Understanding Estimated Family Contribution

[xsxoxfx7]

Hi all, I just filled out fafsa and calculated my efc and am a bit confused in interpreting this number. I reported my parent's finances and the efc that I got was the same as when I was applying to undergrad 7 years ago. This doesn't make sense because A. my parents are making about 50k more now and have a lot more money saved, B. I have an income and a fair amount of savings, C. 7 years ago my parent's were also financing my brother's education.

what I am wondering is if the efc accounts for the financial information I gave for my parents, or if it is my personal efc?

I know that medical schools look at parental financial information when giving need-based aid, but does fafsa factor parental information into their efc?

Also, I'm assuming the answer is no...but do medical schools factor in your parents age when handing out need-based aid? My parents are 65+ and close to retirement which I feel makes their ability to contribute different than parents who are in their 50's in the same financial situation.

Thank you!

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[gyngyn]

I know that medical schools look at parental financial information when giving need-based aid, but does fafsa factor parental information into their efc?

Also, I'm assuming the answer is no...but do medical schools factor in your parents age when handing out need-based aid? My parents are 65+ and close to retirement which I feel makes their ability to contribute different than parents who are in their 50's in the same financial situation.

Thank you!

There is very, very little need-based aid in medical school.
Recruitment scholarships are not based on FAFSA.
Loans are the norm. The amount you can borrow will not be affected by the age of your parents. It's not like college.

 

[DrMidlife]

Field report: the only requirement for parental info was on my school's own application for institutional aid. Need- and merit-based scholarships and cheap loans are on the other side of that app, in amounts from $500 to $5000. So, 1% to 10% of the cost of attendance, at best.

Federal loans cover full cost of attendance, and you don't need parental info for that. Also your income level doesn't matter for federal loans. All the FAFSA questions about income and parents are really more for undergrad.