A simple question about Expected Family Contribution.
If my EFC is $35,000 and Cost of Attendance is $25,000. Does that mean no financial aid will be available?
Financial Aid = COA - EFC ??
You may be in trouble there, mate. I can’t speak to official rules, but when that has happened to me over my many years of schooling, it has not been a good thing. However, note that if you anticipate quitting your job to pursue full time work, you can discuss with your college financial aid department the fact that your income will be going from $xxx,000 to much, much less with no income from you. They can then adjust your aid based on this new calculation.
There is also a nice summary of the EFC interpretation on the College Board website. An interesting side note is that I have found that private schools have been much more willing to “wheel-and-deal” with the financial aid situation than public schools. In fact, I paid much more for my M.A. at an inexpensive public university than I did for my B.S. from a private college! I guess the idea is that your financial aid at public schools the subsidized tuition… but nothing more.
Remember that your budget will include living expenses, not just tuition. You will be able to borrow up to the limit of the unsubsidized Stafford even if you have an EFC that would seem to preclude this. AT least, at my school you can. Call yours and check.
- samenewme Said:
Remember that your budget will include living expenses, not just tuition. You will be able to borrow up to the limit of the unsubsidized Stafford even if you have an EFC that would seem to preclude this. AT least, at my school you can. Call yours and check.
You are right. I talked to my school's financial aid department and I was told even if EFC > COA, I can still get unsubsidized loans.