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Author Topic: FAFSA EFCs  (Read 7948 times)

jalex519

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FAFSA EFCs
« on: February 09, 2008, 08:28:18 PM »
What is considered to be a low EFC? Mine ended up being $703 since I did not have to enter any parental information this time around and that is much lower than it was for my undergrad, but I remember some people posting that theirs came out to be $0.
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UnoriginalAndrew

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Re: FAFSA EFCs
« Reply #1 on: February 09, 2008, 09:13:15 PM »
Do you consider that to be a low EFC?  That's what makes it low.  FWIW, mine was around $200 or so.  But yeah, some people will have $0.  Some people who've worked a while might have much more.
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jalex519

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Re: FAFSA EFCs
« Reply #2 on: February 09, 2008, 10:07:20 PM »
Do you consider that to be a low EFC?  That's what makes it low.  FWIW, mine was around $200 or so.  But yeah, some people will have $0.  Some people who've worked a while might have much more.

I guess its low, but I'm not really too familiar with how the EFC is factored into determining your eligibility for subsidized loans. Does anyone know if my EFC would qualify for the full $8,500 that is available as a subsidized Stafford loan?
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upgrade

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Re: FAFSA EFCs
« Reply #3 on: February 09, 2008, 10:18:21 PM »
That is low.  My EFC is about $25,000. =/

Edit: http://www.ifap.ed.gov/eannouncements/attachments/0809EFCFormulaGuide.pdf has the worksheet for manually calculating EFC, if you are interested in seeing what changing previous year's income or current assets will yield.

Clayton

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Re: FAFSA EFCs
« Reply #4 on: February 09, 2008, 11:16:11 PM »
My EFC is 0, thank goodness.

Tegoyan

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Re: FAFSA EFCs
« Reply #5 on: February 09, 2008, 11:29:25 PM »
Do you consider that to be a low EFC?  That's what makes it low.  FWIW, mine was around $200 or so.  But yeah, some people will have $0.  Some people who've worked a while might have much more.

I guess its low, but I'm not really too familiar with how the EFC is factored into determining your eligibility for subsidized loans. Does anyone know if my EFC would qualify for the full $8,500 that is available as a subsidized Stafford loan?

You should be. My undergrad EFC this year was around $2000 and I got the max in subsidized loans.

jalex519

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Re: FAFSA EFCs
« Reply #6 on: February 09, 2008, 11:59:25 PM »

You should be. My undergrad EFC this year was around $2000 and I got the max in subsidized loans.

Oh ok, sweet, thats a major relief!
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stinabee

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Re: FAFSA EFCs
« Reply #7 on: February 10, 2008, 01:01:08 AM »
Ugh, mine  is like 5,236...and I only worked for like 3 months this year, 10-15 hours a week. Doesn't really make sense...

Hammerstein

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Re: FAFSA EFCs
« Reply #8 on: February 10, 2008, 01:35:38 AM »
Ugh, mine  is like 5,236...and I only worked for like 3 months this year, 10-15 hours a week. Doesn't really make sense...

Looking at the formula, it appears that it includes Worksheet B as part of your yearly income.  If you reported on that worksheet that you received parental support (as it seems to require you to do in question 12, when it asks about "Money received, or paid on the student's behalf (e.g., bills), not reported elsewhere on this form.", then the formula treats this as if you made it by working.

Don't know if that explains your situation, but I suspect it will mess my own up.
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jalex519

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Re: FAFSA EFCs
« Reply #9 on: February 10, 2008, 10:14:26 AM »
Ugh, mine  is like 5,236...and I only worked for like 3 months this year, 10-15 hours a week. Doesn't really make sense...

Looking at the formula, it appears that it includes Worksheet B as part of your yearly income.  If you reported on that worksheet that you received parental support (as it seems to require you to do in question 12, when it asks about "Money received, or paid on the student's behalf (e.g., bills), not reported elsewhere on this form.", then the formula treats this as if you made it by working.

Don't know if that explains your situation, but I suspect it will mess my own up.

Oh yeah I reported zero for parental support because technically they didn't...
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