Law School Discussion

EFC= $16000????

*shell*

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EFC= $16000????
« on: January 31, 2006, 04:12:44 PM »
*&^%!  they expect me to come up with that?  wtf?  im screwed because i have a job...

Steve.jd

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Re: EFC= $16000????
« Reply #1 on: January 31, 2006, 05:11:23 PM »
Stafford caps at 18k (or is it 28 a year) anyway so if total cost is like 60k/yr, and they expect you to come up with 16k its just like they want you to come up with nothing...since Stafford won't cover it all anyways....you might get screwed with grants, but everyone gets screwed with grants because parental finances count for that

almuhajaba

Re: EFC= $16000????
« Reply #2 on: January 31, 2006, 05:15:33 PM »
stafford caps at 18.5 per year.

My EFC was $0 (:) I didn't earn too much this year, woohoo for unpaid, "your-reward-is-experience" internships!!) so do you think I'd qualify for one of the $6,000/yr Perkins loans on top of that 18.5K? How does the Perkins work?

jacy85

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Re: EFC= $16000????
« Reply #3 on: January 31, 2006, 05:16:59 PM »
Parental finances don't necessarily count for grants.  Depends entirely on the individual's school policy.

It makes no difference what your EFC is.  Most people end up taking the entire amount for school and living expenses in loans of some type, most of it in private loans, and they couldn't care less about your EFC.

Typhoon Longwang

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Re: EFC= $16000????
« Reply #4 on: January 31, 2006, 08:53:40 PM »
stafford caps at 18.5 per year.

My EFC was $0 (:) I didn't earn too much this year, woohoo for unpaid, "your-reward-is-experience" internships!!) so do you think I'd qualify for one of the $6,000/yr Perkins loans on top of that 18.5K? How does the Perkins work?

Maybe if Perkins still exists come fall.

Law2k6

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Re: EFC= $16000????
« Reply #5 on: February 05, 2006, 01:54:55 AM »
$16k for me too. :o What in the world? ??? Doesn't it matter that I'm actually only going to work half of this year and QUIT MY JOB to go to law school? I guess making big payments to my UG loans this past year will bite me. No grants for me.  :'(

I guess I should go ahead and stop eating to save up. Ramen noodles anyone?

SkullTatt

Re: EFC= $16000????
« Reply #6 on: February 05, 2006, 02:18:32 AM »
My EFC was over $21k. I don't see how it matters that much, we are all just going to have to take out loans one way or another, unless we go to really cheap schools and/or have lots of savings which we plan to spend and/or get really good scholarships. EFC is code for, "you are paying for it, figure out how, i.e. get a private loan."

upNdown

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Re: EFC= $16000????
« Reply #7 on: February 05, 2006, 09:32:47 AM »
stafford caps at 18.5 per year.

My EFC was $0 (:) I didn't earn too much this year, woohoo for unpaid, "your-reward-is-experience" internships!!) so do you think I'd qualify for one of the $6,000/yr Perkins loans on top of that 18.5K? How does the Perkins work?

Yes, I expect you'd qualify for Perkins, but it isn't on top of the 18,500.  I believe the perkins limit is 8 grand, so if you got the full amount, you could take another $10,500 from the federal gvt. 

almuhajaba

Re: EFC= $16000????
« Reply #8 on: February 05, 2006, 10:40:49 AM »
the perkins is separate from the whole 18.500 figure.

I think you're referring to the subsidized stafford loan, which is capped at $8,500, and is part of the $18,500 stafford loan limit.

The Perkiins Loan is for low-income students, and has an even more favorable interest rate than the subsidized stafford. The most one can take out in Perkin's is $6,000 per year on top of the $18,500.

Typhoon Longwang

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Re: EFC= $16000????
« Reply #9 on: February 05, 2006, 12:50:30 PM »
the perkins is separate from the whole 18.500 figure.

I think you're referring to the subsidized stafford loan, which is capped at $8,500, and is part of the $18,500 stafford loan limit.

The Perkiins Loan is for low-income students, and has an even more favorable interest rate than the subsidized stafford. The most one can take out in Perkin's is $6,000 per year on top of the $18,500.

180

And don't bank on the Perkins.  The current administration has talked about eliminating the program and folding some of its funding into Pell Grants (I believe).