFC that high, I'm guessing you won't qualify for any need-based grants this year. But, each school is different, and you can always try to plead your case with them. Good luck.

 

[daisygirl]

lilycat,
Do you know if everyone is elgible for the standard package of stafford loans? Is anyone ineligible for the unsubsidized stafford loan?Thanks.

 

[cmz]

•••quote:•••Originally posted by Procrastinator:
•Alright, I just wanted to see data for people's EFC. My parents are both teachers here in Cali (they make around 120k combined) and my EFC came out to be $26,000. This seems pretty steep and I was wondering if anyone else would be so kind as to share their data (ie parents salary and EFC) so that I can see if this is a typical number.•••••That's sort of odd... my parents are teachers as well with similar financial standing. I made a silly mistake on the online fafsa and chose to count myself as an independent, but my parents had counted me as a dependent on their tax forms. My EFC was about $1000 as an independent. However, when I added my parents stats etc (income + savings + assets), my EFC shot down to $53! Go figure... I won't even try to understand what happened...

BTW, I did have a steady position as a research assitant at my old university for a little over a year. I earned something like $6000+ - based on my past W2 form (counted from Jan 2001 to July 2001 I suppose). Sadly, I had to actually pay taxes.

 

[lilycat]

daisygirl -- most med students should be able to qualify for the max. amount in sub. and unsub. stafford loans. I'm about 97% sure on this.

Pretty much everyone will qualify for unsub. stafford loans, regardless of income.

By the way, to correct a previous statement, as long as you will be enrolled in a graduate program for the 2002-2003 school year, you will be considered "independent." (See FAFSA site for more details).

 

[Wifty]

What grants are people talking about?
I thought that for med school, there were no need-grants available.....only loans. The need-grants are only available during your undergrad years.

Yet, people keep mentioning them.

Am I missing something?

Wifty

 

[mpp]

Most schools have institutional grants that are need-based and many take into account parental income even for older students that have been independent for many years.

There are also some federal programs:

Exceptional Financial Need (EFN) scholarships
Financial Aid for Disadvantaged Health Professions (FADHPS)
Scholarships for Disadvantaged Students (SDS)

although I am not sure if federal government is funding all of these programs for 2002.

 

[Wifty]

•••quote:•••Originally posted by mpp:
•Most schools have institutional grants that are need-based and many take into account parental income even for older students that have been independent for many years.•••••Ahhhh!!! Thank you, thank you, thank you!! Now I can hunting some of the info down. No matter how much info I find on the net, there is always more that I haven't yet found. LOL

Wifty

 

[double elle]

My husband has a good job, so my EFC came out to be 30K. That was without parental input, as they are both deceased. Don't worry about it.....Loan money is there for virtually EVERYONE!!!

A few years ago, I knew some medical students who borrowed the max amount and played the stock market with it. Prime example of people getting loans who really don't financially need them..

 

[THE instiGATOR]

My parents pulled in about $50,000 together, I earned a little over $8000, and my EFC was $1300 (I think). Hope this helps.

My parents have 1 dependent, BTW.

 

[Dr. Kermit]

Alright, I just submitted my FAFSA b/c I missed the March 1st deadline at one of my schools! (The school was kind enough to call and let me know since I was under grant consideration. I was waiting until my parents had filed both of our taxes so I had the exact information I needed.)

Anyway, my parents earned a little over 140K. This does not include their IRAs and other retirement funds since FAFSA did not ask for them. I earned a little over 14K. My EFC was $2953.

 

[Scooby Doo]

•••quote:•••Originally posted by Dr. Kermit:
•Anyway, my parents earned a little over 140K. This does not include their IRAs and other retirement funds since FAFSA did not ask for them. I earned a little over 14K. My EFC was $2953.•••••WTF?? Damn..MY EFC was higher than yours and my dad made less than 35K and I made less than 12K!

Grrr..something's screwey
Prolly cuz I am indepenedent or something

 

[TheAce]

Depends on your age, your income, and your savings (excluding IRAs). The older you are, the more savings is excluded from the EFC. For calculating med school EFC, they should only take into account your income (maybe your spouses), but not your parents. For calculating school based loans (grants, low interest loans, ...) the school will often take into account your parents information, as well as your own. This is because they cannot distinguish between parents that will or will not assist their child. You can take a look at the exact formula online somewhere. Probably the Dept. of Education.

 

[Dr. Kermit]

•••quote:•••Originally posted by Scooby Doo:
• •••quote:•••Originally posted by Dr. Kermit:
•Anyway, my parents earned a little over 140K. This does not include their IRAs and other retirement funds since FAFSA did not ask for them. I earned a little over 14K. My EFC was $2953.•••••WTF?? Damn..MY EFC was higher than yours and my dad made less than 35K and I made less than 12K!

Grrr..something's screwey
Prolly cuz I am indepenedent or something•••••I made a little over 14K, but 3K of it was during my spring semester of undergrad, so I spent most of if not all of it.

I'm living at home this year and my parents make me give them the first paycheck of the month (so I don't spend it) and I keep the second. I spent over 5K for the cost of applying (AMCAS, secondaries, suits, etc.) So, when FAFSA asked how much I had saved it was only 3K. I think that is why my EFC is so low.

My dad is also 58 and there is one other dependent in my house (my parents are raising my niece.) I think that contributes my "independency."

Woohoo! I'm considered poor!

 

[trout]

Hey scoob do you have large sums of money sitting in the bank? I am afraid to see my financial aid package...my parents just retired (although my dad worked part of last year)...I was told basically your parents have to make less than 85,000 and not have any major assests to get any kind of money...I made about $13,000 (although most of this was written off for life time learning credit~$8,000) my efc was 2700...someone above posted that they don't take in parents but they always did for me before????(while I was in grad school)

•••quote:•••Originally posted by Scooby Doo:
WTF?? Damn..MY EFC was higher than yours and my dad made less than 35K and I made less than 12K!

Grrr..something's screwey
Prolly cuz I am indepenedent or something[/QB]••••

 

[MamboKing]

my EFC came around to 00917

what does that mean?

also what is DRN?

also when I tried to print out the whole SAR form...

for loan and info stuff how much of what will i get and when will i know?

 

[MamboKing]

•••quote:•••Originally posted by Scooby Doo:
• •••quote:•••Originally posted by Dr. Kermit:
•Anyway, my parents earned a little over 140K. This does not include their IRAs and other retirement funds since FAFSA did not ask for them. I earned a little over 14K. My EFC was $2953.•••••WTF?? Damn..MY EFC was higher than yours and my dad made less than 35K and I made less than 12K!

Grrr..something's screwey
Prolly cuz I am indepenedent or something•••••I think it is because you used estimates as opposed to reporting what exactly you and ur dad filed....