FAFSA Question

[Mysteree]

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Ok, I'm having deja vu, cause I created an identical thread minutes ago, and now it's gone! Poof! So here I am starting another one. My question is about the amount of money we have in our savings account. I was working for a short time before applying to dental school. So I have some savings, now I'm worried that the powers that be might see that and think, let's not give person X too much subsidized loans. 😱 Things is I still have some loans from my undergrad college. I'm just wondering what I should do. Any advice is appreciated. Thanks.

 

[Mysteree]

...just making sure, my thread sticks this time around 🙂

 

[benson_dds]

Ok, I'm having deja vu, cause I created an identical thread minutes ago, and now it's gone! Poof! So here I am starting another one. My question is about the amount of money we have in our savings account. I was working for a short time before applying to dental school. So I have some savings, now I'm worried that the powers that be might see that and think, let's not give person X too much subsidized loans. 😱 Things is I still have some loans from my undergrad college. I'm just wondering what I should do. Any advice is appreciated. Thanks.

As far as I know, if your saving is like couple thousand dollars it's not going to dramatically effect your EFC (Estimated Family Contr.), it has very little effect but if your saving is like a lot, u should talk to ur current school financial advisor to see how you can go about that.

 

[Mysteree]

Thanks benson dds. I'll talk to the lady at my college

 

[DentalNerd]

Thanks benson dds. I'll talk to the lady at my college

Your savings won't be calculated into your EFC unless your 2005 Adjusted Gross Income is over $50,000.

Anything under $50k AGI is eligible for the simplified efc formula which does not take into account your assets. I believe you also have to qualify for 1040EZ or 1040A tax return.

 

[Mysteree]

Your savings won't be calculated into your EFC unless your 2005 Adjusted Gross Income is over $50,000.

Anything under $50k AGI is eligible for the simplified efc formula which does not take into account your assets. I believe you also have to qualify for 1040EZ or 1040A tax return.

Thanks, that does clear up some of my worries 🙂