FAFSA & EFC

[was1984]

Does anyone know what your EFC has to be to qualify for subsidized student loans as a graduate student? My EFC based on my 2008 return is 19686, and I'm assuming that is way too high to qualify for subsidized loans. Am I wrong?

Also, I was laid off this week and the likelihood of me finding a job that pays anywhere near as well as my prior job is pretty much 0. My income last year is probably going to be at least 3-4 times my income this year. Is there any way to improve my financial aid prospects based on my current situation?

[MacDuff]

I'm sorry I'm unable to answer your specific question about what an eligible EFC number is to qualify for subsidized loans, however, you may want to pursue FAFSA's recommendation as follows:

How much aid do I get?

Schools use your EFC to prepare a financial aid package (grants, loans, and/or work-study) to help you meet your financial need. Financial need is the difference between your EFC and your school

[was1984]

I'm sorry I'm unable to answer your specific question about what an eligible EFC number is to qualify for subsidized loans, however, you may want to pursue FAFSA's recommendation as follows:

How much aid do I get?

Schools use your EFC to prepare a financial aid package (grants, loans, and/or work-study) to help you meet your financial need. Financial need is the difference between your EFC and your school

[sarah_bear]

i read on a Q&A somewhere on the internet of a similar situation.

here is the link:

http://talk.collegeconfidential.com/financial-aid-scholarships/554284-unemployment-high-efc.html

and here is the specific comment about your situation:

You can try asking the financial aid office for a special circumstances adjustment. This can be awarded, at the FAOs discretion, based on a change in circumstances such as loss of income or benefits and also for higher than average expenses such as medical expenses. (consumer debt such as car payments are not a special circumstance). If the adjustment is approved they can go into your FAFSA and adjust the income and then the numbers are run through the EFC formula again producing a new EFC.

Independent students do not really fare that well under the financial aid formula. For the 2008-2009 school year a single independent student only has @ $6,200 in income protection plus a little more for taxes and ss taxes. Over that 50% goes toward your EFC which probably explains your high EFC.

Try asking for the special circumstances adjustment. Here is some more information

http://www.finaid.org/educators/pj/specialcircumstances.phtml

Keep in mind that the FAOs decision is final. Good luck - let us know how it turns out.

good luck friend. this is why fafsa formula makes no sense. certainly anyone working full time the year before they begin grad school will have a higher income than while they will be attending school the next year. More over, how can anyone actually expect you to be able to contribute 50% of your income for schooling. it is absurd.