Law School Discussion

FAFSA - Expected Family Contribution

140am

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FAFSA - Expected Family Contribution
« on: February 27, 2006, 06:31:57 AM »
I just filled out the FAFSA on the Web application.  At the end it gave me a confirmation page to print out which had the following bit of info on it that concerned me:

"Your estimated Expedted Family Contribution (EFC) is: 12060"

I am hoping this is a code of some sort, and not a dollar value.  I am 26 years old.  My parents are not paying for any of the legal education I am about to undertake, and I was planning on paying for the entire thing via loans, meaning, $0.00 contirubtion from anyone who isn't named PNC/Wachovia/American Education Services/etc.

Does anyone know what this EFC is all about?

jeb240

Re: FAFSA - Expected Family Contribution
« Reply #1 on: February 27, 2006, 06:57:13 AM »
I am hoping this is a code of some sort, and not a dollar value.  I am 26 years old.  My parents are not paying for any of the legal education I am about to undertake, and I was planning on paying for the entire thing via loans, meaning, $0.00 contirubtion from anyone who isn't named PNC/Wachovia/American Education Services/etc.

Does anyone know what this EFC is all about?

It is a dollar value, but it holds almost no value in terms of law school.  Look at it this way -- a great deal of students who didn't have to work in college have EFC's of 0, and they are still expected to foot most of the bill on their own.  Your EFC is $12060.  But since you were already planning on paying it all in loans, it doesn't really matter for you.

140am

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Re: FAFSA - Expected Family Contribution
« Reply #2 on: February 27, 2006, 07:21:47 AM »
I am hoping this is a code of some sort, and not a dollar value.  I am 26 years old.  My parents are not paying for any of the legal education I am about to undertake, and I was planning on paying for the entire thing via loans, meaning, $0.00 contirubtion from anyone who isn't named PNC/Wachovia/American Education Services/etc.

Does anyone know what this EFC is all about?

It is a dollar value, but it holds almost no value in terms of law school.  Look at it this way -- a great deal of students who didn't have to work in college have EFC's of 0, and they are still expected to foot most of the bill on their own.  Your EFC is $12060.  But since you were already planning on paying it all in loans, it doesn't really matter for you.

Oh, I get it.  Law school is going to be much much more than $12060.  So I am expected to pay $12060 of it, but that doesn't have to be in cash -- I can still get a private loan to cover that amount?  If so that's fine.  Because There's no way I can save that much between now and August. 

So if I were going somewhere that cost less than my EFC, including tuition, other expenses and COL, I'd be expected to pay it all myself (via cash or private loan(s)), without any federal loans.

If I think I get it.  Because LS is so expensive, I can get the $18,500 and still need to contribute much more than my EFC.

Erapitt

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Re: FAFSA - Expected Family Contribution
« Reply #3 on: February 27, 2006, 07:37:57 AM »
Don't worry Kevdog, you are fine.  What they will do is they will have a number for living expenses, tuition, and other expenses.  Here in DC that number is around $43,000.  Then they will subtract your EFC, say around 13K in your case).  That brings us to 30K left.  Then they will max out your staffords $18,500, which brings us down to around $11,500.  Now, if you are applying for grants they will also take into consideration what your folks make, but when all is said and done you will be up for grant money etc....

140am

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Re: FAFSA - Expected Family Contribution
« Reply #4 on: February 27, 2006, 08:33:40 AM »
Don't worry Kevdog, you are fine.  What they will do is they will have a number for living expenses, tuition, and other expenses.  Here in DC that number is around $43,000.  Then they will subtract your EFC, say around 13K in your case).  That brings us to 30K left.  Then they will max out your staffords $18,500, which brings us down to around $11,500.  Now, if you are applying for grants they will also take into consideration what your folks make, but when all is said and done you will be up for grant money etc....

Right, it's about 43,000 for say, Villanova.  So those figures work.  If you don't get grants or anything else, can you borrow your EFC amount from a private lender?  That was my intention all along -- that I would be borrowing 100% of my costs.

Erapitt

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Re: FAFSA - Expected Family Contribution
« Reply #5 on: February 27, 2006, 08:40:50 AM »
Yeah, you can borrow whatever you want. 

140am

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Re: FAFSA - Expected Family Contribution
« Reply #6 on: February 27, 2006, 09:12:30 AM »
Then in that case, I will easily fulfill my EFC via a loan.

Thanks for the info guys.

tulpen

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Re: FAFSA - Expected Family Contribution
« Reply #7 on: March 01, 2006, 06:06:57 AM »
After reading this thread, I'm panicking a little. For some reason, my EFC is really high ($34,913). I make decent money as a paralegal, but I obviously won't be making any money next year. My husband is in grad. school but he had a good internship in NYC last summer and a bonus from that internship. So our income was kind of skewed last year.

Based on the above, I'll be able to get the standard government loan of $18,000 but what do I do about the rest? Can I get a private loan to cover the remaining amount or is that the part I'm expected to pay out of pocket based on my EFC? We'll be in NYC next year and due to cost of living issues, I don't see how we're going to swing $17,000 per year. Thanks!

Erapitt

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Re: FAFSA - Expected Family Contribution
« Reply #8 on: March 01, 2006, 06:25:28 AM »
Tulpen, my EFC is also very high compared to most.  Yes, you can take out private loans for anything you need additionally to the $18,500 in Stafford loans.  In fact, that is all you can do because odds are you won't get any grant money.

JaimeNina

Re: FAFSA - Expected Family Contribution
« Reply #9 on: March 01, 2006, 03:58:35 PM »
Well crap. My EFC was insanely high, i.e. more than the cost of attendance/year at every law school. Right now I make good money in political accounting, but I have not so much in savings because I live ina very expensive city and haven't been working that long. I think the problem is that I had a high net worth b/c I inherited some property, but I don't get any income off of it, and it's community property, so I couldn't sell it to pay for law school if I wanted to! Does this mean I don't get any federal money and I have to take it all out in private loans????   ??? :( :'(