So I need the EFC in cash?

[MiesVanDerMom]

just filed my FAFSA and got my report and it says my EFC is 3000 dollars. we're not really that liquid. not sure how much they think it costs to raise two kids in th city but whatever. Will I absolutely need this in cash or could it be gotten in loans?

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[Sol Rosenberg]

Nope, you can get Unsubsidized Stafford Loans up to what your school says your cost of attendance is (or the maximum per, whichever is lower.) I believe that the EFC is used to determine your eligibility for need-based aid like Subsidized Stafford Loans.

 

[MJB]

I sure as hell hope not...ours was like 34K.

Just submitted today.

 

[MiesVanDerMom]

I sure as hell hope not...ours was like 34K.

Just submitted today.

holy crap. that makes me feel a whole lot better I get really freaked out about money. Thanks for the replies.

 

[grinchick5]

Nope, you can get Unsubsidized Stafford Loans up to what your school says your cost of attendance is (or the maximum per, whichever is lower.) I believe that the EFC is used to determine your eligibility for need-based aid like Subsidized Stafford Loans.

I actually spoke to an aid officer at my school this afternoon. She confirmed that EFC is used to determine eligibility for need-based aid.

 

[Doctor Bagel]

I sure as hell hope not...ours was like 34K.

Just submitted today.

Yeah, I had a similar shock last year. Mine for this year is $5k, which I also really don't have. The thing that's crazy is that even if my husband and I had kept our jobs, there's no way we could have come up with the EFC we got for last year, and we actually live pretty modestly.

 

[Jinterpol]

The EFC pisses me off. Mine is close to $7K, which is $7 I don't have. I have bills and live in a very expensive metro area...I actually live more frugal now that I'm 3 years out of college than when I was in it...and do you mean to tell me that some 22 year old is going to get more need-based aid then me b/c they just dicked around a college campus for 2006?