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FAFSA EFC Info

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mlsripathy

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Hello!
My name is Maria and this is my 1st time applying for financial aid. I just filled out my FAFSA (web), and my estimated EFC was $18,512. I was surprised since I do not work and my husband does not have any savings to help me pay for dental school. My parents cannot help me either.
I have a daughter and must pay for daycare in order to be able to attend school.
I just would like to know how they come up with the EFC, and how this value influences the amount of $ I can borrow.
Thank you!
 

cytoborg

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Someone please correct me if I'm wrong, but it's my understanding that income is used much more heavily than savings in determining EFC. This has always seemed to be the case for me in the 8 years I have filled out the FAFSA. I'm almost positive it was your husband's income that determined the $18K figure. So it's good for people who saved a lot, because their savings doesn't "penalize" them when it comes to the EFC...but if you didn't save, you've got it harder. (I never had any type of college savings, so I am sympathetic to your situation.)

The EFC does not influence the amount of money you can borrow. You can legally borrow that amount and more, up to the total cost of your education. Your school determines a budget incl. housing, books, tuition, etc., and calculates the total annual cost of attendance, and that is the figure that determines how much you can borrow. If they say it costs $53,000 per year, and your EFC is supposed to be $18,000, you can still borrow $53,000 if you have to.
 

OSUdoc08

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mlsripathy said:
Hello!
My name is Maria and this is my 1st time applying for financial aid. I just filled out my FAFSA (web), and my estimated EFC was $18,512. I was surprised since I do not work and my husband does not have any savings to help me pay for dental school. My parents cannot help me either.
I have a daughter and must pay for daycare in order to be able to attend school.
I just would like to know how they come up with the EFC, and how this value influences the amount of $ I can borrow.
Thank you!

It was likely based on your husband's salary. You can still take out unsubsidized stafford loans.
 

abbaroodle

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EFC = 1/3 of your savings + 1/2 of your earnings.

Thats if you are the student. I dont know about spouse. For parents (which I know isnt part of the FAFSA calculation for grad/med school), it is about 5% of savings and much based on income.

So, if you earned money and saved it, you get hit twice and are expected to contribute double. Gotta love a system that penalizes you for saving!
 
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