Question about EFC

[organdonor]

I filled out my FAFSA some time ago, and came up with a fairly high EFC. As I understand, since being in graduate school makes you independent, the EFC is calculated using only your resources, not that of your parents (even though I included parental information to be eligible for scholarships).

As far as my loans are concerned, how does EFC affect them? As I understand, I will be able to take out the normal federal loans up to cost of attendance (COA) minus the EFC?

I work 20hrs/week, minimize expenses (coupon king here) and attend undergrad for next to nothing. Therefore I have a fairly substantial savings. If I have to pay my EFC out of pocket for medical school, then my savings are going to be SEVERELY affected, would this mean a lower EFC for next year? I would assume so since it will be a new FAFSA.

Please let me know if I am misunderstanding something, but my situation sucks! I won't be eligible for any school based aid (probably), even though after the first year of medical school my savings will be wiped out and I will be as poor as anybody else. My parents can contribute nothing further to my education. I'm being penalized for having an income. Thoughts? Corrections?

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[amine2086]

I filled out my FAFSA some time ago, and came up with a fairly high EFC. As I understand, since being in graduate school makes you independent, the EFC is calculated using only your resources, not that of your parents (even though I included parental information to be eligible for scholarships).

As far as my loans are concerned, how does EFC affect them? As I understand, I will be able to take out the normal federal loans up to cost of attendance (COA) minus the EFC?

I work 20hrs/week, minimize expenses (coupon king here) and attend undergrad for next to nothing. Therefore I have a fairly substantial savings. If I have to pay my EFC out of pocket for medical school, then my savings are going to be SEVERELY affected, would this mean a lower EFC for next year? I would assume so since it will be a new FAFSA.

Please let me know if I am misunderstanding something, but my situation sucks! I won't be eligible for any school based aid (probably), even though after the first year of medical school my savings will be wiped out and I will be as poor as anybody else. My parents can contribute nothing further to my education. I'm being penalized for having an income. Thoughts? Corrections?

Fair or not, the EFC is what you are expected to contribute to the CoA. Assuming you are going to be using some of your savings for the CoA the first year, your EFC will be lower next year.