newbie EFC question

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CordeliusX
Posts: 251
Joined: Thu Aug 27, 2009 10:48 pm

newbie EFC question

Postby CordeliusX » Wed Mar 10, 2010 5:01 pm

I'm trying to save myself the agony of slowly figuring this out. Apparently my EFC is around $$K (edited to avoid embarrassment).

SO WTF does this really mean? Will schools or loans cover this? Am I expected to miraculously scrounge up the money?

Just confused over the implications and whether this is good, bad or ugly by comparison to others.

Neelio
Posts: 530
Joined: Wed Sep 30, 2009 10:21 am

Re: newbie EFC question

Postby Neelio » Wed Mar 10, 2010 5:08 pm

CordeliusX wrote:I'm trying to save myself the agony of slowly figuring this out. Apparently my EFC is around $$K (edited to avoid embarrassment).

SO WTF does this really mean? Will schools or loans cover this? Am I expected to miraculously scrounge up the money?

Just confused over the implications and whether this is good, bad or ugly by comparison to others.


EFC is expected family contribution... basically, if you have a high EFC, it means that you either

a- make a decent living on your own
b- your parents have a lot of money

That number- whatever it might be- is the approximate value of either what your family will contribute, or that you will have to take out in private loans. Basically, it's the amount of dollars you won't be helped with by the government loans.

CordeliusX
Posts: 251
Joined: Thu Aug 27, 2009 10:48 pm

Re: newbie EFC question

Postby CordeliusX » Wed Mar 10, 2010 6:02 pm

Neelio wrote:
CordeliusX wrote:I'm trying to save myself the agony of slowly figuring this out. Apparently my EFC is around $$K (edited to avoid embarrassment).

SO WTF does this really mean? Will schools or loans cover this? Am I expected to miraculously scrounge up the money?

Just confused over the implications and whether this is good, bad or ugly by comparison to others.


EFC is expected family contribution... basically, if you have a high EFC, it means that you either

a- make a decent living on your own
b- your parents have a lot of money

That number- whatever it might be- is the approximate value of either what your family will contribute, or that you will have to take out in private loans. Basically, it's the amount of dollars you won't be helped with by the government loans.


Sort of thought all that... THANKS. Does that count living expenses + tuition? Or is the EFC solely for the price tag of tuition?

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JTX
Posts: 280
Joined: Mon Feb 08, 2010 12:23 pm

Re: newbie EFC question

Postby JTX » Wed Mar 10, 2010 6:04 pm

this is a great topic. I'm full time employed right now, making chedda. so my EFC is turrbel turrbel turrbel.

the FAFSA apparently is missing the idea that I'm quitting this job to go back to school... :evil:

Neelio
Posts: 530
Joined: Wed Sep 30, 2009 10:21 am

Re: newbie EFC question

Postby Neelio » Wed Mar 10, 2010 6:04 pm

i think it's all factored in there.

sarahd
Posts: 56
Joined: Sun Mar 01, 2009 7:37 pm

Re: newbie EFC question

Postby sarahd » Wed Mar 10, 2010 6:16 pm

Neelio wrote:EFC is expected family contribution... basically, if you have a high EFC, it means that you either

a- make a decent living on your own
b- your parents have a lot of money

That number- whatever it might be- is the approximate value of either what your family will contribute, or that you will have to take out in private loans. Basically, it's the amount of dollars you won't be helped with by the government loans.


This is not true...EFC is simply the amount that is determined your family could contribute and is used only for need based aid. Your EFC is completely ignored for the purposes of stafford loans or PLUS loans. For example...

My Cost of Attendance is $28013
My EFC is $19000
I received my aid package and have been offered in this case the full $20500 in stafford loans ($8500 in subsidized) and can take the remaining in PLUS loans if I wish. No private loans are required if I choose to borrow the full COA for this school...my EFC has no bearing on what I can borrow from the government. Government loans are available to everyone up to the COA...regardless of the EFC. Private loans come into play if you need money above the COA or if you don't qualify for goverment loans, only in instances of default on student loans for stafford or significant default for PLUS.

Neelio
Posts: 530
Joined: Wed Sep 30, 2009 10:21 am

Re: newbie EFC question

Postby Neelio » Wed Mar 10, 2010 6:19 pm

I'd go with what sara has to say... done more homework on the matter than i have.

Neelio
Posts: 530
Joined: Wed Sep 30, 2009 10:21 am

Re: newbie EFC question

Postby Neelio » Wed Mar 10, 2010 6:20 pm

This is not true...EFC is simply the amount that is determined your family could contribute and is used only for need based aid. Your EFC is completely ignored for the purposes of stafford loans or PLUS loans. For example...

My Cost of Attendance is $28013
My EFC is $19000
I received my aid package and have been offered in this case the full $20500 in stafford loans ($8500 in subsidized) and can take the remaining in PLUS loans if I wish. No private loans are required if I choose to borrow the full COA for this school...my EFC has no bearing on what I can borrow from the government. Government loans are available to everyone up to the COA...regardless of the EFC. Private loans come into play if you need money above the COA or if you don't qualify for goverment loans, only in instances of default on student loans for stafford or significant default for PLUS.[/quote]

You've already received your fin aid package? I thought that didn't happen until April...

sarahd
Posts: 56
Joined: Sun Mar 01, 2009 7:37 pm

Re: newbie EFC question

Postby sarahd » Wed Mar 10, 2010 6:25 pm

Neelio wrote:You've already received your fin aid package? I thought that didn't happen until April...


I was pleasantly surprised:-) I was accepted in December and sent in my deposit in January...I have all final paperwork done, etc...only waiting on transcript from undergrad. I am highly efficient and am pleased they are responding in a similar manner! I got my award letter in the mail yesterday!

Anonymous Loser
Posts: 568
Joined: Fri Sep 11, 2009 11:17 am

Re: newbie EFC question

Postby Anonymous Loser » Wed Mar 10, 2010 6:44 pm

Neelio wrote:I'd go with what sara has to say... done more homework on the matter than i have.


I don't get it: if you don't understand how the federal financial aid system works, why did you attempt to answer the OP's question? This is an aspect of TLS that just baffles me; I am always amazed that posters will offer up financial advice despite not having the slightest idea what they are talking about.

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Notor
Posts: 391
Joined: Sat May 23, 2009 11:32 am

Re: newbie EFC question

Postby Notor » Wed Mar 10, 2010 6:52 pm

Neelio wrote:
CordeliusX wrote:I'm trying to save myself the agony of slowly figuring this out. Apparently my EFC is around $$K (edited to avoid embarrassment).

SO WTF does this really mean? Will schools or loans cover this? Am I expected to miraculously scrounge up the money?

Just confused over the implications and whether this is good, bad or ugly by comparison to others.


EFC is expected family contribution... basically, if you have a high EFC, it means that you either

a- make a decent living on your own
b- your parents have a lot of money

That number- whatever it might be- is the approximate value of either what your family will contribute, or that you will have to take out in private loans. Basically, it's the amount of dollars you won't be helped with by the government loans.

Parent's income has absolutely nothing to do with EFC for grad/professional students, provided your parents didn't put like $50,000 in stock in your name for the purposes of law school.

Also, OP neglects to notice that he will be filing the FAFSA every year, and thus his EFC will drop the next two years because those FAFSA's won't take into account his job, because he will not be working there anymore and will then not have the income. I don't see how you can be indignant about a higher EFC considering you are currently working a full-time job that pays well enough to seriously impact your EFC.

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JTX
Posts: 280
Joined: Mon Feb 08, 2010 12:23 pm

Re: newbie EFC question

Postby JTX » Wed Mar 10, 2010 7:31 pm

sarahd wrote:
Neelio wrote:You've already received your fin aid package? I thought that didn't happen until April...


I was pleasantly surprised:-) I was accepted in December and sent in my deposit in January...I have all final paperwork done, etc...only waiting on transcript from undergrad. I am highly efficient and am pleased they are responding in a similar manner! I got my award letter in the mail yesterday!


good info SaraHD. i've been thoroughly confused about the EFC. your post helped.

Scurredsitless1
Posts: 284
Joined: Tue Jun 09, 2009 12:47 pm

Re: newbie EFC question

Postby Scurredsitless1 » Wed Mar 10, 2010 7:37 pm

Thanks for the info sara!

I am under the understanding the EFC allows fin aid offices to compare applicants and their need. The number is valuable when comparing people, but means little when looking at your figure alone.




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