EFC: Non trads get screwed! Forum

[holmesNYC]

..

[kiwislug]

At least you have a salary. I made about $6,000 last year but I won't get any aid because my parents make too much money.

[kurla88]

Anyone else in the same boat and frustrated/freaking out?

How about everyone on this site?

In the immigration process for several long years... still not eligible for aid.

[holmesNYC]

Anyone else in the same boat and frustrated/freaking out?

How about everyone on this site?

In the immigration process for several long years... still not eligible for aid.

Ok, that sucks way more than this.

[mrdal]

I am in the same boat. On paper I look pretty good with my salary. But that doesn't take into account my mortgage, being the sole breadwinner in the family, and the high COL where I live. I haven't got my EFC yet, but I know it will suck. But the other kicker is that hope for 2L now sucks too, since I am salaried through August, so next year will I will have 8 months income to report even though I will be leaving this job. Like you OP, I could not contribute that much even if I still had my salary.

So ya, I'm freaking out.

[hoosier1508]

My EFC is just under 18,000. This seriously blows.

I probably sound whiny, but I just feel like venting. I think it's unfair to expect that I contribute that amount when I'll be giving up my salary to go to school. Hell, I couldn't even contribute that amount WITH my full-time salary, considering the cost of living here in NYC. I practically live like a student already. Anyone else in the same boat and frustrated/freaking out?

Need based aid is not determined via the FAFSA so it doesn't matter.

Most law schools don't give out very much need based aid either, hence everyone is getting all worked up over nothing.

The only way its really going to affect us is if you get a big scholarship. You will likely not be eligible for a subsidized loan and will have to take out an unsub. Sucks but in the scheme of things that interest is not very material.

[Clever username]

Does anybody know the, uh, conversion rate, I suppose, of the EFC number? I know it's some index number, but what does it actually translate to?

[Someperson]

My EFC is just under 18,000. This seriously blows.

I probably sound whiny, but I just feel like venting. I think it's unfair to expect that I contribute that amount when I'll be giving up my salary to go to school. Hell, I couldn't even contribute that amount WITH my full-time salary, considering the cost of living here in NYC. I practically live like a student already. Anyone else in the same boat and frustrated/freaking out?

My first ever EFC, graduating from HS, was 24,000 dollars. My parents are swamped with debt. No money for me.

[Feathers]

I just got back my EFC and am in a similar predicament. I thought that marking that I'd be attending full-time for next year would mean that the calculations would exclude that amount of income for next year, but I guess not... Probably best for us to speak with financial aid people at the law schools directly. I'm sure this happens with a fair amount of law students coming from full-time employment.

[huckabees]

My EFC is just under 18,000. This seriously blows.

I probably sound whiny, but I just feel like venting. I think it's unfair to expect that I contribute that amount when I'll be giving up my salary to go to school. Hell, I couldn't even contribute that amount WITH my full-time salary, considering the cost of living here in NYC. I practically live like a student already. Anyone else in the same boat and frustrated/freaking out?

My first ever EFC, graduating from HS, was 24,000 dollars. My parents are swamped with debt. No money for me.

How is this possible?

Do your parents make $200K+?

Did you have your own business?

[holmesNYC]

The only way its really going to affect us is if you get a big scholarship. You will likely not be eligible for a subsidized loan and will have to take out an unsub. Sucks but in the scheme of things that interest is not very material.

I think I'm clueless about this process. How does receiving a scholarship make me ineligible for a subsidized loan? I did receive one offer already that is more than my EFC.

[holmesNYC]

I am in the same boat. On paper I look pretty good with my salary. But that doesn't take into account my mortgage, being the sole breadwinner in the family, and the high COL where I live. I haven't got my EFC yet, but I know it will suck. But the other kicker is that hope for 2L now sucks too, since I am salaried through August, so next year will I will have 8 months income to report even though I will be leaving this job. Like you OP, I could not contribute that much even if I still had my salary.

So ya, I'm freaking out.

Damnit! I think I'll be in almost the same boat. I was planning on leaving in July sometime.

[dapoetic1]

Yeah OP I have the same EFC of $18K

I just wrote the school a check ...and then I woke up.

My full time job makes me look like I'm living the good life. But of course my mortgage, car payment, and the fact that there's no way I'm cramming a household full of stuff into a studio makes me a little nervous.

But I've come to terms with the expected amount of debt. I'm planning for the worse. I'm assuming that if I go where I want to go then I can expect $150k in debt upon graduation. My only real concern is where exactly am I supposed to get the $150k in loans from?

[gpb19]

Ha. My EFC is 20k. My husband is a laid-off truck driver and I currently work as a legal assistant for a solo attorney making less than I made waiting tables in college. My salary + unemployment and we are a good $500 short on bills and expenses every month right now. That's with only one car payment and a mortgage less than 1k a month.

All of which is to say the whole EFC calculation is completely fucked up.

[dapoetic1]

Ha. My EFC is 20k. My husband is a laid-off truck driver and I currently work as a legal assistant for a solo attorney making less than I made waiting tables in college. My salary + unemployment and we are a good $500 short on bills and expenses every month right now. That's with only one car payment and a mortgage less than 1k a month.

All of which is to say the whole EFC calculation is completely fucked up.

...shit

[presh]

.

[smalltown]

So, basically, the only thing that your EFC determines is how much you qualify for in subsidized Stafford loans (those that don't accrue interest while you are in school). The limit for those is $8,500 a year. While it certainly helps to max out with those, it won't be that big of a difference when you're taking out $25k-$50k per year. As others have said, schools don't really care that much about need. As I was told by one admissions officer, "We look at financial need, but it isn't factored in much because we figure everyone has financial need for law school." I was trying to find the formula that determines how much subsidized stafford loans you get, but it isn't easy to find. The best way is probably to call up and ask a financial aid office in a school where you have been accepted. I asked one and they said my 10,500 EFC would easily get me the full $8,500.

It turns out being single at 27 with a low-paying job is finally paying off.

[pirouette]

I haven't gotten my EFC yet, but I know I will get screwed, big time. I was planning to keep my full time gig and go to school part time. My husband's income varies (self employed) and has been almost nonexistant since the econonmy tanked. On paper, I have a good salary but that doesn't take into account my mortgage, $1200/month child care, rising utility bills, etc. We are barely making it now, I know I can't contribute to my tuition.

Even more than the EFC screw over, the school that I was planning to attend (GULC), doesn't give part time students any need based aid. Looks like I'll be considering GW and UMD....

[ShiftyPig]

At least you have a salary. I made about $6,000 last year but I won't get any aid because my parents make too much money.

If you are pursuing a graduate degree, you do not report your parents' income.

[bigben]

Law school basically does not have financial aid, so everyone just calm down. It's either merit aid or you will be taking out LOANS.

For other fin. aid. Q's: http://lawschoolalmanac.blogspot.com/20 ... l-aid.html

[ObviouslyMasochistic]

Another non-trad here getting screwed by the FAFSA. My EFC is 28891, so I guess I have no chance at any need-based aid/scholarships from schools. Lame!

[angiej]

I hope I didn't royally screw myself. My husband and I separated last year, and no way in hell I'm counting his income, but he talked me into filing our taxes jointly so we can itemize . . . so I just filled out my fasfa this morning and only included my income. Am I screwed!? I think I'm supposed to include his too. But I called my school's financial aid and told them my situation and they told me to only include my income. I'm hoping to get some need based scholarships this year.

[Skadden Stairs]

At least you have a salary. I made about $6,000 last year but I won't get any aid because my parents make too much money.

If you are pursuing a graduate degree, you do not report your parents' income.

Need Access and CSS, ftl.

[CWF V]

1. Need based aid is not determined via the FAFSA so it doesn't matter.

2. Most law schools don't give out very much need based aid either, hence everyone is getting all worked up over nothing.

The only way its really going to affect us is if you get a big scholarship. You will likely not be eligible for a subsidized loan and will have to take out an unsub. Sucks but in the scheme of things that interest is not very material.

1. Need based aid is absolutely determined by FAFSA. Some schools also use needaccess.org, which may trump FAFSA. Other than that, your FAFSA report is used to determine your eligibility for need-based grants.

2. Not really. Schools like Hastings and Davis often comp about 25-50% of tuition in the form of need-based grants. A good friend went to Hastings and received almost $20K per year in need-based grants, because his expected contributions were very low. I went to grad school at Michigan. Almost everyone I knew received some form of need-based grants, ranging from $4-15K per year.

[CWF V]

Law school basically does not have financial aid, so everyone just calm down. It's either merit aid or you will be taking out LOANS.

I'm really not trying to be pugnacious, but...

Need-based aid is given to students with low ECs. This money is in the form of a grant; you never need to pay back a grant. Loans = need to pay back; grants = do not need to pay back.

Unlike merit-based aid, need based aid usually cannot be negotiated. The only exception is when you are experiencing an unforeseen hardship: an expensive childbirth, an accident, etc... In those cases, it is possible to have the school's financial aid office re-review your aid package (note: this may only be true for public universities as I have only had this experience with those types of institutions).