High EFC??

[fsowannabe]

Hello,

I just received my SAR (Student Air Report) and found out that my Expected Financial Contribution (EFC) is $9,792. I definitely am not prepared to contribute that much to my education at anytime soon (I have about $1,000 in the bank). I don't make a lot of money ($35,000 in NYC is not a lot at all) and I'm concerned that this is going to have a negative impact on the scholarships/institutional funding that I will be offered. Does anyone have any input or experience in this area? I'm really worried!!

[2400]

I am in the same boat -- I'm in the first year of my phd, and I submitted the FAFSA. I'm not working right now, and my EFC was about $7000! How is that even possible? I had a modest income for 8 months of 2009. I don't get it either. I'm also interested in any advice on this. I'm planning to revise my FAFSA after I finish my taxes, so hopefully, that EFC will come out lower after revising...

[rising_star]

You'll be eligible for Stafford loans either way.

[swisnieski]

EFC is expected FAMILY contribution. It includes not only the average payment toward tuition for a family of that size and income but also such things as providing food, housing, transportation, etc. In short it encompasses everything your parents do for you that can conceivably contribute to schooling (even if you live on campus you are still legally living at home).

[rising_star]

EFC is expected FAMILY contribution. It includes not only the average payment toward tuition for a family of that size and income but also such things as providing food, housing, transportation, etc. In short it encompasses everything your parents do for you that can conceivably contribute to schooling (even if you live on campus you are still legally living at home).

Not for graduate school. All graduate students--regardless of their age--are considered "independent" for FAFSA purposes...

[twocosmicfish]

Hello,

I just received my SAR (Student Air Report) and found out that my Expected Financial Contribution (EFC) is $9,792. I definitely am not prepared to contribute that much to my education at anytime soon (I have about $1,000 in the bank). I don't make a lot of money ($35,000 in NYC is not a lot at all) and I'm concerned that this is going to have a negative impact on the scholarships/institutional funding that I will be offered. Does anyone have any input or experience in this area? I'm really worried!!

Don't worry - very little grad funding is need-based, and most of that is in the form of loans. Assistantships and fellowships are competitive based on merit, and most schools try to arrange a loan package that covers tuition and reasonable living expenses (should you need it) - in general, regardless of your income you will be able to get Stafford + PLUS loans at their max, and generally other private loans as well. So the only way this influences things is in that tiny set of need-based grants and fellowships, and even then that would only be a problem if your total tuition and fees is less than $9792.

[red_crayons]

Not for graduate school. All graduate students--regardless of their age--are considered "independent" for FAFSA purposes...

Interesting, I didn't realize that.

I thought there was some cut-off at 24 where the FAFSA considered you independent? But maybe that's only relevant if you're still doing undergraduate work.

It makes more sense to consider people independent for grad school, though.

Edited January 21, 2010 by red_crayons