help! EFC and Student Income question

[bugz]

what % of a student's income is counted towards the EFC? isn't it a very high %?

my dilemma is that i want to earn some extra spending money this summer but, if the above is true, basically my earned income will reduce the amount of grants i get.

help!

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[paean]

There was a thread last year with a link to the actual formula the feds use to calculate EFC. I don't have tiem to search for it right now, but I would encourage you to, and if you do, be kind and post the link so everyone else can benefit too.

 

[maysqrd]

www.finaid.org has a link thru to the calculator for EFC

 

[mpp]

Originally posted by bugz

my dilemma is that i want to earn some extra spending money this summer but, if the above is true, basically my earned income will reduce the amount of grants i get.

Don't worry too much about being reducing your eligibility for grants. If you want to earn money then work. If you'd like to have some free time off before medical school, then take time off. Either way is Okay, but I shudder when I hear people basically saying "I don't want to work so I can get free money."

The EFC calculator posted above can help determine what your EFC will be but this will no way tell you what your grants will be. It will all depend on what school you go to. Some schools will present a financial aid package to you in the spring so this will give you some idea of whether or not you'd like to work or take time off before the summer comes. It's a tough decision, so good luck with it.

 

[mpp]

I forgot to add that working the summer before medical school will have no bearing whatsoever on your first year's financial aid package. You will report income (and subsequent savings) for work in summer 2003 on the FAFSA that you fill out in January 2004.

 

[jon_jon]

I don't think a summer job makes a big difference for the EFC. I believe, roughly your EFC is about 40-50% of your annual income from the previous year.