What exactly is the EFC of financial aid?

bbear · May 5, 2004

One of the problems with the Expected Family Contribution (EFC) aspect of financial aid is that it assumes that all parents are willing to help pay for their child's college. My parents are not willing and it always seemed a little discriminatory to me that I should be punished because my parents' values differ from mainstream society. :rolleyes:

Anyway, my wife and I did a lot of calculating when I decided to go back to school to pursue a second career in nursing. We figured out that the only way we could make it work was if we both returned to school. With both of us being full-time students (with 6 kids under our roof) our EFC has always been zero, plus we max out on other available aid, such as Pell grants, FSEOG, etc.

If the system doesn't work for you, I guess you just have to be creative in making your circumstance work for the system. :)

perfectbluebuildings, BSN, RN · May 5, 2004

...................

perfectbluebuildings, BSN, RN · May 5, 2004

Ok, sorry... continue on with discussion... :imbar

FarmgrrlRN · May 6, 2004

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.

studentnurse74, LPN, LVN · May 6, 2004

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

TinyNurse, RN · May 6, 2004

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.

career seeker · May 6, 2004

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

dtp232323 · Jul 23, 2007

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.

luvs2readlotsRN · Jul 23, 2007

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.

luvmyguys · Jul 23, 2007

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!!!!!!!!

caribdiamond · Jun 1, 2008

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---

MedVision · Feb 10, 2010

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!