What is a good/bad EFC?

[thescreed]

Can anyone provide some insight as to what kind of EFC you need to be considered for need aid?

[Typhoon Longwang]

Depends on the school's budget and if they consider your parents in the funding equation.

[thescreed]

Well, my parents won't be a factor.  Can you explain more about the relationship between EFC and budget? At what point do they decide to give need-based aid rather than force you to take out loans to cover the difference between EFC and the budget total?

[Slow Blues]

Well, my parents won't be a factor.  Can you explain more about the relationship between EFC and budget? At what point do they decide to give need-based aid rather than force you to take out loans to cover the difference between EFC and the budget total?

Even so, I think most schools will assume you're getting some level of support from your parents. I don't know why they assume this, but that's what they seem to do.

I don't know what the cutoff may be, but when I saw my EFC, I knew I wasn't getting any need-based aid. And my family is pretty much middle-class.

[Typhoon Longwang]

I heard an admissions director talk about EFC but my memory is a little rusty (and I'm sure he didn't give specific numbers).  It sounded like it is rare for schools to have a seperate pot of money for need and merit, that it all comes from the same place.  His take is that EFC will impact the types of federal loan the school can give you (if your EFC is too high you'll mostly get unsubsidized stafford and if it's low you'll qualify for subsidized and perkins).  It sounded like schools will force you to take all the federal loans possible.  After that point you need to look for private loans.  After you max-out private loans they may be able to help you in a pinch.

It sounds like merit is increasingly a factor as to whether or not you get money...if they can combine your merit with your need they probably feel a little more warm and fuzzy.  If money is a major issue you might consider expanding your applications to more schools lower in the first tier and high in the second tier.

[thescreed]

Even so, I think most schools will assume you're getting some level of support from your parents. I don't know why they assume this, but that's what they seem to do.

I don't know what the cutoff may be, but when I saw my EFC, I knew I wasn't getting any need-based aid. And my family is pretty much middle-class.

Can this really be true?  I haven't been claimed as a dependent for over 15 years, I've been married for six years and I am a parent myself.  My wife and I make much more money than my parents do.  Why in the world would they assume my parents are going to contribute to my education?

[chrisfield]

Even so, I think most schools will assume you're getting some level of support from your parents. I don't know why they assume this, but that's what they seem to do.

I don't know what the cutoff may be, but when I saw my EFC, I knew I wasn't getting any need-based aid. And my family is pretty much middle-class.

Can this really be true?  I haven't been claimed as a dependent for over 15 years, I've been married for six years and I am a parent myself.  My wife and I make much more money than my parents do.  Why in the world would they assume my parents are going to contribute to my education?

If you and your wife make more money than your parents do then your EFC will probably be high enough that you won't qualify for too much stuff from most schools. I think most schools are looking for people with EFC's less than $5000 or so.  Just my experience from undergrad but I know thats a different beast.

[Slow Blues]

Even so, I think most schools will assume you're getting some level of support from your parents. I don't know why they assume this, but that's what they seem to do.

I don't know what the cutoff may be, but when I saw my EFC, I knew I wasn't getting any need-based aid. And my family is pretty much middle-class.

Can this really be true?  I haven't been claimed as a dependent for over 15 years, I've been married for six years and I am a parent myself.  My wife and I make much more money than my parents do.  Why in the world would they assume my parents are going to contribute to my education?

I'd guess your EFC would be really small. Mine was surprisingly large, considering I haven't been claimed for 8 years and my parents only contributed a small amount to my undergraduate education. I think it's b/c my parents still make considerably more than I do.

[LostMyMonkeys]

I am married with a kid as well, we own a house, my husband makes decent money (we are comfortable) Last year I did ok money wise (not as much as my husband but our tax return put us squarely in middle to upper middle class)

No where did I provide my parents tax return information. I know there is a section on the FAFSA asking for it but I didn't fill it out. I did with mine and my husbands income (mine which will drop of course once I start school next week since I will no longer be working full time) Of course, I still have a mortgage, 2 car payments, child care, other bills, food, etc.
My EFC was fairly high, I though. What, they don't think I need to eat and feed my family too?
But whatever. I got the max federal loans and filled the rest with private loans.

Ho hum.

[thescreed]

So an EFC in the neighborhood of 6000 would probably mean there is no need to fill out financial aid forms for any schools?

ETA:  At what point do the schools ask about houses and other assets?  If we move we will have to sell our house and we may have to rent depending on cost of housing where we move. Selling the house is going to give us a little nest egg approaching $100K (bless you, runaway real estate market).  Is that going to up the EFC for loan eligibility?