Hi everyone, I’m not sure if this is even the right place to post this, but I didn’t find any financial aid forum so what the hay…anyhow, I just filled out my FAFSA for 2004-2005 (bc I finally filed my taxes!). Anyhow, because of my high salary in 2003, they said that my EFC should be $40,000. That’s crazy…I lived in Manhattan, slept indoors, and ate processed foods. There is no way on my net income, I could have saved that kind of money with shelter and food. Anyhow, as you might have guessed, I do not as savings savvy as Uncle Sam would like me to be, and no, I don’t have $40k lying around. I was never expecting to get grants or anything bc my salary was so high, but I thought I would at least get loans. Does this EFC mean that I will not qualify for federal loans? What does someone do when the government seems to believe you should have saved 2/3 of salary and you do not find that feasible?
Don’t let it freak you out. I also was worried about my EFC ($23,000). I called the financial aid office at my school and she said it wouldn’t even come into play. I do wonder why they have it then. I mean aside from freaking us all out, I see no need for having it.
If you are worried, I would suggest calling the school and asking about it and if it will affect your loan amounts. You are right, you won’t get grants.
In our inital briefing, the gentleman in charge of financial aid at our school explained that you can submit a letter/documents to him showing that the figure in your FAFSA will not be your income for that year. Somehow, he works his magic to have your package reflect your true income. I don’t know much more than that because I don’t interact with him. But I did remember that bit from his talk.
Hope this helps,
The EFC is used to determine need-based aid. Much of the aid given for medical students is not need-based (e.g., unsubsidized Stafford loans are not need-based). The financial aid office may have a form to file to correct your EFC for loss of income when school starts to see if you qualify for any need-based aid they might have. The $40,000 EFC is likely more due to your salary and not your savings (unless you have $100k or more in savings).
basically, they are just letting you know that you’ll qualify for unsubsidized loans(those are not considered need-based). i have a friend who is a pharmacist and earning ~ $80k/yr and decided to go back to graduate school and still got the un-sub loans to pay for her school. not to worry, you may not qualify for the ‘free money’, but they sure will throw the loans at you. talk to the financial aid folks at your school.