I decided to be honest-Whoops.

rgerwin

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So, me and my better half have debt, but also a small mutual fund that his grandma started for him years ago. Unfortunately, I told the truth about it. I guess I should have lied about it's value, but I just didn't want to bite me in the butt later on. Needless to say, my EFC is the entire value of the fund! I make very little money, he makes almost nothing b/c he's in school, and we'll both be in school next year.

My question is, I'm pretty sure I can take out GradPlus loans to cover that. Am I right?
 

dpmd

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I don't know how much money you are talking about here, but your EFC will only affect your eligibility for need based loans. You can still take the maximum stafford loan out (it will just be unsub) up to the cost of attendence (i.e. taking stafford loan to cover you EFC is allowed). If that still won't cover your cost of attendence, then you will need other loans (I don't know much about them because I didn't take any out).
 

rgerwin

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Lol. I just called FAFSA. The EFC they give you isn't a dollar amount, it's a code. Why, I don't know. But, each school has codes that affect what your EFC is, so in the end you just have to wait. Weird system.

Wow, it must be nice for no loans. Good stuff. The Grad Plus loans will cover your EFC, so no more panic.
 

dpmd

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I have loans (stafford, perkins, and institutional), I just didn't have the grad plus or whatever loans (partial scholarship). It is nice to have not so much debt, but I went to a private undergrad as well as med school so I have just under 100K in loans still to pay off.

The EFC is a code because it will be different based on how expensive your school is.
 
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