EFC sucks for non-trads.

[rgporter]

When I graduated I felt like a leach on society. I could only afford school with grants and subsidized loans. I wanted to work a little, give society a small payback for their investment in my education. I have been working full time for 4 years. My reward for doing so, EFC = 21,000. I'm not going to have a job in medical school so why should anything other than my savings account matter when they calculate EFC?

BTW my parents are dirt poor and I'm 28 anyway, so the entire EFC came from my income, which I will no longer have.
I am married and my wife will work but probably only for one year, since she wants to be a stay-at-home mother. Oh well, I feel lucky just to be going to med school, almost nothing worthwhile is free.

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[futuredrswife]

i feel ya. my husband and i made around 50K this year and i don't want to think about our EFC, especially once parental contribution is factored in!

we spoke with financial aid officers at two schools. both of them said that after the initial loan package comes back, if it's ugly, we can reapply using projected numbers for next year.

hope this helps!

 

[alimarie81]

Originally posted by futuredrswife
i feel ya. my husband and i made around 50K this year and i don't want to think about our EFC, especially once parental contribution is factored in!

we spoke with financial aid officers at two schools. both of them said that after the initial loan package comes back, if it's ugly, we can reapply using projected numbers for next year.

hope this helps!

I hope that my husband and I can reapply for loans as well; we are in the exact same boat you are in. Do they expect us to live off Ramen noodles for 4 years?
We have car payments, insurance, credit cards, paying undergrad student loans, etc...I am sure you have heard this all before. You aren't the only one in a tough $ situation becuase of medical school. I wish I could see the light at the end of the tunnel!

 

[raptor5]

I am going to Med school and my wife is going to Pharm school. My EFC is about 12K and my wife's is about 14K. Figure that one out. The two FASFAs should be linked so they are evened out to 6500 each.

 

[Amy B]

My EFC came back to be $23,000 based on my husband's income. I freaked out and called my school and was told it will not be figured into the equation for my financial aid. She said it would have to be much higher before I would have to worry.

 

[DrMom]

Originally posted by Amy B
My EFC came back to be $23,000 based on my husband's income. I freaked out and called my school and was told it will not be figured into the equation for my financial aid. She said it would have to be much higher before I would have to worry.

That sounds like how my school deals with it. My EFC has never affected my financial aid package.

 

[alimarie81]

Hey guys
I just emailed my school's fin aid dept, and had some reassuring news. The Sr. Financial Aid Administrator emailed me back about my high EFC ($11,700). She said I can borrow $8500 from subsidized Stafford based on need. The unsub $30,000 is not based on EFC, so I can use part of that to make up the rest. The EFC on FAFSA is confusing, in that it makes you think you have to pay that amount out of pocket (from residual income) every year.
She also said "don't hesitate to contact us should you start worrying. you will be fine. I can help you through this process every step of the way. It is not hard, its just a major decision that you have made and at times it is normal to worry about everything."
Its nice to know that your fin aid dept does understand, and they aren't out to get you, they are there to help you.

 

[Xmulder]

Originally posted by rgporter
When I graduated I felt like a leach on society. I could only afford school with grants and subsidized loans. I wanted to work a little, give society a small payback for their investment in my education. I have been working full time for 4 years. My reward for doing so, EFC = 21,000. I'm not going to have a job in medical school so why should anything other than my savings account matter when they calculate EFC?

BTW my parents are dirt poor and I'm 28 anyway, so the entire EFC came from my income, which I will no longer have.
I am married and my wife will work but probably only for one year, since she wants to be a stay-at-home mother. Oh well, I feel lucky just to be going to med school, almost nothing worthwhile is free.

I am in the same boat, though I am not married. I am curious, does age play a factor? (i.e. Does FAFSA assume an older age imply more income and savings?) How old are all of you non-trads, anyway?

Have you guys decided on which schools you will be going to?

 

[Amy B]

I am gulp,.............37.

 

[Chrisobean]

does the EFC come into play with Perkins Loans?

 

[labangel]

EFC does determine whether or not you qualify for perkins. I'm not sure what the cutoff is though. what i think sucks the most is not qualifying for scholarships because your EFC is too high even though you have zero savings....and kids who could afford to go to med school right after college are seen as "poorer" than you. life suck sometimes. i got so mad about this once that i argued with someone with a scholarship program that basing scholarships solely on EFC discriminates against non-trads...she agreed but said there was nothing they could do about it.

 

[Blade28]

From what the OP said, I feel like a leech too. I've been living off financial aid (loans and grants, mainly) since starting med school, and will continue to do so until graduation.

 

[k's mom]

...at least when it comes to your investments, savings, home equity, etc... After a certain age...I believe 25 or 27, a certain amount of your assets are "protected" from being used in the federal formula. that number goes up with each year of age. do a search of this thread for "federal formula." Someone WONDERFUL has given the link a few times. It also lists the amount of income from a spouse that is "protected" as well.

 

[k's mom]

Sorry, I just reread these posts, and the word "leech" is quite disturbing. Do you realize how much you will be paying in taxes every year after you graduate? Calculate that out over the lifetime of your career and I hope it changes your outlook.
Likewise, a loan is a LOAN, not a handout, regardless of wether it is subsidized. If it weren't for federally guaranteed student loans, I certainly never would have made it through graduate school, and my tuition was 1/10th of my husband's med school tuition. How many people with "less-than-perfect-credit" would make it all the way through the application/interview/acceptance process, only to have to give up their acceptance because no one will process their loans? Or even better, $200,000 in medical school loans at %18 interest with no grace period or deferment...that would be a riot!
don't be so hard on yourselves. the government gets back its investment, especially considering the phenomenally low default rates on physician loans.

 

[Ryo-Ohki]

Your assets will only be protected if you qualify under the simple needs test. You have to file a simple 1040 (no schedule D, K1, etc)