What exactly is the EFC of financial aid? - page 3

I applied for aid, and I just wondered if I was expected to pay all my EFC (expected family contribution) towards tuition and books, or does it also include cost of living expenses? I just thought... Read More

  1. by   perfectbluebuildings
    Ok, sorry... continue on with discussion... :imbar
    Last edit by perfectbluebuildings on Aug 20, '10
  2. by   FarmgrrlRN
    As far as EFC goes, you can appeal to be declared an independent student if you do not receive any support from your parents( & you are under 24 yo). For example, at my school you have to prove that your name is on the title to your car, show a copy of your lease, copies of your car insurance policies, etc. None of these can have your parents plus you have to explain why your parents aren't helping you. Also, once you're married you are considered independent and your parents have no influence on the aid you receive.
  3. by   studentnurse74
    Quote from FarmRN2Be
    As far as EFC goes, you can appeal to be declared an independent student if you do not receive any support from your parents( & you are under 24 yo). For example, at my school you have to prove that your name is on the title to your car, show a copy of your lease, copies of your car insurance policies, etc. None of these can have your parents plus you have to explain why your parents aren't helping you. Also, once you're married you are considered independent and your parents have no influence on the aid you receive.
    I am 29 and married with one child. My EFC is $5995. I spoke with a counselor at the school today, and she said that's just what they estimate you can pay. She told me I could probably get loans for most of it. :roll
  4. by   TinyNurse
    I've filled out fin app applications for the last 10 years of my life....
    your EFC is your expected family contribution
    if you have an EFC of more than 0 i'm sorry.;....... that's all i've heard of though. you and your family are suppose to make up what the govt. doesn't pay.
  5. by   career seeker
    Quote from studentnurse74
    Really? I saw there was a place for it, but it isn't required? I would like to change mine if that isn't needed!
    Whne I filed online one of the worksheets (B, i think) said to enter teh amount form line 16 of the 1040 so I did. When I looked through the paper book with the directions it said not to enter this amount if it is a 401K ( I am assuming since you can not draw from that money without great penalties, they do not figure it in as income)

    I would definately check with your financial aid office to be sure. It does make a big difference

    Heather
  6. by   dtp232323
    Quote from studentnurse74
    Thanks for the tip, but I'm afraid I didn't add home value. The only thing I put was what we had in our 401K, which I don't think is necessary to give them anyhow, since we won't be using that for school! I double checked, but no errors. [sigh]
    I called FAFSA, money in your 401k should not be added. You should call your school to make sure, but that is retirement money.
  7. by   luvs2readlotsRN
    My EFC is over $8,000. I thought that I might still be able to get unsubsidized Stafford loans.(I'm looking into it, meeting with FA this week). We'll see how it goes.
  8. by   luvmyguys
    hi!! I just wanted to add that filing to be independent "usually" doesn't happen. At least for anyone I know. I tried to file when I was 20 to go to school, I was working full time on my own. No support from either parent. And I was denied. I was told that that is for people who are "wards of the court" and 'special' circumstances. My fin. aid advisor told me (jokingly, but kind of serious) to get pregnant and then I wouldn't have to worry about anything!!! I ended up married at 23-but I still had to wait and couldn't go bc I had no $$$$. And bad debt bc my mom stole my Identity and trashed my credit. Anyways-good luck to you!!!!!!!!
  9. by   caribdiamond
    Oh my...

    My EFC is over $45,000!!!! YIKES!

    Well, I should explain - I was working full-time before deciding to go back to school and change careers. My husband is also working full time. We own our home, have investments, stocks, funds, etc...

    My BSN program is over $25,000 per year, but I did get a scholarship. However, it looks like I will be taking out a private loan this year.

    Good luck to everyone - don't fret over the finances - you will be able to pay it off, education is a great investment!

    ---Caribdiamond---
  10. by   MedVision
    Caribdiamond,

    I hope you are still checking this board! My EFC is over $40,000, I was also working fulltime before deciding to return to school. The school I've applied to is around $46,000 a yr. My husband and I definitely don't have $40k laying around for school or anything else!!!! I was curious how your situation worked out. Was it difficult getting aid?
    Anyone else in a similar situation please feel free to comment!
  11. by   CrazierThanYou
    This may or may not be relevant. In this past Sunday's edition of a metro newspaper, it said the government is raising students' EFC's due to the fact that the Dept of Ed is running out of financial aid money because of the huge increase in college students and those receiving aid.
  12. by   MedVision
    WOW....that is definitely not comforting!!!! Thanks for the info SuperSara!
  13. by   CrazierThanYou
    Quote from MedVision
    WOW....that is definitely not comforting!!!! Thanks for the info SuperSara!
    Sure. And you're right, it is definitely NOT comforting at all! I really hope things will start looking up for our country. And soon!

close