Worked for a year or two . . . EFC?

[87138]

So I've been working for over a year and made about $13,000 in 2007. When calculating my federal loans, will they take into account that I will be making NO money next year in med school? I know one of my schools has a specific form to fill out in this instance, but I don't think the others do, and even so, would that even apply to federal loans or just school based aid or what?

FWIW, on the FAFSA, when I submitted it, it said my EFC was ~$2,000.

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[Doctor Bagel]

So I've been working for over a year and made about $13,000 in 2007. When calculating my federal loans, will they take into account that I will be making NO money next year in med school? I know one of my schools has a specific form to fill out in this instance, but I don't think the others do, and even so, would that even apply to federal loans or just school based aid or what?

FWIW, on the FAFSA, when I submitted it, it said my EFC was ~$2,000.

The EFC does not take into account that you won't earn any money once in school. However, your EFC is so low that it's not going to have a negative impact on your financial aid. Personally I wouldn't bother contacting the school to get it changed.

 

[87138]

Thanks....I've got another question. EVMS requests a signed copy of you and your parents' 1040 tax form . . . but from what I can tell, my other schools don't. I can't seem to get much info from their fin aid depts . . . but is it common to NOT require a signed copy?

 

[Doctor Bagel]

Thanks....I've got another question. EVMS requests a signed copy of you and your parents' 1040 tax form . . . but from what I can tell, my other schools don't. I can't seem to get much info from their fin aid depts . . . but is it common to NOT require a signed copy?

My school only requires that from people who get selected for verification. I've never been unlucky enough to get selected, so I've never had to send it in. I would suspect more schools don't require than require one, but it's not all that uncommon to require copies of the forms from all students.

 

[RockfordWF]

The EFC does not take into account that you won't earn any money once in school. However, your EFC is so low that it's not going to have a negative impact on your financial aid. Personally I wouldn't bother contacting the school to get it changed.

Your EFC can go as high as you want it. Your EFC is 0 as far as your school is concerned, since they know you won't be working, as stated above.

 

[TMP-SMX]

At Wayne they combine your and your parent's EFCs to see if you are eligible for campus -based aid. The threshold is 18,000. You will still be eligible for the full amount of subsidized stafford loans.

 

[Doctor Bagel]

Your EFC can go as high as you want it. Your EFC is 0 as far as your school is concerned, since they know you won't be working, as stated above.

Again, that depends on your school. The federal government certainly does not consider the fact that you're quitting work to go to school in their EFC calculations. However, your EFC has little impact on your ability to borrow since most loans for medical students are not need-based.