IsleMet wrote:Maybe this has been addressed earlier, but I can't find any info...
Will I receive less in loans/grants if my ECF is higher? I am currently a teacher (Teach for America) and made roughly $50,000 over the course of the last year, however, after paying for undergrad loans, the COL in NYC, and graduate school tuition, I have saved absolutely nothing (living a rather spartan life nonetheless). Overall, my EFC was about $14,000. Taking into consideration that I will not be earning that income next year and that I have no savings and a ton of undergrad debt, shouldn't my ECF be 0?
I'm working on the NeedAccess form now which includes parental data so this should help me out I hope (poor parents).
Any feedback would appreciated!
Schools told me that they will consider the fact that my income from now will not be available once I start school. They will probably calculate a percentage of that as your contribution for first year only. It shouldn't reduce your loan eligibility. As alluded to before, schools don't use EFC, they use their own formulas based on the information you provide. I just usually use EFC as an approximation of how not-rich one is lol.