What is your EFC (expected family contribution)?

[tinkerbelle]

I'm only pursuing my undergrad right now however my EFC was 89,890. I think this is rediculous- I can only think of a few colleges that even come close to costing that much! Has any one else had an EFC this high???

How the heck did you get such a high EFC ? You can actually think of schools that cost this much for one year? Are you kidding?

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[liverotcod]

How the heck did you get such a high EFC ? You can actually think of schools that cost this much for one year? Are you kidding?

Remember, it's undergrad and thus includes parental earnings and assets, which must be substantial. Nowhere costs that much per year. Schools expect children of well-to-do families to be provided for by their parents, plain and simple.

 

[notdeadyet]

I've been working for over 5 years and have saved up a sizeable nest egg. Now, I don't have any income but I have a lot of assets. Is EFC based on your income or assets? Can I transfer my accounts to my brother until I graduate?

I filled out the FAFSA for several years and the amount of money in assets did not have _nearly_ the impact of income. Mind you, my assets never amounted to more than $30K...

 

[docjolly]

My EFC, as I found out two days ago, is roughly $14,000


Did I miss something here? I teach and really don't even see much of my money at all (as at least half is taken out in taxes)... Can someone clarify for me, how do schools use EFCs to calculate financial aid packages? Are loans dependent on the values of my EFCs?

Oh well...it could be worse

 

[ecoscuba]

My EFC, as I found out two days ago, is roughly $14,000


Did I miss something here? I teach and really don't even see much of my money at all (as at least half is taken out in taxes)... Can someone clarify for me, how do schools use EFCs to calculate financial aid packages? Are loans dependent on the values of my EFCs?

Oh well...it could be worse

Yeah it's pretty rotten isn't it? I didn't make much in my professional position and now I have an EFC of $12,000. Totally lame in my opinion. I'm independent so this comming right out of my income, and it's about 25%. Same as others have posted. Damn me for trying to work before med school.

 

[liverotcod]

My EFC, as I found out two days ago, is roughly $14,000


Did I miss something here? I teach and really don't even see much of my money at all (as at least half is taken out in taxes)... Can someone clarify for me, how do schools use EFCs to calculate financial aid packages? Are loans dependent on the values of my EFCs?

Oh well...it could be worse

Depends on the school, but unless you're making over $100k, EFC will only be relevant for need-based aid (grants, institutional loans, etc.) which a majority of students will not get anyway. Just about everybody gets their 38,500 in Stafford loans, and then private loans above that.

Most schools also have a mechanism to account for a student leaving a job to go back to school, and hence giving up their income.

 

[joybeth503]

Depends on the school, but unless you're making over $100k, EFC will only be relevant for need-based aid (grants, institutional loans, etc.) which a majority of students will not get anyway. Just about everybody gets their 38,500 in Stafford loans, and then private loans above that.

Most schools also have a mechanism to account for a student leaving a job to go back to school, and hence giving up their income.

Goin' to pharmacy school this fall, my EFC is 18K- yikes!!! I think you are right, livertocod, I have talked to fin aid people and it seems like EFC is just not that relevant. They just make everybody take out the loans. Bummer.

 

[eldarion3141]

my EFC was $0
Personal earning (according to W-2) was about $1,800

 

[Queenshawtii]

how much does the gov't assist you if you have a 0 or low EFC?

 

[Febrifuge]

Grants and scholarships are a whole lot more plentiful in undergrad-world. Med school is grad school, and therefore the need-based aid is not much, and not too common. Subsidized Stafford loans can go up to $8500 a year... but most anything else you need will be regular ol' loans with interest accruing the minute they disburse.

Remember, everyone: "I am not my EFC."

 

[docjolly]

Grants and scholarships are a whole lot more plentiful in undergrad-world. Med school is grad school, and therefore the need-based aid is not much, and not too common. Subsidized Stafford loans can go up to $8500 a year... but most anything else you need will be regular ol' loans with interest accruing the minute they disburse.

Remember, everyone: "I am not my EFC."

Excellent post, Feb!

Just another question: does one's credit rating affect his/her ability go obtain graduate education loans?

thanks for the help

 

[OSUdoc08]

how much does the gov't assist you if you have a 0 or low EFC?

Maximum loans to cover your medical school costs.

 

[CanIMakeIt]

ok I am totally confused now......earlier I had an EFC of 15,982 when I filed for the first time with my parent's income being $5000/yr

Now I found a mistake and corrected my FAFSA with a new LOWER AGI and my new EFC has increased to $16489.

WTF

Can someone explain this please ?????????????

 

[OSUdoc08]

ok I am totally confused now......earlier I had an EFC of 15,982 when I filed for the first time with my parent's income being $5000/yr

Now I found a mistake and corrected my FAFSA with a new LOWER AGI and my new EFC has increased to $16489.

WTF

Can someone explain this please ?????????????

Your parents information is not considered on the FAFSA. If for some reason it is, I would remove it, as you are not required to report that information to the government.

Your EFC should only be based on you and your spouse's income, savings, and assets.

 

[CanIMakeIt]

Your parents information is not considered on the FAFSA. If for some reason it is, I would remove it, as you are not required to report that information to the government.

Your EFC should only be based on you and your spouse's income, savings, and assets.

No what I was trying to say was that I lowered MY gross income without changing the savings/assets.....and the EFC went up.......

Can anyone explain that???

 

[bmcgilligan]

Holy ****! My EFC is 11000+!!!! My husband and I made a grand total of 47000 last year...but I made over 1/2 of that and will not be working during med school...what are we going to do???

 

[OSUdoc08]

Holy ****! My EFC is 11000+!!!! My husband and I made a grand total of 47000 last year...but I made over 1/2 of that and will not be working during med school...what are we going to do???

Keep working.

 

[lalamoo]

Holy ****! My EFC is 11000+!!!! My husband and I made a grand total of 47000 last year...but I made over 1/2 of that and will not be working during med school...what are we going to do???

Learn to love the loans. Really.... $150,000 in the red isn't SO bad...

 

[Febrifuge]

Just another question: does one's credit rating affect his/her ability go obtain graduate education loans?

Federal loans: not really. Even if there's a bankruptcy in your past somewhere, you can't be denied federal aid because of it (though you will need to make sure your MPN is signed after the bankruptcy is discharged, and a pending bankruptcy is like a hailstorm interrupting a ballgame).

Private loans: totally. It's up to the bank to decide what the lending guidelines are, so as long as they apply them fairly and evenly to everyone, in theory they could be just about anything that isn't protected by discrimination laws. In practice, they're your basic bank loan credit guidelines... keep in mind that a student loan is usually an unsecured loan, and in those cases, you kind of are your credit rating.

 

[Suzanne Hutton]

Hi:

I am deciding on whether to go to Tufts or McGill(Montreal) for my premed (undergrad). Tufts is $ 44,000 a year and McGill is $ 21,000 per yr. Both have good reputations.

However some folks have told me that iit is very hard to get into a US medical school if I have a degree from a Canadian University. Is this true?

Also will it be hard for a US citizen to get into a Canadian medical school?

Your feedback would be greatly appreciated as money is an issue.

Suzanne H.

 

[OSUdoc08]

Hi:

I am deciding on whether to go to Tufts or McGill(Montreal) for my premed (undergrad). Tufts is $ 44,000 a year and McGill is $ 21,000 per yr. Both have good reputations.

However some folks have told me that iit is very hard to get into a US medical school if I have a degree from a Canadian University. Is this true?

Also will it be hard for a US citizen to get into a Canadian medical school?

Your feedback would be greatly appreciated as money is an issue.

Suzanne H.

Yes, it is very difficult for a U.S. citizen to get in a Canadian school. I would decide on where you want to go to medical school, and then go to undergrad there.

 

[ToothCandy4U]

EFC $43,000
I am in shock. I am calling financial aid tomorrow!!

 

[OSUdoc08]

EFC $43,000
I am in shock. I am calling financial aid tomorrow!!

I'm guessing you didn't get into medical school straight out of college.

 

[ToothCandy4U]

I'm guessing you didn't get into medical school straight out of college.

Actually, it is not med school. It's dental school.
And it is my husband's fault... why EFC is high.

 

[OSUdoc08]

Actually, it is not med school. It's dental school.
And it is my husband's fault... why EFC is high.

well tell him to keep workin'!

 

[ToothCandy4U]

well tell him to keep workin'!

Will do.

But we will be drinking water and chewing bagle if we have to pay that much for my school..

 

[BMW19]

Hold on a minute. I have been told by several sources (including my school) that 38,500 is guaranteed whether you have 2 or 200,000 dollars in the bank. If this is the case, why is everyone freaking out. Am I wrong about this? I have asked several sources and they all say the tuition is guaranteed money. Living expenses you might be on your own. Anyone want to comment?

Will do.

But we will be drinking water and chewing bagle if we have to pay that much for my school..

 

[OSUdoc08]

Hold on a minute. I have been told by several sources (including my school) that 38,500 is guaranteed whether you have 2 or 200,000 dollars in the bank. If this is the case, why is everyone freaking out. Am I wrong about this? I have asked several sources and they all say the tuition is guaranteed money. Living expenses you might be on your own. Anyone want to comment?

You could be limited on those loans if you have a high EFC. Since they don't include your parents for anything above undergrad, the only EFC can come for you or your spouse.

 

[liverotcod]

Hold on a minute. I have been told by several sources (including my school) that 38,500 is guaranteed whether you have 2 or 200,000 dollars in the bank. If this is the case, why is everyone freaking out. Am I wrong about this? I have asked several sources and they all say the tuition is guaranteed money. Living expenses you might be on your own. Anyone want to comment?

Correct, Stafford loans for up to the amount of the total budget (or max $38,500) are pretty much a done deal unless you, personally, have income of over ~$100K. The only thing EFC matters for is school-specific grants and loan programs.

 

[bmcgilligan]

The financial aid people at my med school told me that the EFC doesn't matter to them. They'll still give out the total of the budget in loans.

 

[OSUdoc08]

The financial aid people at my med school told me that the EFC doesn't matter to them. They'll still give out the total of the budget in loans.

This is very true if the money is from you, and you quit your job to enter school. However the EFC is often from a spouse who will continue to work, and this may make it a little more difficult.

Fortunately, they will still work with you in most cases.

 

[Direct Laryngoscopy]

My EFC is 3281 but I'm not clear on the whole EFC thing. Is the EFC after grants and federal loans are considered or is it after grants and scholarships only? Am I expected to come out of my pocket with this amt or can I take out loans (Specifically fed loans) to cover this? Thanks in advance.

 

[liverotcod]

My EFC is 3281 but I'm not clear on the whole EFC thing. Is the EFC after grants and federal loans are considered or is it after grants and scholarships only? Am I expected to come out of my pocket with this amt or can I take out loans (Specifically fed loans) to cover this? Thanks in advance.

An EFC of 3281 will NOT affect Stafford loan eligibility. It can only affect school-based loans and grants.

 

[Direct Laryngoscopy]

An EFC of 3281 will NOT affect Stafford loan eligibility. It can only affect school-based loans and grants.

So I will have to pay or take out loans in the amt of my EFC to cover my tuition?

 

[OSUdoc08]

So I will have to pay or take out loans in the amt of my EFC to cover my tuition?

No, the EFC is how much you can provide---not how much it costs.

You will need to take out loans for the cost of school & expenses.

 

[Direct Laryngoscopy]

Thanks for the clarification.

 

[ursulamajor]

My EFC was almost $16K Riiiiiiight, I'll get right on that.

 

[R2_D2]

For this year, my EFC is 0, I don't have any assets (not even a car!) and I'm not working. But in a few months, I will buy a condo to live in nearby school. Even though I'm not paying for the condo (good ol' parents), will having the condo under my name affect my finaid award next year? Should I put the condo under my parent's name?

 

[mpp]

Your primary residence is not considered in determining your EFC.

 

[BTB]

my EFC is $32K. Yikes.

 

[Takigan]

Wait I'm confused. If your EFC is how much the government expects you to provide (per year I assume) for college, does that mean they (the government) cover expenses equal to the cost of attending the school -minus- the EFC?

If this is the case, where does student aid that's provided by the school itself come in?

My EFC is 857. I'm a dependent undergrad with a single parental unit making about $25,000/yr. I'm attending a small school that costs about $2,500/yr for a full course load and about $4,000/yr for on-campus living for a grand total of about $6,500/yr before books and minor fees like parking stickers and stuff are added. I recieve scholarships from the school which add up to about $4,000/yr.

How much will I, personally, have to come up with for college this coming year?

 

[Skaterbabe74]

Takigan - You probably won't have to come up with anything with such a small EFC. You should be getting your financial aid award letter shortly but you'll probably find that you receive the 4k in scholarships, plus the rest of the "cost of attendance" money in grants, work study, and/or loans. While the school may or may not include the money for your EFC in the award you can take out the money for your EFC in unsubsidized Staffords so long as you don't end up going over the max for the year. At most you will only have to pay for a few incidentals or some of your books if the amount they budget you for doesn't quite meet your actual expenses. But you can also possibly have the financial aid office readjust your award to include the actual expenses (make sure you buy your books on campus if you go this route).

Don't worry about it. You're set!