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FAFSA and EFC

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Adapt

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So I just wanted to clarify some things and ask those financial aid experts out there. I completed my FAFSA and my EFC is 0. I also did not include my parental information because I did not need to for the schools I was accepted at.

I assume this means schools will view me as someone with extreme need. I also am guessing I'll probably get the maximum $38,000 in Stafford loans with a mixture of subsidized and unsubsidized. I heard somewhere that grants and scholarships may also be awarded to make up for the difference between the budget which is $51,000 or so and the $38,000 in loans.

Is this true even though I didn't include my parents' info? Or will the schools just have me get private loans to make up the difference? I am just curious if it is more likely I will get $50,000 in loans, or if schools will take pity on me and award me some grants or scholarships.
 

southerndoc

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Unless your parents are making $300,000 per year, then it's highly unlikely that their income will change your EFC. Even if you do have a positive EFC, it doesn't eliminate your ability to get loans. I had a fairly significant EFC my first year of med school (when I reported both parent income and my work income from the previous year). I still got financial aid (1 significant scholarship, 2 smaller scholarships, and the rest loan money).
 

mpp

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Only the school will be able to tell you that. Call the financial aid office and ask. Everyone can get $38,500 in loans if the school budget is higher than that. The EFC is used to determine mix of unsubsidized and subsidized (maximum of $8,500 per year) loans and your eligibility for institutional aid. Some schools require you to submit your parent's information on the FAFSA (even though this won't affect your EFC) to determine your eligibility for institutional aid. You must check with the school to see if they require your parent's information to be eligible.
 

Adapt

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Yea I guess I should have called before filling it out. I had called this one school and the lady said they don't need my parental info. I just assumed that meant they don't need it even if they would give me institutional aid. I should have asked specifically.

So if by some chance they do need my parent's info for institutional aid, and since I submitted my fafsa already does that mean it's too late and I'll just be getting loans?
 

mpp

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You can change it later if needed. If she said parental information is not needed, they probably don't use it at all.
 

Adapt

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Cool. Mpp, you are the king of financial aid. :)
 

chuck deli

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I agree, mpp, I'm very impressed with your knowledge base. Thank you so much for your time and effort!
 
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