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Author Topic: Got my FAFSA Back - Is this good?  (Read 4302 times)

OnTheRoad

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Got my FAFSA Back - Is this good?
« on: January 14, 2008, 02:44:27 PM »
It says "EFC - 00000". That's Expected Financial Contribution, right? And I'm so broke that they used 5 zeroes? Does anyone understand this stuff better than me?

OnTheRoad

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Re: Got my FAFSA Back - Is this good?
« Reply #1 on: January 14, 2008, 02:55:17 PM »
Ok, so this means that I can get all the loans I need, but doesn't say anything about grants?

etmerian

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Re: Got my FAFSA Back - Is this good?
« Reply #2 on: January 14, 2008, 03:47:30 PM »
sounds to me like a good thing...congrats!

casper13

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Re: Got my FAFSA Back - Is this good?
« Reply #3 on: January 14, 2008, 05:00:55 PM »
All zeros are the magic number in the financial aid game. Especially at the ivy's that only offer need based aid, thus you have all need by the zeros so you will get max of whatever grants they also offer.

nakanaka

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Re: Got my FAFSA Back - Is this good?
« Reply #4 on: January 14, 2008, 06:20:37 PM »
It is very possible that you will get a good amount of need based aid from the school.

_retired_

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Re: Got my FAFSA Back - Is this good?
« Reply #5 on: January 14, 2008, 06:40:22 PM »
I'm relatively unfamiliar with the whole financial aid process, but shouldn't unmarried law students all have an EFC of 0?  I was under the impression that once graduate work began, parents' financial info was excluded from FAFSA (though not from schools' aid forms).  Besides a spouse's income, what else can be held against you for EFC?

siski

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Re: Got my FAFSA Back - Is this good?
« Reply #6 on: January 14, 2008, 06:48:40 PM »
I'm relatively unfamiliar with the whole financial aid process, but shouldn't unmarried law students all have an EFC of 0?  I was under the impression that once graduate work began, parents' financial info was excluded from FAFSA (though not from schools' aid forms).  Besides a spouse's income, what else can be held against you for EFC?

The FAFSA is based on your previous year's income, so if a law school applicant worked in 2007, then the EFC for the first year may not be 0. Also, if you make money during your summers (such as summer associate positions), that will count against you too when determining the EFC.

siski

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Re: Got my FAFSA Back - Is this good?
« Reply #7 on: January 14, 2008, 06:50:10 PM »
I'm relatively unfamiliar with the whole financial aid process, but shouldn't unmarried law students all have an EFC of 0?  I was under the impression that once graduate work began, parents' financial info was excluded from FAFSA (though not from schools' aid forms).  Besides a spouse's income, what else can be held against you for EFC?

The FAFSA is based on your previous year's income, so if a law school applicant worked in 2007, then the EFC for the first year may not be 0. Also, if you make money during your summers (such as summer associate positions), that will count against you too when determining the EFC.

_retired_

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Re: Got my FAFSA Back - Is this good?
« Reply #8 on: January 14, 2008, 07:03:07 PM »
I'm relatively unfamiliar with the whole financial aid process, but shouldn't unmarried law students all have an EFC of 0?  I was under the impression that once graduate work began, parents' financial info was excluded from FAFSA (though not from schools' aid forms).  Besides a spouse's income, what else can be held against you for EFC?

The FAFSA is based on your previous year's income, so if a law school applicant worked in 2007, then the EFC for the first year may not be 0. Also, if you make money during your summers (such as summer associate positions), that will count against you too when determining the EFC.

Gotcha... I didn't realize that the student's finances were included.  I thought that the EFC was only for family members' contribution and that the student's own contribution was separate.  Thanks for clearing that up.

OnTheRoad

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Re: Got my FAFSA Back - Is this good?
« Reply #9 on: January 14, 2008, 09:09:52 PM »
So is the grant thing based on the FAFSA or this NeedAccess thing? Does my FAFSA 180 really mean that I'm looking good for grants, or will it be awhile before I know?

Casper - Could you explain what you mean by the Ivies and their need-based only aid?