FAFSA and EFC

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TakeMe

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Hey all,
I tried to search for this, but can't find the search bar..???

Anyways, I filled out the FAFSAand got an EFC of about 13,000. What does this mean? When will I hear about financial aid from schools? Do I have any chance of getting a grant?

Thanks,
Takeme
 
TakeMe said:
Hey all,
I tried to search for this, but can't find the search bar..???

Anyways, I filled out the FAFSAand got an EFC of about 13,000. What does this mean? When will I hear about financial aid from schools? Do I have any chance of getting a grant?

Thanks,
Takeme
Click to expand...

Hm, under the EFC, it says what it means. Like mine said "this is your estimated EFC", "WIth this EFC, you are eligible for blah blah blah".

I'm not sure if this is an actual value, like your contributions should be 13,000? Maybe someone else might know....
 
Are you talking undergrad? If you are then the lower number the better.
 
It said I was eligible for scholarships, loans and grants. So now, does each individual school decide what I get? What's the next step?

I'm talking med school
 
It means your expected family contribution is 13k. You won't get financial aid packages from schools until March at the very earliest, and most don't come out with them until closer to the May 15th deadline for choosing a school. The financial aid will vary from school to school, as some consider parent income and some don't.
 
TakeMe said:
It said I was eligible for scholarships, loans and grants. So now, does each individual school decide what I get? What's the next step?

I'm talking med school
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Yea with your EFC, chances are you will only get federal loans, which are upwards of 32,500 unsubsidized and 8,000ish subsidized (I believe, not 100%).

Now your information gets sent to the medical school, and they decide based on parents mortgage, income, assets, etc. what you will get. So you might be eligible for school scholarships, grants, and need-based assistance. But I think chances are slim at the federal level.
 
Interesting... well I didn't include my parents info because I am married and an independent. I considered doing it anyways because I know some schools look at it, but in the end I decided not to because if my parent's income is considered, I definitely wouldn't get anything need based anyways (but my parents aren't contributing anything to my education).

Oh well. Bring on the loans. And hopefully the scholarships?
 
I am not entirely sure, but I think most colleges and scholarships that use FAFSA require parent info factored in regardless of whether you are their dependent or not. Obviously, this will probably raise your EFC and reduce the chances of favorable need-based aid.
 
RevMD said:
I am not entirely sure, but I think most colleges and scholarships that use FAFSA require parent info factored in regardless of whether you are their dependent or not. Obviously, this will probably raise your EFC and reduce the chances of favorable need-based aid.
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Parent's income makes no impact on your EFC. For medical schools, you are considered indepedent (at the federal level). Thus, they only use the students' info to calculate the EFC.

However, schools like parents information on there, so that they can figure out who to allocate their funds to
 
TakeMe said:
Interesting... well I didn't include my parents info because I am married and an independent. I considered doing it anyways because I know some schools look at it, but in the end I decided not to because if my parent's income is considered, I definitely wouldn't get anything need based anyways (but my parents aren't contributing anything to my education).

Oh well. Bring on the loans. And hopefully the scholarships?
Click to expand...

We'll all be independent at the federal level when going to medical school. It's one of the disqualifying factors for dependency (along with age, children, marriage, etc). But some schools will still require your parents information for institutional aid, which will be given to you in the forms of grants, loans, etc, up to the cost of attendance. Doesn't matter that you haven't spoken to them in 5 years, they still want the information.
 
s1lver said:
It means you could pay 13K out of pocket. The magic number you're looking for is 0 where FAFSA will cover 100% of your tuition.
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You won't pay 13K out of pocket... all medical schools will provide an aid package that covers your entire cost of attendance (though you can certainly choose not to accept all of it). And since you aren't in undergrad anymore, the federal government isn't going to give you enough, in most cases, to cover all your tuition and expenses. They cap it at like 8K for subsidized loans and like 32K for unsubsidized loans. Some schools have a COA upwards of 60K.
 
TakeMe said:
Interesting... well I didn't include my parents info because I am married and an independent. I considered doing it anyways because I know some schools look at it, but in the end I decided not to because if my parent's income is considered, I definitely wouldn't get anything need based anyways (but my parents aren't contributing anything to my education).

Oh well. Bring on the loans. And hopefully the scholarships?
Click to expand...
EFC needs to be very low (ideally 0) if you are looking for need based scholarships. With an EFC like that, you can basically kiss those goodbye (depending on your situation). Also while you are married blah blah, most med schools (at the several i interviewed at) want parent information or you would not be considered for many (if not all) of their scholarships. Merit based stuff would still be available too you though. Basically higher EFC = more loans less free grants and money. Also doesnt matter whether your parents are giving your money or not schools dont care its just based on their income and potential to give so to speak

mvenus929 said:
You won't pay 13K out of pocket... all medical schools will provide an aid package that covers your entire cost of attendance (though you can certainly choose not to accept all of it). And since you aren't in undergrad anymore, the federal government isn't going to give you enough, in most cases, to cover all your tuition and expenses. They cap it at like 8K for subsidized loans and like 32K for unsubsidized loans. Some schools have a COA upwards of 60K.
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I think he meant that 13k or so will be covered in loans rather then free money.
 
Well I already submitted my FAFSA without it. IS there anyway I can add it? Should I call the individual schools and ask them if they require it?

My parents aren't really willing to give me there info. They are extremely private people, and the only person who knows this information is their accountant. I probably could convince them to, if I REALLY HAD to. However, when I started filliing out the FAFSA I called my father and asked him and he got all pissy and told me to submit it without his information. Unfortunately I have no control over my parents.
 
OP, you can expect a package of loans to cover your med school cost of attendance, unless you are an academic superstar who receives a merit scholarship. Given your circumstances, it is unlikely that you will be the recipient of needs based grants. Highly unlikely.

The source of most need based grants is the med school itself. And the general rule is that med schools will not consider a student for needs based grants without financial information from the parents.....so you are going to finance med school with federal and possibly private loans. That is the likely scenario.
 
If it makes you feel any better, my EFC is estimated at around $15000.00 and I can't include my parent's info either🙁
 
I am suprised no one has had to apply for financial aid before. That must be nice, but I will tell you what I have learned from my 4 years of filling. You want to the number to very low = like 0. All medical schools I have run into want your parents info. My undergrad was private, and followed that EFC number very closely and I really appreciated their help. As mentioned before, as a medical student there are less federal grants for you than undergrad. So this means less free federal aid to make your package. But there are still grants available from federal gov and from the institution itself. Also, you want the loans for the feds because the interest rate is usually the best you can find. Institutions have their own loans, which are also very compitetive and worth filling aid for to get a hold of these loans. All these option are usually better than going for a private loan. My mother was extremely uncomfortable giving such personal info also, but she knew it would help me. Also, she doesn't have an accountant so I don't know if that means she knows all her info off top. It is a pain to fill out, but worth it for every $ you can scrape together. I hope this clears some questions up. As for the EFC of $13000, I don't know if this is a private of public school, but either way they say you shouldn't pay full because med schools accountant living expenses in your financial aid package. So this isn't a terrible number. Good luck
 
This may be an dumb question, but can we fill out two fafsas? One w/ our parents and one w/out? I accidently processed my FAFSA without my parents information (also non-trad and no contribution from them), but I do think they would be willing to share it with me...
 
^ Good question, I'd like to know that as well
 
Question123 said:
This may be an dumb question, but can we fill out two fafsas? One w/ our parents and one w/out? I accidently processed my FAFSA without my parents information (also non-trad and no contribution from them), but I do think they would be willing to share it with me...
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No but you can submit a correction. Also, I don't think parental information is required for the FAFSA. It is required, however, for most med schools to determine financial aid. So somewhere along the line that info will be collected from you.
 
What if your parents don't live in the US and do not file US tax returns?
 
zamo28 said:
What if your parents don't live in the US and do not file US tax returns?
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Taken directly from http://www.fafsa.ed.gov/faq002.htm:


If your parents will not file a tax return:
  • Answer "Not going to file" to the "Have your parents filed a tax return?" question.
  • You will then be taken to the "income earned from work" question.
  • Enter any income that your parents earned from a job that is listed as taxed on a W-2 form.
  • Answer only those income questions that apply to your parents from that point on.
Again, this is for the FAFSA only. It doesn't mean that schools won't ask for more detailed information regarding your parental income.
 
RunningDiva said:
Taken directly from http://www.fafsa.ed.gov/faq002.htm:



If your parents will not file a tax return:
  • Answer “Not going to file” to the “Have your parents filed a tax return?” question.
  • You will then be taken to the “income earned from work” question.
  • Enter any income that your parents earned from a job that is listed as taxed on a W-2 form.
  • Answer only those income questions that apply to your parents from that point on.
Again, this is for the FAFSA only. It doesn't mean that schools won't ask for more detailed information regarding your parental income.
Click to expand...

Thanks so much!
 
RunningDiva said:
No but you can submit a correction. Also, I don't think parental information is required for the FAFSA. It is required, however, for most med schools to determine financial aid. So somewhere along the line that info will be collected from you.
Click to expand...

Most medical schools DO require that you put all your parents' information on the FAFSA. They ask you this in addition to their own institutional financial aid forms (where you will enclose all the W2s, tax returns, etc.).

In your case, you have to wait until your FAFSA is processed. Once it is, you have to do the 2010-2011 Correction. Fill out all your parents information and submit it again. Tell your parents they ABSOLUTELY need to give you this information in order for you to get any assitance. If they are so private, give them access to your FAFSA, and have them do it themselves. They can also submit their own w2s and all other private information separately from you. But they need to do this if you want any aid at all.
 
RunningDiva said:
No but you can submit a correction. Also, I don't think parental information is required for the FAFSA. It is required, however, for most med schools to determine financial aid. So somewhere along the line that info will be collected from you.
Click to expand...

For graduate school, no, it's not requried that you fill out parental information. But since most medical schools will require it, it's important to fill out.
 
mvenus929 said:
For graduate school, no, it's not requried that you fill out parental information. But since most medical schools will require it, it's important to fill out.
Click to expand...

Exactly! And most schools have some sort of supplemental financial aid application to fill out, which includes parental info. There are few exceptions for NOT having to include their info.
 
When you file for medical school, you are considered independent, but they want your parents info for need based loans.

My EFC every year has been 0 for medical school, however, I have yet to receive any "need based" loans and my parents are middle class. Everyone will most like qualify for the following per year:

$8500 subsidized stafford
$32000 unsubsidized stafford
$XXXX grad plus loans (remainder of your CoA)

If you receive scholarships, they reduce your CoA by that amount. (ie. Tuition $25k + $25k Living - $5k Scholarship = $45k CoA that year).

Some schools have extremely HIGH CoA to allow students to have extra money and wiggle room (ie. Food/month $500), especially if the school is in a big city. My suggestion would be to take near the full CoA your first year and then your 2nd year figure out how much money you can take less.
 
ChiDO said:
. . .Everyone will most like qualify for the following per year:

$8500 subsidized stafford
$32000 unsubsidized stafford
$XXXX grad plus loans (remainder of your CoA)

If you receive scholarships, they reduce your CoA by that amount. (ie. Tuition $25k + $25k Living - $5k Scholarship = $45k CoA that year).

Some schools have extremely HIGH CoA to allow students to have extra money and wiggle room (ie. Food/month $500), especially if the school is in a big city. My suggestion would be to take near the full CoA your first year and then your 2nd year figure out how much money you can take less.
Click to expand...

This is an extremely helpful response. Thank you.
 
Was anybody's EFC way lower than expected. I put my parents information and my information, and it is WWAAAYYYY lower than I thought it would be (around $300). I'm not complaining by any means but what is suprising is my parents brought in a decent amount last year. Did this happen to anyone else. I'm worried I may have filled something out wrong.
 
There is a lot of misinformation in this thread. I'm going to try to clear a few things up based on what I've learned from talking to financial aid people at different interviews.

First, you are absolutely NOT required to fill out information pertaining to your parents. You are going to be a graduate student, and because of this will be treated as an independent student. However, filling out your parents' information CAN ONLY HELP you. You will get federal loans as long as you fill out a FAFSA with your information. However if you include your parent's info, schools will consider you for need-based aid. Most schools will not do so if you do not add your parent's information.

About EFC: I'm fairly sure that since graduate students are treated as independent, the EFC amount does not reflect your parent's income. Even if your parents make 500k/year, your EFC will still be low because it is based on your own income. Thus, many traditional applicants will have a low (nearly 0) EFC, but will not receive need based aid because their parents make a lot of money. People who have a > 0 EFC are likely people who work a lot, non-trads, or people who have a spouse that works a lot.
 
CalBear2009 said:
Was anybody's EFC way lower than expected. I put my parents information and my information, and it is WWAAAYYYY lower than I thought it would be (around $300). I'm not complaining by any means but what is suprising is my parents brought in a decent amount last year. Did this happen to anyone else. I'm worried I may have filled something out wrong.
Click to expand...

As stated in an earlier post, the EFC has NOTHING to do with how much your parents will make. If anything, it will have little reflection on who gets "need based" financing.
 
JJMrK said:
There is a lot of misinformation in this thread. I'm going to try to clear a few things up based on what I've learned from talking to financial aid people at different interviews.

First, you are absolutely NOT required to fill out information pertaining to your parents. You are going to be a graduate student, and because of this will be treated as an independent student. However, filling out your parents' information CAN ONLY HELP you. You will get federal loans as long as you fill out a FAFSA with your information. However if you include your parent's info, schools will consider you for need-based aid. Most schools will not do so if you do not add your parent's information.

About EFC: I'm fairly sure that since graduate students are treated as independent, the EFC amount does not reflect your parent's income. Even if your parents make 500k/year, your EFC will still be low because it is based on your own income. Thus, many traditional applicants will have a low (nearly 0) EFC, but will not receive need based aid because their parents make a lot of money. People who have a > 0 EFC are likely people who work a lot, non-trads, or people who have a spouse that works a lot.
Click to expand...

Thanks man, thats what I suspected, but wasn't sure.
 
JJMrK said:
There is a lot of misinformation in this thread. I'm going to try to clear a few things up based on what I've learned from talking to financial aid people at different interviews.

First, you are absolutely NOT required to fill out information pertaining to your parents. You are going to be a graduate student, and because of this will be treated as an independent student. However, filling out your parents' information CAN ONLY HELP you. You will get federal loans as long as you fill out a FAFSA with your information. However if you include your parent's info, schools will consider you for need-based aid. Most schools will not do so if you do not add your parent's information.

About EFC: I'm fairly sure that since graduate students are treated as independent, the EFC amount does not reflect your parent's income. Even if your parents make 500k/year, your EFC will still be low because it is based on your own income. Thus, many traditional applicants will have a low (nearly 0) EFC, but will not receive need based aid because their parents make a lot of money. People who have a > 0 EFC are likely people who work a lot, non-trads, or people who have a spouse that works a lot.
Click to expand...

Thank you, that was perfectly stated.

EFC = Student ONLY (no parents income is used for this calculation). In addition, this number has very little bearing on need based aid from schools. Like a post earlier said, you will get that 8,500, 32,000, etc. breakdown regardless (most likely).

The financial aid forms that you guys are sending to schools with your W2's, mortgage statements, income tax returns, etc. are what are used to determine your eligibility. Therefore somebody with a 13K EFC CAN indeed get need-based assistance if her parents are poor enough. Just like those of you who have a 0 EFC may getting nothing, b/c your parents make a great deal of money.

Additionally, the traditional applicant generally has a 0 EFC (or close to it) b/c they didn't work full time ever. While many non trads, with 40K salary or above will have a higher EFC.
 
I guess I have a similar question then--i'm an incoming student and my COA at wayne state med is around 52k. The fafsa package awarded around 42k total--am I expected to seek out independent loans for the remaining 10k or will the school do something about that? My EFC is 0.00.
 
You know that is a good question. To that I am going to add, what if you have undergrad private student loans already in repayment?
 
divideby0 said:
I guess I have a similar question then--i'm an incoming student and my COA at wayne state med is around 52k. The fafsa package awarded around 42k total--am I expected to seek out independent loans for the remaining 10k or will the school do something about that? My EFC is 0.00.
Click to expand...

Grad Plus loans. Talk to the fin aid office.
 
NerdyAndrea said:
Efc=837 Think of what you want, what you really want. If you can see it, visualize it, feel it, then it's yours. Action begets action, dream with your actions.
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Thnx Shakespeare! :poke: That went right over my head. I'm not that smart to figure this one out. :bang: +pity+ :help: :whoa:
 
Brown8472 said:
You know that is a good question. To that I am going to add, what if you have undergrad private student loans already in repayment?
Click to expand...


Depending on the terms of the loan, you will almost certainly be able to defer during medical school. Contact your lender for an absolute answer.
 
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