EFC . . . aaargh!

[The Name's Dali]

Juris, Needaccess is $15/school. I'd maybe narrow down my list a bit (from maybe 15 schools to 5).

What is needaccess?

[AubZamZam]

Scurvy, I think you did something wrong. Or did something you didn't need to do. (like fill out parental info)

Of course if you're only a few years out of undergrad, the individual schools may want parent info. But it doesn't go on the FAFSA. It goes on their school specific aid apps or on needaccess.

If you had no income in 2004, and are going to be in a JD program your SAR should have an EFC of $0.

I think Scurvy meant that she won't have any income next year, not that she had none in 2004 (I remember seeing her post about her job, I think?)

Scurvy my EFC was also ridiculously high, over 12k.  Which I still really couldn't pay even if i HAD my income next year, but given the fact that I won't, it will  be completely impossible for me to come up with that kind of money.  At a max, I will be able to save maybe $2000 before law school starts.  Uggh.

[Oneof2]

Scurvy, I think you did something wrong. Or did something you didn't need to do. (like fill out parental info)

Of course if you're only a few years out of undergrad, the individual schools may want parent info. But it doesn't go on the FAFSA. It goes on their school specific aid apps or on needaccess.

If you had no income in 2004, and are going to be in a JD program your SAR should have an EFC of $0.

I think Scurvy meant that she won't have any income next year, not that she had none in 2004 (I remember seeing her post about her job, I think?)

Scurvy my EFC was also ridiculously high, over 12k.  Which I still really couldn't pay even if i HAD my income next year, but given the fact that I won't, it will  be completely impossible for me to come up with that kind of money.  At a max, I will be able to save maybe $2000 before law school starts.  Uggh.

I was thinking the same thing.  Even if I were to still have my income next year there would be no way I could afford my $8,000 EFC. It just doesnt seem right...

Someone on another thread said that you could file a "change of circumstances" form at some schools that would lower your EFC. I havent looked into it yet but I certainly will.

It's all just so frustrating. Grrr...

[ScurvyWench]

Scurvy, I think you did something wrong. Or did something you didn't need to do. (like fill out parental info)

Of course if you're only a few years out of undergrad, the individual schools may want parent info. But it doesn't go on the FAFSA. It goes on their school specific aid apps or on needaccess.

If you had no income in 2004, and are going to be in a JD program your SAR should have an EFC of $0.


Juris, Needaccess is $15/school. I'd maybe narrow down my list a bit (from maybe 15 schools to 5).

Trust me, I did it right. I just managed to work my way up the corporate ladder and make too much damn money before realizing

a) I want to go to law school

b) I need to cut my income to lower my EFC

Too late. I did as much damage control as I could and ended up with $13000+ EFC.

[alphalyrae]

Trust me, I did it right. I just managed to work my way up the corporate ladder and make too much damn money before realizing

a) I want to go to law school

b) I need to cut my income to lower my EFC

Too late. I did as much damage control as I could and ended up with $13000+ EFC.

I see. I was wise enough to strategically position myself in low paying crappy jobs for 7 years after getting my BA (exactly long enough to be considered independent from my parents by every school on my list). And then, in 2004, I went so far as to be unemployed for the entire year, living on student loans and credit card debt while attending the local Community College. As a matter of fact, my S-corp lost money in 2004, so I actually have a negative AGI for 2004. Hahahahaha  I love it when a plan comes together.

[HankieB]

For anyone who is interested...I went through the application process last year, and I received financial aid packages from 3 schools.  Here is the lowdown:

My EFC last year was just over $20K (this year it is $28K - yeah, right!)

Here is one of the school's aid package:
Fed Subsidized:  $8500
Fed Unsubsidized:  $10,000
Merit Scholarship:  $8000
Private Ed. Loan Est.:  $21,680

Total Award: $48,180 (this is their estimated cost of attendance)


The other schools had pretty similar awards and est. cost of attendance figures. One school even gave me a Perkins loan for $3K, and I didn't think that I qualified for that type of loan.

So, just because you have a high EFC, that doesn't mean you won't get subsidized federal loans - and it doesn't appear to truly affect your ability to take out private loans in order to get to the est cost of attendance (i.e. the schools don't necessary expect you to have that much cash on hand to put towards your expenses). 

Also, I've mentioned this before, but Bank One (there may be other similar loans, but I'm not sure) offers a private loan that does NOT need to be certified by the school.  This means that you can take out $30K in private loans, even if it exceeds the estimated cost of attendance, that can be used for basically anything - as long as you can qualify and/or get a co-signer. 

Anyhow, I hope this info can be of use to someone!

[Kait]

I'm confused. On the FAFSA it says that since I'm going for a JD I don't have to include my parent's info. However, some schools require it. If the schools require it and I don't include it on the FAFSA, does that mean that they will just request the parental info they require on their own school-specific financial aid apps?

Should I exclude my parent's info on my FAFSA? (I'm 21...definitely still claimed as an exemption.)

Also, if I worked in 2004, how do those earnings affect my EFC since I will not be working at all during 1L?

Financial aid is much more complicated than I realized.

[BIG H2001]

I'm confused. On the FAFSA it says that since I'm going for a JD I don't have to include my parent's info. However, some schools require it. If the schools require it and I don't include it on the FAFSA, does that mean that they will just request the parental info they require on their own school-specific financial aid apps?

Should I exclude my parent's info on my FAFSA? (I'm 21...definitely still claimed as an exemption.)

Also, if I worked in 2004, how do those earnings affect my EFC since I will not be working at all during 1L?

Financial aid is much more complicated than I realized.

If the school requests it put it on there.  They probably want this info. for internal need based aid.  It will not affect your ability to get federal loans.

[littletanuki]

HankieB: your post has given me hope!  My EFC was ridiculously high.  My husband and I were both like, WTF?  This is half of our income!!!!! 

[HankieB]

Glad to help...

Ahhh, I'm happy to see that I didn't go through the whole application process last year in vain.  And I'm glad that I saved every shred of paperwork that I received from the schools...it's useful for comparison purposes if nothing else.