What is your EFC (expected family contribution)?

[sdnstud]

I just got my EFC from FAFSA. My expected family contribution is close to $8,000. This is totally ridiculous. My parents had a total income of $21,000 last year. There is no way in hell I can gather $8K before school starts.

Throughout undergrad, my EFC was 0. So I am wondering if FAFSA for professional schools is less generous than FAFSA for undergrad. My fellow SDNers, please tell me what your EFCs are. I am hoping to get a sense of where I stand, and whether I can qualify for need base grants/loans. Thanks

---

Members don't see this ad.

 

[canttouchthis]

I just got my EFC from FAFSA. My expected family contribution is close to $8,000. This is totally ridiculous. My parents had a total income of $21,000 last year. There is no way in hell I can gather $8K before school starts.

Throughout undergrad, my EFC was 0. So I am wondering if FAFSA for professional schools is less generous than FAFSA for undergrad. My fellow SDNers, please tell me what your EFCs are. I am hoping to get a sense of where I stand, and whether I can qualify for need base grants/loans. Thanks

One thing that made a huuuuuuge difference in making my EFC go down was that my little sis started a private ugrad. That is still crazy that hey expect like 1/4-1/3 of you parent's income to go to med school. Maybe you filled something out wrong.

 

[tinkerbelle]

I agree with canttouchthis.... check and make sure you filled the form out correctly. Your EFC sounds high. I mean, mine is $5000, but I'm currently working and my mom makes more than your familiy's total income.

Or try contacting one of the schools you've been accepted to and ask one of the financial aid officers to run through the forms with you... and give you an idea of how your EFC became so high. Also, try posting this question in the financial aid forum. The mod there is like a genious with financial questions.

I hope everything works out for you sdnstud

 

[ktsou]

i ran an EFC estimate through princeton review's website just to check it out, so it's by no means accurate, but i assume that it gives me a rough estimate of what my EFC is, and it's around $28,000, which is a close to 25% my family's income, so the previous poster's comment about 1/4 to 1/3 of a family's annual income sounds about right.

 

[gdubb]

sdnstud that's crazy...

my efc was $1260, which i thought was really low. I'm definitely not complaining though, but I really feel for you. There's no way I could scrape up 8K. My parents income was somewhere around 90,000, but my father owns his own business and my mom is now retired--don't know if that had anything to do with it. I agree with the others-definitely have someone go over the forms with you. My brother is an accountant, and he was a huge help.

good luck

 

[redbeans]

My EFC was 0 which is ridiculously too low because both my parents are professionals. My sister did just start college and I have a brother about to, but is this bad?
Someone had convinced me that it's because they're looking at me as an independent because I'm applying to professional school (in which case I make like $6000 a year at most), but shouldn't you all have that problem too?

 

[Dr. Donkey]

I think EFC is based on YOUR savings and income not your parents. The parental info is used for school-specific loans and scholarship $.

 

[care bear]

if you are class of 2003, i assume you work somewhere?

and yes, your EFC for grad school is based on YOUR money alone. so if you make, say, 30K, that might be about right for your EFC, i hate to say!

don't worry, you don't have to scrape together 8K. your financial aid budget will just be reduced by that much. . .so save a few thousand, but take out the maximum loans and then next year, just reduce your living expenses by a few thousand under what they have planned out for you. (usually they have padding in the budget)

you still have time to save up some money. . .a good 5-6 months til school.

(all this is assuming you're working a steady job somewhere and will continue to do so)

 

[care bear]

My EFC was 0 which is ridiculously too low because both my parents are professionals. My sister did just start college and I have a brother about to, but is this bad?
Someone had convinced me that it's because they're looking at me as an independent because I'm applying to professional school (in which case I make like $6000 a year at most), but shouldn't you all have that problem too?

yes, you're an independent now. if you are straight out of college applying to professional school, your EFC will likely be zero.

however, many ppl applying to professional school have been working for a year or several years and so their EFC might be much higher because they have had an income for some time now.

 

[Ylime]

My EFC is over half of my income from last year. That's kinda crazy to me...

 

[stoic]

my efc is like 5600 dollars, but i have no idea where this number came from as i opted not to give them my parents info (doing so didn't seem likely to end in any more money).

the bottom line, financial aid is a pain in the ass.

 

[landrus]

Does anyone know if your EFC includes living expenses, or is that only for tuition?

If it is only for tuition...and you can assume you will spend at least another $10-20K a year to live, I am essentially screwed.

Do they calculate EFC using your bank account info or only your income? I graduated in '03 and have been working for 1.5 years now....should have just stayed home and not worked rather than have a big chunk of my savings go to my EFC...ha ha.

 

[liverotcod]

Unless you (personally) make over approximately $90K, EFC has no real effect on Stafford loans, which is how most people finance med school. Up to about $40K per year, or the total budget including tuition and living expenses, whichever is greater, can be borrowed through Stafford loans. For more than tha you need private bank loans.

Institutional (need based) grants and loans are based on EFC, but generally schools calculate their own family contribution based on parental information, which the FAFSA EFC does not include.

 

[PBMaxx]

My EFC is 13700.

Ok then.

 

[ElKapitan]

So I have been working for 2 years on my own. Tufts said that for the Fasfa, my parents aren't taken into account. I haven't filled it out, but I was wondering how it is going to work. So my income is X dollars now, but when I am a students it is obviously going to be close to $0. So what the f***, I mean I am happy that I am not counting what my parents make cause that would suck b*lls.

 

[liverotcod]

So I have been working for 2 years on my own. Tufts said that for the Fasfa, my parents aren't taken into account. I haven't filled it out, but I was wondering how it is going to work. So my income is X dollars now, but when I am a students it is obviously going to be close to $0. So what the f***, I mean I am happy that I am not counting what my parents make cause that would suck b*lls.

All but one of my schoools has a "special circumstances" form that you fill out to account for an incoming student that's leaving a job for school. But even so, unless you have been making over $90K, your Stafford maximum isn't affected.

 

[BGGA]

I think EFC is based on YOUR savings and income not your parents.

That is what I've been told. My EFC was a little over 8K, I'm trying to get a sense of how that will affect the subsidized loan money that I will qualify for.

 

[lightnk102]

Maybe you should recheck your FAFSA form and make sure everything is okay. Did you file as an independent?

I don't think they consider your savings account/investments that heavily because I have close to 10k between different accounts and stock, and I still have an EFC of 0. you'd think it'd be at least 1k (10% of my savings). Both my parents are professionals, and I also filled out the parental section of the FAFSA.

 

[i61164]

All but one of my schoools has a "special circumstances" form that you fill out to account for an incoming student that's leaving a job for school. But even so, unless you have been making over $90K, your Stafford maximum isn't affected.

I think only one of my schools has such a form, Penn State. I wonder if my chances of getting any free money at the other schools is not good because I have been working and my efc is 13,231.

 

[tinkerbelle]

I don't think they consider your savings account/investments that heavily because I have close to 10k between different accounts and stock, and I still have an EFC of 0. you'd think it'd be at least 1k (10% of my savings). Both my parents are professionals, and I also filled out the parental section of the FAFSA.

Hmm. Now how in the world did you manage that? I'm jealous

What I don't understand is if I'm not paying the gov't any taxes (i guess i'm making below poverty level or something), then how is my EFC $5000? Why don't schools consider me to be poor too

 

[liverotcod]

Hmm. Now how in the world did you manage that? I'm jealous

What I don't understand is if I'm not paying the gov't any taxes (i guess i'm making below poverty level or something), then how is my EFC $5000? Why don't schools consider me to be poor too

Tinkerbelle, do you have money in investment accounts or other assets they may be considering?

 

[Psycho Doctor]

I don't want to get into a fight about this but i never understood this whole concept. if one can not afford a private school, go to a public one. The gov't should assist you in order to enable you to go to a school; it doesn't have to foot the bill for your #1 choice of the most expensive private school in the country. I have no problem with loans but i really do not feel the gov't owes anyone life-long expensive educational opportunities.

 

[Psycho Doctor]

Tinkerbelle, do you have money in investment accounts or other assets they may be considering?

am i totally out of touch here? I would assume if all they expect you to pay is $5000 that is poverty level

how much did you pay undergrad?

 

[SOUNDMAN]

Being through this with PA school (4 years ago), I was very dismayed about my EFC. However, when I talked to the financial aid officer of my school, they were somehow able to wield their magic, and had it reduced to zero. I don't know how they did this, but I believe they are able to override some of the numbers for you to get your maximum loans available. I don't imagaine it would be any different for med school either. Make sure you talk to your financial aid officer as soon as you decide where you are going.

 

[tinkerbelle]

Tinkerbelle, do you have money in investment accounts or other assets they may be considering?

nope.

 

[tinkerbelle]

am i totally out of touch here? I would assume if all they expect you to pay is $5000 that is poverty level

how much did you pay undergrad?

Well, i mean i guess $5,000 isn't too bad. I am just wondering how so many people are getting EFCs of zero.

I guess I'm just tired of hearing how all my rich friends hide their assets and lie on all these forms and they get tons of financial aid. Whereas some poor idiot like me pays full tuition at a private school. Or at least that's what happened in undergrad. I mean, someone please explain to me how me and my mom were supposed to pay $35,000/yr for hopkins when she was making $35,000/yr as a teacher and had to support 2 kids I hate financial aid offices. I hope my kids will never have to worry about this crap.

 

[Psycho Doctor]

Well, i mean i guess $5,000 isn't too bad. I am just wondering how so many people are getting EFCs of zero.

I guess I'm just tired of hearing how all my rich friends hide their assets and lie on all these forms and they get tons of financial aid. Whereas some poor idiot like me pays full tuition at a private school. Or at least that's what happened in undergrad. I mean, someone please explain to me how me and my mom were supposed to pay $35,000/yr for hopkins when she was making $35,000/yr as a teacher and had to support 2 kids I hate financial aid offices. I hope my kids will never have to worry about this crap.

well tinkerbelle, I agree with you on that. And those people piss me off too, as do those people who make the money and spend it all on luxary items without thinking ahead to put money away for school, and then they get financial aid...those people should have planned better. I got zero financial aid for college and i'm quite sure i won't get any for med school either becasuse I am one of the honest ones who shows all assets and whose parents planned for education and put it in an account before spending it on luxary trips, bmws and vacation homes.

 

[landrus]

Is it required to fill out your savings account/assets info on the FAFSA? When I was filling mine out a prompt came up that said I wasn't required to fill in this info. I did have to put in my income etc., but I didn't need to put the savings account/asset info for me or my parents.

This has never happened to me.....for undergrad I had to put asset info for me and my parents....

When individual schools say they want parent info on the FAFSA in order to apply for institutional aid, do they require the savings account/asset info too?



Thanks.

 

[sdnstud]

Psycho Doctor, you truly amuse me. I don't know if you're doing this intentionally or what, but some of the things you post on SDN sound like it's coming out from a 9 year old mouth. If you're going to be a physician, you need to learn to think before you speak.

Yes, I (and vast majority of applicants) would love to attend a public school so that we don't need to file bankruptcy to obtain a MD degree. Well, in the ideal world, everyone gets accepted to his or her state school and everyone needs not to stress out financially. In the real world, many many applicants are forced to attend an expensive private school because they cannot get into a state school. I come from CA and I don't have stellar stats, do you think I will have the option to attend a UC over some other east coast school?

Thank you everyone for replying. I will call Rush today to see if the people there can help.

I don't want to get into a fight about this but i never understood this whole concept. if one can not afford a private school, go to a public one. The gov't should assist you in order to enable you to go to a school; it doesn't have to foot the bill for your #1 choice of the most expensive private school in the country. I have no problem with loans but i really do not feel the gov't owes anyone life-long expensive educational opportunities.

 

[Psycho Doctor]

Is it required to fill out your savings account/assets info on the FAFSA? When I was filling mine out a prompt came up that said I wasn't required to fill in this info. I did have to put in my income etc., but I didn't need to put the savings account/asset info for me or my parents.

This has never happened to me.....for undergrad I had to put asset info for me and my parents....

When individual schools say they want parent info on the FAFSA in order to apply for institutional aid, do they require the savings account/asset info too?



Thanks.

i think private institutional aid requires you to list your assets but i could be wrong.

 

[cammy1313]

Call me crazy but when a person decides to go into medical school they are willing to assume any and all debt associated. It's no secret that med school is expensive. The government can only cover a fraction of the cost so I am in no way deluding myself that the FAFSA is going to get me all of my money. I am more than willing to dip into a private lender, which I actually had to do for my masters degree as well. Point is, there is always money to be had whether it is from your parents, your savings account, the gov't, school, or a bank. I mean, the fact that the EFC demands that we use our savings is not something I find unreasonable because medicine is my passion. I'll put every last cent into realizing it.

 

[ilona]

I think EFC is based on YOUR savings and income not your parents. The parental info is used for school-specific loans and scholarship $.

Between my husband and I we make like $70K, I bring $60K, but when I start med school I won't make anyting. My parents don't even live in US so I didn't put them on FAFSA.

 

[ilona]

I don't want to get into a fight about this but i never understood this whole concept. if one can not afford a private school, go to a public one. The gov't should assist you in order to enable you to go to a school; it doesn't have to foot the bill for your #1 choice of the most expensive private school in the country. I have no problem with loans but i really do not feel the gov't owes anyone life-long expensive educational opportunities.

Definitely not, government has other things to worry about, like taking all our money and sending it to Iraq and soon to Iran. Why would they want to give money to education! If all the countries are afraid of us we ain't need to be smart....

 

[Psycho Doctor]

Psycho Doctor, you truly amuse me. I don't know if you're doing this intentionally or what, but some of the things you post on SDN sound like it's coming out from a 9 year old mouth. If you're going to be a physician, you need to learn to think before you speak.

Yes, I (and vast majority of applicants) would love to attend a public school so that we don't need to file bankruptcy to obtain a MD degree. Well, in the ideal world, everyone gets accepted to his or her state school and everyone needs not to stress out financially. In the real world, many many applicants are forced to attend an expensive private school because they cannot get into a state school. I come from CA and I don't have stellar stats, do you think I will have the option to attend a UC over some other east coast school?

Thank you everyone for replying. I will call Rush today to see if the people there can help.

uh, most people (maybe not Cali residents) use their state schools as safeties; and that is defintely true for undergrad...so no, that's a definite fact, not something stupid coming out of a 9 yr old's mouth. When you make a statement go by the majority of the country, not just by your state and don't make deragatory attacks when in fact wha ti'm saying is true for the majority of the country. but i will accept your apology if you offer it

oh and btw there are eastern public schools that are cheaper (even out odf state) and easier to get into than private eastern schools, but it's ok keep shouting your mouth off; it's making you sound like you're 5

 

[Psycho Doctor]

Call me crazy but when a person decides to go into medical school they are willing to assume any and all debt associated. It's no secret that med school is expensive. The government can only cover a fraction of the cost so I am in no way deluding myself that the FAFSA is going to get me all of my money. I am more than willing to dip into a private lender, which I actually had to do for my masters degree as well. Point is, there is always money to be had whether it is from your parents, your savings account, the gov't, school, or a bank. I mean, the fact that the EFC demands that we use our savings is not something I find unreasonable because medicine is my passion. I'll put every last cent into realizing it.

you're not crazy, but maybe the most sane and reasonable person here!

 

[AStudent]

0

 

[Mistress S]

I don't want to get into a fight about this but i never understood this whole concept. if one can not afford a private school, go to a public one. The gov't should assist you in order to enable you to go to a school; it doesn't have to foot the bill for your #1 choice of the most expensive private school in the country. I have no problem with loans but i really do not feel the gov't owes anyone life-long expensive educational opportunities.

PD,

You should also realize that state schools are not necessarily an affordable option for everyone. The only med school in my state, which I have been accepted at and will likely attend, costs $27K/yr for in-state. Even if it cost half as much, there is no way I could attend without substantial assistance (no family support). It seems incredibly aloof of you to assume that the reason people are concerned about government assistance is because they want money to attend an expensive private school and they should just "go to a public one"; some of us have to struggle to pay public school costs and are not fortunate enough to have parents to assist.

 

[liverotcod]

Financial Aid time is the only time everyone wants to be broke.

 

[sdnstud]

Ok Psycho, I'm sorry for making my previous statement.....public.

I hope you understand my background. I started working when I was 13 to save up for college and yes, I attended a public undergrad because I could not afford tuition at the privates. Even as an undergrad at one of the cheapest schools in CA, I struggled financially and the only thing that kept my dream of graduating possible was.....financial aid. After i graduated, I wanted to do a MPH. I got into some of the best MPH programs- UMICH, Columbia and was really looking forward to it. But, when the first bill came, I was asked to pay $15,000 up front (for one semester). The two options at the time? Private loans (>10% interest, accure while i'm in school) or simply not go. I determined that, by the time I finish my MPH, I would owe something like 10K in interest, which just made no financial sense to me.

So I ended up not going and I totally felt like crap after making that decision. I vowed to myself that I won't let this happen to me again for medical school. I understand that med school is expensive and that I should at least assume some of the costs that goes along with attending one. But, after i filed my FAFSA last week and seeing that my EFC is almost 10K, I'm very discouraged. This is dejavu. I now have 5 months before school starts to make sure what happened to me 2 years ago will not happen to me this year. Yes, loans are always an option. But, does taking out $25k a semester of high interest loan make any financial sense? Remember, I can't repay it until at least 6 years later. That means, it's 6 years of accured interest!!!!

uh, most people (maybe not Cali residents) use their state schools as safeties; and that is defintely true for undergrad...so no, that's a definite fact, not something stupid coming out of a 9 yr old's mouth. When you make a statement go by the majority of the country, not just by your state and don't make deragatory attacks when in fact wha ti'm saying is true for the majority of the country. but i will accept your apology if you offer it

oh and btw there are eastern public schools that are cheaper (even out odf state) and easier to get into than private eastern schools, but it's ok keep shouting your mouth off; it's making you sound like you're 5

 

[liverotcod]

But, does taking out $25k a semester of high interest loan make any financial sense? Remember, I can't repay it until at least 6 years later. That means, it's 6 years of accured interest!!!!

Stafford loans, which are not affected by your EFC, are subsidized such that the first $11K or so accrue no interest until you graduate. The remaining $29K accrues interest at about 3% while in school.

 

[lightnk102]

I was asked to pay $15,000 up front (for one semester). The two options at the time? Private loans (>10% interest, accure while i'm in school) or simply not go. I determined that, by the time I finish my MPH, I would owe something like 10K in interest, which just made no financial sense to me.

Yes, loans are always an option. But, does taking out $25k a semester of high interest loan make any financial sense? Remember, I can't repay it until at least 6 years later. That means, it's 6 years of accured interest!!!!

I think you should research your options a lot more thoroughly. I took out private loans for my master's program (i went through citibank, which was one of the recommended private lenders by my graduate school), and the interest rates were absolutely NOT above 10% (I think it's currently at 5.5% which is on par with the Federal Perkins loan). Are you sure you were looking at education-specific loans and not personal loans? Many private lenders have special education loans (much like how they have mortage loans, car loans, business loans, etc. each with their own special rules), with lower interest rates. Private student loans will accrue interest while you're in school, but there's no requirement to make payments while you're in school because you're on deferral (you'll have to submit paperwork proving you're a full-time student). After two years (I took out 15k in private loans), my total accrued interest is less than 2k.

So, you're right. $25K of a high interest rate does not make sense. But likely, your $25k in loans will not be at a "high" interest rate, relatively speaking. Student loans (even from private lenders) historically have the lowest interest rates of any other type of loan available out there (barring federal loans).

 

[EvoDevo]

Moving to the finaid forum.

 

[Psycho Doctor]

Stafford loans, which are not affected by your EFC, are subsidized such that the first $11K or so accrue no interest until you graduate. The remaining $29K accrues interest at about 3% while in school.

right, that's absolutely the best way to go

 

[Psycho Doctor]

PD,

You should also realize that state schools are not necessarily an affordable option for everyone. The only med school in my state, which I have been accepted at and will likely attend, costs $27K/yr for in-state. Even if it cost half as much, there is no way I could attend without substantial assistance (no family support). It seems incredibly aloof of you to assume that the reason people are concerned about government assistance is because they want money to attend an expensive private school and they should just "go to a public one"; some of us have to struggle to pay public school costs and are not fortunate enough to have parents to assist.

I understand public schools still are expensive and that's where gov't assistance comes into play. i never said otherwise

 

[Psycho Doctor]

Ok Psycho, I'm sorry for making my previous statement.....public.

I hope you understand my background. I started working when I was 13 to save up for college and yes, I attended a public undergrad because I could not afford tuition at the privates. Even as an undergrad at one of the cheapest schools in CA, I struggled financially and the only thing that kept my dream of graduating possible was.....financial aid. After i graduated, I wanted to do a MPH. I got into some of the best MPH programs- UMICH, Columbia and was really looking forward to it. But, when the first bill came, I was asked to pay $15,000 up front (for one semester). The two options at the time? Private loans (>10% interest, accure while i'm in school) or simply not go. I determined that, by the time I finish my MPH, I would owe something like 10K in interest, which just made no financial sense to me.

So I ended up not going and I totally felt like crap after making that decision. I vowed to myself that I won't let this happen to me again for medical school. I understand that med school is expensive and that I should at least assume some of the costs that goes along with attending one. But, after i filed my FAFSA last week and seeing that my EFC is almost 10K, I'm very discouraged. This is dejavu. I now have 5 months before school starts to make sure what happened to me 2 years ago will not happen to me this year. Yes, loans are always an option. But, does taking out $25k a semester of high interest loan make any financial sense? Remember, I can't repay it until at least 6 years later. That means, it's 6 years of accured interest!!!!

i truly am sorry for your predicament and struggle. as others have mentioned in this thread, there are cheaper loans or those with deferred interest. Also some people take a year off to gain some equity to be better able to afford med school. all the best to you and i truly hope it works out for you.

 

[stoic]

i truly am sorry for your predicament and struggle. as others have mentioned in this thread, there are cheaper loans or those with deferred interest. Also some people take a year off to gain some equity to be better able to afford med school. all the best to you and i truly hope it works out for you.

lol. you think that most people can, in a year, save enough money to significantly affect the amount of loans they take out?

 

[FutureMD9]

I'm only pursuing my undergrad right now however my EFC was 89,890. I think this is rediculous- I can only think of a few colleges that even come close to costing that much! Has any one else had an EFC this high???

 

[liverotcod]

I'm only pursuing my undergrad right now however my EFC was 89,890. I think this is rediculous- I can only think of a few colleges that even come close to costing that much! Has any one else had an EFC this high???

No one willing to admit it

For undergrad, though, that's including your parents' income, which must perforce be pretty substantial. Med schools (and other professional schools) use only student income/assets to calculate EFC.

 

[drstrangelove]

I've been working for over 5 years and have saved up a sizeable nest egg. Now, I don't have any income but I have a lot of assets. Is EFC based on your income or assets? Can I transfer my accounts to my brother until I graduate?

 

[liverotcod]

I've been working for over 5 years and have saved up a sizeable nest egg. Now, I don't have any income but I have a lot of assets. Is EFC based on your income or assets? Can I transfer my accounts to my brother until I graduate?

My understanding is, both assets and income. I would think it possible to gift your assets to your brother, as long as you don't exceed the maximum gift amount per year ($100k?). But you need a real expert to discuss this with, because there may be bigger implications. Also, it's unlikely to affect your Stafford loans anyway.