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Author Topic: Wtf FAFSA?  (Read 2110 times)

techpers0n

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Wtf FAFSA?
« on: January 02, 2008, 08:00:25 PM »
I never did the FAFSA in college b/c my parents would not have qualified anyways, but I just finished it today and it spat out an estimated EFC of 18k. WTF? How do they figure that I have 18k just sitting around.

Hammerstein

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Re: Wtf FAFSA?
« Reply #1 on: January 03, 2008, 08:09:10 PM »
I'm not sure how the EFC works.  I don't think anyone knows.

18K is fairly low, though, so it might help you out with a bit more need based aid.
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ghil04

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Re: Wtf FAFSA?
« Reply #2 on: January 08, 2008, 06:53:17 AM »
I checked the Collegeboard calculator (http://apps.collegeboard.com/fincalc/efc_welcome.jsp?noload=Y) and it gave me 17.5k for federal and 6k for  institutional.   It seems pretty reasonable considering the amount of wages I made in 2007.  Anyone have an idea as to how much I could expect in aid with that EFC? 

futurelawstudent2011

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Re: Wtf FAFSA?
« Reply #3 on: January 21, 2008, 10:12:54 PM »
Mine spit out a whopping $69k!!!!!!!!!!!!!!! WTF??!! Does the FAFSA not realize that we SPEND our wages from 2007 on things like, oh, rent, and food, and transportation? And that cost of living in my state is some of the highest in the country?

Does this mean I will be eligible for anything at all? My spouse will likely not even have a job next year when we move for school... yargh.

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$Bill

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Re: Wtf FAFSA?
« Reply #4 on: January 21, 2008, 10:48:35 PM »
Total Estimated FM Contribution =     $     3,242

Show Detail
Institutional Methodology (IM) Results
Total Estimated IM Contribution =    $    5,317

is that good?  what does it MEAN

Hammerstein

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Re: Wtf FAFSA?
« Reply #5 on: January 22, 2008, 12:54:41 AM »
Mine spit out a whopping $69k!!!!!!!!!!!!!!! WTF??!! Does the FAFSA not realize that we SPEND our wages from 2007 on things like, oh, rent, and food, and transportation? And that cost of living in my state is some of the highest in the country?

Does this mean I will be eligible for anything at all? My spouse will likely not even have a job next year when we move for school... yargh.



At a lot of the schools you've listed, you also need to fill out Need Access, which uses a different set of formulas to calcuate expected contributions.  In addition, many of them probably have a seperate, insitution specific form to fill out.  Schools will take all of this into account.

With that said, the FAFSA assumes that you will spend all savings and a portion of your income on school.  You'll still be able to borrow unsubsidized stafford loans no matter what, which are still not as unreasonbly priced as some private loans.  You can get, I think, $20500 a year in Stafford loans.

A low EFC qualifies you for subsidized stafford loans and (rarely) Perkin grants.  Subsidized loans have the government pay your interest while you're in school, so you save some money that way.
CLS 2011.  All done.