FAFSA: Expected Family Contribution

[gschl1234]

OK, I don't know much about how the FAFSA works so hopefully someone who's done this before can help. I just filled it out online. If my "estimated Expected Family Contribution" is more than what the med schools say it costs to go there for M1, does that mean I can't even get a loan? Does it mean that I filled it out for nothing?

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[meanderson]

If you're EFC is *more* than what the whole budget for medical school is, you are probably pretty well off as is. Even for a state medical school(budget 27-33k), I would guess that your spouse would have to make more than 130k/year to get to that amount. And if it is a case where you were making > 130k/year and don't have any savings, try to explain this to the medical school and see if they can send you some additional financial aid sheets to take into consideration the fact that your income will be zero soon.

 

[gschl1234]

Originally posted by meanderson
If you're EFC is *more* than what the whole budget for medical school is, you are probably pretty well off as is. Even for a state medical school(budget 27-33k), I would guess that your spouse would have to make more than 130k/year to get to that amount. And if it is a case where you were making > 130k/year and don't have any savings, try to explain this to the medical school and see if they can send you some additional financial aid sheets to take into consideration the fact that your income will be zero soon.

My spouse makes far less than 100K/year. And we are not extremely well off. We don't even have that much in the bank. We are comfortable but cannot possibly afford med school without help. Thank god my family has offered! I just couldn't believe how stingy FAFSA is! I'll wait and see what happens. I was still hoping to at least get a low interest loan. I had even thought that maybe we could do this without help. I guess not.

P.S. Obviously since we'll be moving for me to go to med school, he's applying for other jobs so who knows how much he'll be making then. It may be a lot less. I don't understand how anyone's supposed to be able to do this without help.

 

[meanderson]

Originally posted by gschl1234
My spouse makes far less than 100K/year. And we are not extremely well off. We don't even have that much in the bank. We are comfortable but cannot possibly afford med school without help. Thank god my family has offered! I just couldn't believe how stingy FAFSA is! I'll wait and see what happens. I was still hoping to at least get a low interest loan. I had even thought that maybe we could do this without help. I guess not.

P.S. Obviously since we'll be moving for me to go to med school, he's applying for other jobs so who knows how much he'll be making then. It may be a lot less. I don't understand how anyone's supposed to be able to do this without help.

what med school could you be going to then that your efc is above the total budget? And what was your efc? I'd be shocked if after everything is worked out you won't be able to take out stafford loans to cover most of your med schools costs.

 

[gschl1234]

Originally posted by meanderson
what med school could you be going to then that your efc is above the total budget? And what was your efc? I'd be shocked if after everything is worked out you won't be able to take out stafford loans to cover most of your med schools costs.

I Pm'ed you with more info. Hopefully you're right about the Stafford Loans.

 

[Nor2themax]

That is very odd because my EFC is $0 and my family makes a decent $110,000 a year... though I'm not married...

 

[gschl1234]

Originally posted by Nor2themax
That is very odd because my EFC is $0 and my family makes a decent $110,000 a year... though I'm not married...

Yah, but since we're "independent" now you're parent's income doesn't actually count anymore. It's entirely whatever you made last year + spouse.

 

[klonoff]

If some of that expected contribution is due to you having worked last year, your school figure out your family contribution differently, since they don't recommend/want people to work during med school. Inquire at the med school's financial aid office, from what I've heard they're all very very helpful. Good luck!

Kim

 

[Chemguync]

EFC = $000000.00 Oh yeah baby!! Poverty rocks! woooohoooooo

 

[ionltd]

EFC is FAFSA's calculation of how much they think you can afford to pay for yourself......with your own money.

Then they and the school set up a package for you to make up the difference. It's a combination of Federal and state loans and grants, PLUS whatever the school will kick in.

It's not possible for your EFC to be "more than what the med schools say it costs to go there". That would mean the school is charging you higher tuition than anyone else.

You need to recheck your numbers.

 

[taehong81]

Even though your EFC is greater than the your med school budget, I think you are still allowed to take out unsubsidized loans up to 38000 a year. Since your EFC is high, you will probably not get any grants or subsidized loans from school.

 

[gschl1234]

Originally posted by taehong81
Even though your EFC is greater than the your med school budget, I think you are still allowed to take out unsubsidized loans up to 38000 a year. Since your EFC is high, you will probably not get any grants or subsidized loans from school.

Do you have any idea what the interest is on unsubsidized loans?

 

[taehong81]

Interest rates for both Subsidized and unsubsidized loans

Variable, adjusted annually on July 1, not to exceed 8.25%

In School, Grace and Deferment Interest Rate:
91 day T-Bill plus 1.7%

Forbearance and Repayment Interest Rate:
91 day T-Bill plus 2.3%

(this info is for Medloans)