EFC question

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kalvano
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EFC question

Postby kalvano » Mon Mar 29, 2010 6:56 pm

I filled out my FAFSA, and my EFC is high, like $23K.

What exactly does this mean in terms of loans? Wake is going to cost around $19K a year after scholarship money, so does that mean I am expected to cough up $19K a year to pay for it?

Or can I still get loans?

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cardinalandgold
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Re: EFC question

Postby cardinalandgold » Mon Mar 29, 2010 6:57 pm

No worries, you can still get loans.

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kalvano
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Re: EFC question

Postby kalvano » Mon Mar 29, 2010 7:08 pm

Will I be able to get the $8500 subsidized or am I SOL on that one?

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cardinalandgold
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Re: EFC question

Postby cardinalandgold » Mon Mar 29, 2010 7:15 pm

I have an EFC of about 18k. Every financial aid package I've received I have been able to get the $8,500 subsidized Stafford along with the $12,000 unsub Stafford. GradPlus loans for the remainder up to the school's COA have also been available.

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kalvano
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Re: EFC question

Postby kalvano » Mon Mar 29, 2010 7:23 pm

Gracias, senor.

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tstyler98
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Re: EFC question

Postby tstyler98 » Tue Mar 30, 2010 7:14 am

kalvano wrote:Will I be able to get the $8500 subsidized or am I SOL on that one?


Unfortunately, you might be SOL. I have the same issue because I worked last year and my EFC ended up being higher than the cost of attendance after subtracting the scholarship. I e-mailed the financial aid office and they said that I likely wouldn't get Subsidized loans this year. But that will change for 2011-2012 since my EFC will drop significantly since I won't be working.

You'll still get Unsubsidized loans up to $20,500 or Cost of Attendance (minus scholarship), whichever is higher.

wreckem
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Re: EFC question

Postby wreckem » Wed Mar 31, 2010 2:03 am

tstyler98 wrote:
kalvano wrote:Will I be able to get the $8500 subsidized or am I SOL on that one?


Unfortunately, you might be SOL. I have the same issue because I worked last year and my EFC ended up being higher than the cost of attendance after subtracting the scholarship. I e-mailed the financial aid office and they said that I likely wouldn't get Subsidized loans this year. But that will change for 2011-2012 since my EFC will drop significantly since I won't be working.

You'll still get Unsubsidized loans up to $20,500 or Cost of Attendance (minus scholarship), whichever is higher.


File an appeal with financial aid when you quit your job and they should recalculate your financial aid package do to a change in your financial situation.

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tstyler98
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Re: EFC question

Postby tstyler98 » Wed Mar 31, 2010 6:28 am

wreckem wrote:
tstyler98 wrote:
kalvano wrote:Will I be able to get the $8500 subsidized or am I SOL on that one?


Unfortunately, you might be SOL. I have the same issue because I worked last year and my EFC ended up being higher than the cost of attendance after subtracting the scholarship. I e-mailed the financial aid office and they said that I likely wouldn't get Subsidized loans this year. But that will change for 2011-2012 since my EFC will drop significantly since I won't be working.

You'll still get Unsubsidized loans up to $20,500 or Cost of Attendance (minus scholarship), whichever is higher.


File an appeal with financial aid when you quit your job and they should recalculate your financial aid package do to a change in your financial situation.


Already did (quit...long story), and already asked. This is what they wrote:

"Based on your FAFSA results and the scholarship award you will not be eligible for the subsidized Stafford this year, but will most likely be eligible for 2011-12. Unfortunately, federal regulations make it hard for us to make changes to the Estimated Family Contribution."

wreckem
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Re: EFC question

Postby wreckem » Thu Apr 01, 2010 2:24 am

How much was the scholly?

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tstyler98
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Re: EFC question

Postby tstyler98 » Thu Apr 01, 2010 9:47 am

wreckem wrote:How much was the scholly?


Were you asking me?

If so, $25k/year.

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kalvano
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Re: EFC question

Postby kalvano » Thu Apr 01, 2010 10:11 am

tstyler98 wrote:
kalvano wrote:Will I be able to get the $8500 subsidized or am I SOL on that one?


Unfortunately, you might be SOL. I have the same issue because I worked last year and my EFC ended up being higher than the cost of attendance after subtracting the scholarship. I e-mailed the financial aid office and they said that I likely wouldn't get Subsidized loans this year. But that will change for 2011-2012 since my EFC will drop significantly since I won't be working.

You'll still get Unsubsidized loans up to $20,500 or Cost of Attendance (minus scholarship), whichever is higher.



Well, I got my email from Wake, and they said I am eligible for everything, including the $8500.

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tstyler98
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Re: EFC question

Postby tstyler98 » Thu Apr 01, 2010 12:03 pm

kalvano wrote:
tstyler98 wrote:
kalvano wrote:Will I be able to get the $8500 subsidized or am I SOL on that one?


Unfortunately, you might be SOL. I have the same issue because I worked last year and my EFC ended up being higher than the cost of attendance after subtracting the scholarship. I e-mailed the financial aid office and they said that I likely wouldn't get Subsidized loans this year. But that will change for 2011-2012 since my EFC will drop significantly since I won't be working.

You'll still get Unsubsidized loans up to $20,500 or Cost of Attendance (minus scholarship), whichever is higher.



Well, I got my email from Wake, and they said I am eligible for everything, including the $8500.


Yeah!!! Glad you got it.

I didn't get the subsidized, but I've got savings to cover it for this year. Would've been nice to take advantage of no interest until graduation though. :)




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