fun8stuff

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I had to include my parents because the schools I am interested require it.... anyways I just got an EFC of 1201. This means that my parents are expected to contribute $1201... did I do everything right or was it suppose to be $0?

Thanks... :confused:
 

OSUdoc08

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As a graduate/medical student, FAFSA cannot use parental information for calculation of the EFC.

The number you recieved must be from income you reported for yourself or from some error in entering information on your part.

The optional parental information can only be used by the instiution.
 

Febrifuge

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The EFC is not something anyone will be charged for. Like many of the government's ideas, it's not exactly the thing that it's explicitly labelled as.

The idea is, whatever the EFC, that's the amount that in theory the borrower could contribute out-of-pocket over the course of the year -- but it's not like anyone will be making you write a check for that amount. It is one of the figures that goes into figuring out your final FA award total.

Basically, if the EFC is high, the person gets little to no subsidized aid. If the EFC is zero, the person may qualify for more and better forms of aid, grants, and whatnot. EFC does not lower the overall total amount of FA available.
 
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Febrifuge said:
The EFC is not something anyone will be charged for. Like many of the government's ideas, it's not exactly the thing that it's explicitly labelled as.

The idea is, whatever the EFC, that's the amount that in theory the borrower could contribute out-of-pocket over the course of the year -- but it's not like anyone will be making you write a check for that amount. It is one of the figures that goes into figuring out your final FA award total.

Basically, if the EFC is high, the person gets little to no subsidized aid. If the EFC is zero, the person may qualify for more and better forms of aid, grants, and whatnot. EFC does not lower the overall total amount of FA available.
ok,thanks for clearing that up for me. Do you know would be considered a "high" efc? is $1201 pretty low?
 

Febrifuge

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fun8stuff said:
is $1201 pretty low?
Mine is like $12,000, so I'm going to say yes. :eek:
 

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For the EFC... if you can't come up with the money (won't be working while in med school) can/do you borrow that in Alt Loans?

For example your $12,000... could you get a bank loan to cover this or do you have to find a bank to rob? :p

Thanks
 

Febrifuge

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Right -- alt loans, Unsubsidized Stafford, loans the school has, whatever is available, really. The EFC is not backed out of the costs of the school or anything like that. The fin aid office at the college will help me figure out a way to cover all the costs; it's just that depending on the EFC, some of those avenues are open and others are less so.

And then there's the 'Special Circumstance Appeal,' which is a way to say, "no wait, those numbers were based on 2004 tax stuff and that is totally wrong now." My school's FA application already had a question on it about whether there should be any adjustments made... they're smart people.
 
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mpp said:
Yes, $1,201 is low.

whew... i was going to say,... i only made $10k this year.. lol...
 

fotolilith

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Febrifuge said:
Right -- alt loans, Unsubsidized Stafford, loans the school has, whatever is available, really. The EFC is not backed out of the costs of the school or anything like that. The fin aid office at the college will help me figure out a way to cover all the costs; it's just that depending on the EFC, some of those avenues are open and others are less so.

And then there's the 'Special Circumstance Appeal,' which is a way to say, "no wait, those numbers were based on 2004 tax stuff and that is totally wrong now." My school's FA application already had a question on it about whether there should be any adjustments made... they're smart people.
So for the FAFSA, you just fill out the government form, apply for stanford subsidized and unsubsided funds, and then talk to your med school's financial aid office to get the loans? This is my first time. Thanks!
 

OSUdoc08

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fotolilith said:
So for the FAFSA, you just fill out the government form, apply for stanford subsidized and unsubsided funds, and then talk to your med school's financial aid office to get the loans? This is my first time. Thanks!
1. Fill out the FAFSA
2. Wait for your school to send you financial aid info
3. Apply for loans after your school tells you how much you qualify for
---> I recommend Total Higher Education (T.H.E.) for your medical loans.
 

mpp

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For the Stafford loans, you don't really need to apply. The school will authorize you a certain amount of subsidized and unsubsidized Stafford loan money. (The amount of subsidized loan is dependent on your EFC although it does not include your parent's income information). You just sign a Master Promissory Note which includes the lender of your choice on the form (or if your school is a Direct Lending Institution then the school is the lender) and your bank account information for direct deposit. Around the first week of school or so the school will get half the money, deduct the cost of tuition & fees for that semester, and put the rest in your bank account (or give you a check if you decide to go without direct deposit). The same will happen halfway through the school year when the school will get the 2nd half of the money.