My EFC is $24,000: What does this mean?

[dempsie5688]

I have been accepted to pharmacy school, I'm a returning student. I am changing careers so obviously I worked and will work up until I start school. My question is will I receive aid, I do not have $24000 to pay toward school, obviously I will not be making nearly what I made before entering school. Any help would be appreciated.

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[Barfalamule]

All students are eligible for Stafford non-subsidized loans regardless of financial need and I forget the exact number but it's around 40k a year(at 6.5% interest from the moment you get them). The 24k expected contribution comes into play with scholarships that require financial need. So your school will be taking a look at your FAFSA info to see what you qualify for. It is important that you meet with the finance people in student services as soon as possible to line up the necessary loans. They run the show.

 

[TMP-SMX]

You will get the full amount of aid you are eligible for based on your cost of attendance (budget) set by your school. The question is whether or not you get the full amount of subsidized Stafford Loans ($8500) rather than getting all of your Staffords as unsubsidized. So don't worry too much about it. EFC does not mean what you have to contribute without aid. It just just a calculation to determine whether or not you can get subsidized stafford loans.

I'm not sure what your cost of attendance is for school so you may want to ask them but you can figure out whether or not you will get the sub Staffords by calculating your Cost of Attendance - EFC. If it is above 0 you will get some Subsidized Staffords. If it is 8500 or above you get the full amount of subsidized Stafford.

 

[dempsie5688]

Thank you guys, I really appreciate the advice

 

[m015094]

Thank you guys, I really appreciate the advice

Hey, this post helped me out with a question I had, so I thought I'd share my situation. I am an older student and I have been saving money for the past 8 years, but most of it is in stock. As of recently, my account balance has been fluctuating wildly based on our crazy economy.

Anyway, when I initially filed FAFSA, my EFC was $10K less than what it is now (the stock market has been doing quite well since March if you haven't noticed). Anyway, your post above alleviated some of my concerns about EFC. I'm still going to clear things up with the schools financial aid advisor, but it's good info to have.