Question on financial aid

[AOK123]

If I'm correct with how financial aid works....shouldn't I expect to pay the same to attend a private or a state school (given no merit aid)

If my EFC was 10,000, then wouldn't schools do COA - EFC = financial aid money?

So if my state school was $30,000, then I would receive 20,000 dollars in aid and still expect to pay only 10,000

and if my private school was 50,000, then i would get 40,000 in aid and still pay only 10,000

am i correct in this reasoning?

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[sazerac]

For medical school, the EFC is a meaningless number. You will be given loans to the COA of the school. If the school hands out a scholarship, your loans will be reduced by that amount. Whether you take all or some of the loans is completely up to you.

Nobody is ever forced to write a check for the EFC amount from their stash of cash to go to medical school.

 

[NickNaylor]

Your EFC will be zero because for graduate school you are considered independent from your parents. Schools ask for parental information to disburse need-based aid, but it is irrelevant for the purposes of federal aid. As saz mentioned, scholarships essentially reduce the amount of loans you will have to take out or, at very expensive schools, reduce the amount of money you will have to come up with.

There are many situations where attending a state school is actually more expensive than attending a private school. It all depends on the COAs of the schools and any merit- or need-based aid you might receive. The EFC has no role.

(sent from my phone)

 

[NickNaylor]

I should add that your EFC is dependent upon your reported income on your taxes. For most traditional students who have very little or no income, your EFC will be zero. However, this may NOT be the case if you're a non-trad student who has a significant income that must be reported on your FAFSA. I'm not that sure since that wasn't my situation, but I wanted to clarify that point as there may be a situation in which your EFC isn't zero.

(sent from my phone)