How much will I get out of EFC 02322?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
GermX
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How much will I get out of EFC 02322?

Postby GermX » Tue May 11, 2010 11:53 am

My expected family contribution, or EFC, is so far 02322 (going to add more info on parents to see how that affects it, plus GW said I have to).

Anyways, I'm guessing that determines how much money I will get that doesn't have to be paid back, right?

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IAFG
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Re: How much will I get out of EFC 02322?

Postby IAFG » Tue May 11, 2010 11:55 am

yeah, you're going to have to pay it all back.

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GeePee
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Re: How much will I get out of EFC 02322?

Postby GeePee » Tue May 11, 2010 11:56 am

EFC means next to nothing for law school aid. Most schools have their own methodology for determining need; they use the actual information provided on the FAFSA rather than the final recommendation.

GermX
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Re: How much will I get out of EFC 02322?

Postby GermX » Tue May 11, 2010 11:57 am

Oh gay. I saw a chart that said I would get $1,500 per semester in pell grants. So that doesn't apply to law school?

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smov_operator
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Re: How much will I get out of EFC 02322?

Postby smov_operator » Tue May 11, 2010 11:58 am

GeePee wrote:EFC means next to nothing for law school aid. Most schools have their own methodology for determining need; they use the actual information provided on the FAFSA rather than the final recommendation.


+1 and don't forget that for most law schools federal loans are considered to be need-based aid

GermX
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Re: How much will I get out of EFC 02322?

Postby GermX » Tue May 11, 2010 11:58 am

So basically, need-based aid still has to be paid back? Pretty gay. I mean I know $3,000 a year isn't much but I was kind of excited.

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1armedscissor
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Re: How much will I get out of EFC 02322?

Postby 1armedscissor » Tue May 11, 2010 12:06 pm

GermX wrote:So basically, need-based aid still has to be paid back? Pretty gay. I mean I know $3,000 a year isn't much but I was kind of excited.


Yeah, like totally gay. You suck.

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TonyDigital
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Re: How much will I get out of EFC 02322?

Postby TonyDigital » Tue May 11, 2010 12:14 pm

This is how it was explained to me (this is the first time I'm dealing with student loans).

You have to pay it all back. It's just a matter of how much is subsidized by the gov't or not. When a loan is subsidized by Uncle Sam, the gov't is paying the interest accumulated on that loan for you until you finish school (or up to 6 months after you finish/stop going to school).

The EFC amount is the amount of your Stafford loan that will not be subsidized by the gov't. For example, if your EFC is 2,000 and the Stafford Loan is gauranteed up to 20,500. $2000 of that 20,500 loan will accumulate interest of which you are responsible to pay back on top of the principal. The rest of that loan ($18,500) will accumulate interest but be paid/covered by the gov't.

And you reapply with FAFSA every year. It probably doesn't matter to the OP since he mentioned his parents. But for people like me that are independent and using their own W2's, the following years of unemployment during school will at least help with your EFC amount.

If I'm wrong, someone please let me know. I hope I'm wrong actually based on my EFC.

GermX
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Re: How much will I get out of EFC 02322?

Postby GermX » Tue May 11, 2010 12:18 pm

Well I'm 23 and I have my own job, etc..., car, but GW has asked for parent information? Should I put in parent information or should I just move ahead with my EFC 02322? Would it be beneficial to put in parent info?

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D. H2Oman
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Re: How much will I get out of EFC 02322?

Postby D. H2Oman » Tue May 11, 2010 12:20 pm

GermX wrote:Well I'm 23 and I have my own job, etc..., car, but GW has asked for parent information? Should I put in parent information or should I just move ahead with my EFC 02322? Would it be beneficial to put in parent info?


I strongly suggest not providing them with the information they are asking for, that will surely end well, likely in a full ride.

GermX
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Re: How much will I get out of EFC 02322?

Postby GermX » Tue May 11, 2010 12:27 pm

lol. I've already submitted it all, just waiting for some parent income, but no way I'm getting a full-ride.

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YCrevolution
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Re: How much will I get out of EFC 02322?

Postby YCrevolution » Tue May 11, 2010 3:18 pm

..

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IAFG
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Re: How much will I get out of EFC 02322?

Postby IAFG » Tue May 11, 2010 3:39 pm

YCrevolution wrote:
D. H2Oman wrote:
GermX wrote:Well I'm 23 and I have my own job, etc..., car, but GW has asked for parent information? Should I put in parent information or should I just move ahead with my EFC 02322? Would it be beneficial to put in parent info?


I strongly suggest not providing them with the information they are asking for, that will surely end well, likely in a full ride.

Please behave waterman.

Also, some of you are usuing "gay" incorrectly.

would i get banned if i asked you for a demonstation?

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YCrevolution
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Re: How much will I get out of EFC 02322?

Postby YCrevolution » Tue May 11, 2010 3:41 pm

..

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IAFG
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Re: How much will I get out of EFC 02322?

Postby IAFG » Tue May 11, 2010 3:43 pm

YCrevolution wrote:Of waterman behaving or the usage of "gay?"

idk how you would demonstrate waterman behaving... edit all his posts to say helpful/nonoffensive/nontroll things?

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YCrevolution
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Re: How much will I get out of EFC 02322?

Postby YCrevolution » Tue May 11, 2010 3:43 pm

..




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