An EFC of 0 ????

[alphadog24]

What does this mean? Does this indicate I did something wrong on my FASFA? Even in undergrad I always had a 4 digit EFC, and my family's financial situation has'nt changed much since then. Anyone know?

[bill612mass]

assuming you didn't make an error, an EFC of zero is very good...it means your family is only expected to contribute 0 to your education.  Since you are applying to grad school, you are independent and don't have to put family income on the FAFSA.

[Zam]

Well, this sucks. I did my FAFSA already and reported only my income, and I still had an EFC of four digits. There's no way I'm going to be able to contribute that much to my education. And I didn't even earn that much money last year. I don't know what the deal with that is.

Four digits.  Wow.

You don't actually have to come up with that money.  It just means that you'll need to get private loans to cover the portion of the EFC that you don't have.  Also, anything over the school's budget will have to paid for with private loans.

Precisely. Mine was four digits too, the number didn't seem that high to me, not that I have it at the ready.

[Zam]

I had a very strange 2006, business wise, and have a EFC that is much lower than it should be.  I almost feel guility enough to write to schools and tell them that I don't want to have the difference made up in grants, and that I'm comfortable with loans 100% ...

Don't do it!

Schools charge far too much in tuition anyway.

[RedWine]

Mine was a little over $9K and I grossed just about $30K last year.  This seems quite high to me, but I'm not really sweating it -- schools generally have their own formula for financial aid.  In the end, whatever they calculate, it's not going to stop me from going to law school so I'll just have to suck it up and pay for it later, somehow.

Deedeeleigh, city taxes here are outrageous too.  I'm hoping that the schools' own forms will take this into account even though the FAFSA didn't.  Most of them require a copy of your tax returns anyway, so they should see it.

[alphadog24]

Thanks for all the replies guys. One thing I do know though. The EFC it says is NOT the dollar amount you are expected to pay. Its just like a number, which the financial aid office at the school you attend will use to decide things.

i.e. if it says efc of 4458. That does'nt mean you have to pay $4458 a year. I dont know exactly how it corresponds to dollars, but I do know its not what you are seeing upfront with the number.

HTH

[alphadog24]

assuming you didn't make an error, an EFC of zero is very good...it means your family is only expected to contribute 0 to your education.  Since you are applying to grad school, you are independent and don't have to put family income on the FAFSA.

Am I an independent if my mother still claims me as a dependent on her taxes? My father, who does'nt live with me, and does'nt support me in anyway, I believe he also claims me on his taxes (fuc*ed up). What about this?

[Boss]

Thanks for all the replies guys. One thing I do know though. The EFC it says is NOT the dollar amount you are expected to pay. Its just like a number, which the financial aid office at the school you attend will use to decide things.

i.e. if it says efc of 4458. That does'nt mean you have to pay $4458 a year. I dont know exactly how it corresponds to dollars, but I do know its not what you are seeing upfront with the number.

HTH

If your school estimates that it will cost $20K to attend, and your EFC is $4458, that means that you're eligible for $15,542 in need based aid (school grants, federal loans, qualifying you for instate tuition).  You'll need to find a way to pay $4458, whether through merit based scholarships or private loans.  You could be expected to pay more if the school can't come through with need based grants and you've maxed out your federal loans.

assuming you didn't make an error, an EFC of zero is very good...it means your family is only expected to contribute 0 to your education.  Since you are applying to grad school, you are independent and don't have to put family income on the FAFSA.

Am I an independent if my mother still claims me as a dependent on her taxes? My father, who does'nt live with me, and does'nt support me in anyway, I believe he also claims me on his taxes (fuc*ed up). What about this?

If someone else claims you as a dependent, you're a dependent.  But, I'm pretty sure that she can't claim you once you graduate UG.  I'm no expert.  I'd either consult an accountant or the FAFSA website for how to answer that one.

[Zam]

assuming you didn't make an error, an EFC of zero is very good...it means your family is only expected to contribute 0 to your education.  Since you are applying to grad school, you are independent and don't have to put family income on the FAFSA.

Am I an independent if my mother still claims me as a dependent on her taxes? My father, who does'nt live with me, and does'nt support me in anyway, I believe he also claims me on his taxes (fuc*ed up). What about this?

Only one person can claim you.  If both of your parents are claiming you separately, one or both can expect a visit from Aunt IRiS.

Yes, I was going to point this out but you beat me to it; only one parent can claim you if your parents are divorced.

[Booyakasha2]

I almost feel guility enough to write to schools and tell them that I don't want to have the difference made up in grants, and that I'm comfortable with loans 100% ...

That is very admirable.