FAFSA - Expected Family Contribution Question

[grinningghost]

Just finished the FAFSA - I was shocked at what our EFC is!

Will I have to rob a bank to finance my DD's education? Or is it possible that will change?

 

[thewishfire]

I just filled out my FAFSA's too, and am hoping it won't go up.

I'm not sure if the EFC is just an estimate or not. Even if yours won't go down, I don't think they include things like Pell Grants and such. Of course there's always scholarships and loans too. I'm trying to do whatever I can to not have to take out any loans. Also, some schools have their own financial aid forms, so you might want to check that out as well.

 

[BethR]

No...the EFC is the estimated Family Contribution! AFTER all of the expected grants and scholarships. If you get a scholarship that they were not expecting, it will decrease your financial "need."

It is crazy!

Here is website for anyone who does not know how they or their children will pay for school:

www.myrichuncle.com It puts you in touch with legitimate low cost lenders...

Good Luck!!!

 

[The Mystery Machine]

I did the prelim thing just for fun...I think it was like we had to pay the first 47,000+ or something like that ....

Gee...how generous. Of course this was just one of those "pre" things so the real thing should go down a bit...

My dd is going to have to work, take out loans, and we will pay what we can.

 

[crazyme5kids]

I did the prelim thing just for fun...I think it was like we had to pay the first 47,000+ or something like that ....

Gee...how generous. Of course this was just one of those "pre" things so the real thing should go down a bit...

My dd is going to have to work, take out loans, and we will pay what we can.

Yep that's what my son is going to be doing too. I'm not even going to fill out the FAFSA, it will just be a waste of time.

 

[Buckalew11]

My sister just finished doing this and her reaction was the same! It is really overwhelming for me to think about!

 

[LindaR]

BethR, the EFC that you get when you are finished filling out the FAFSA, does not take into account scholarships or any other grants or work/study. The FAFSA will automatically be sent to the schools you listed (the ones your child is applying to) and that school will send you info which says......if we give Junior this scholarship and he does work/study.....that leaves $$$ that you will be expected to pay.

Mine came back right away and said that we did not qualify for any Pell Grants. We are just waiting for each school to put their info together so that we can see what each one has to offer.

 

[BethR]

You know, you are right Linda. I guess what I was thinking about was financial NEED as determined by the school.

I just remember that when DD got a small local scholarship, that they then subtracted that from her financial NEED and she then went from being able to get subsidized loans to getting unsubsidized loans. So we had to wonder if that $1000 scholarship was worth it?

 

[druidia]

Yep that's what my son is going to be doing too. I'm not even going to fill out the FAFSA, it will just be a waste of time.

I wouldn't recommend this. I think in order for your son to be awarded even Stafford loans, you have to fill out the FAFSA and your need calculated. That will determine how much of his loan award is subsidized and how much is unsubsidized. The more sub'd, the better for him.

Granted I graduated in 1998, but that's how my Staffords worked. Had to fill out the FAFSA every year no matter what.

Good luck to all of you...the FAFSA need calculations seem like such a joke, don't they? There's no way my parents could have afforded our EFC. I had to loan it the whole way through college and my brother is doing the same thing. Lucky for him the int rates are much lower now than when I was in.

 

[froglady]

I just tossed the forms in the trash.

My SIL & BIL had two children in college at the same time (vs our one) make less money than we do, and were still paying a mortgage, and THEY didn't qualify.

 

[caitycaity]

please, please fill out the forms, even if you don't think you will qualify. you have to fill them out to get federal loans. federal loans allow you to defer paying them back until after the student graduates.

my dh and i make a decent amount of money and i qualified for a ton of money in federal loans last year (sub and unsub combined). you never know.

you don't have anything to lose by filling it out and seeing what they offer. you don't have to accept the loans if you decide you do not want to go that route.

 

[jsmith]

YOU have to fill out the forms to be eligible for any type of aid-including academic and other types of scholarships-whether it is a "waste of time" or not-also your student cant get loans approved if you do not fill out a FAFSA.

 

[caitycaity]

YOU have to fill out the forms to be eligible for any type of aid-including academic and other types of scholarships-whether it is a "waste of time" or not-also your student cant get loans approved if you do not fill out a FAFSA.

"The FAFSA (Free Application for Federal Student Aid) is the first step in the financial aid process. Use it to apply for federal student financial aid, such as Pell grant, student loans, and college work-study. In addition, most states and schools use FAFSA information to award their financial aid. "

i really don't understand why someone would just not fill it out. it is like saying "i don't want any loans or scholarships."

 

[tar heel]

It's not true that you have to do the FAFSA to get any type of scholarship. I've never done a FAFSA, and my son had an academic scholarship for four years.

 

[grinningghost]

OK, you guys have answered alot for me so far. Can I throw another question at you?

Will all these other loan services/etc. take into consideration the money we OWE to other things - mortgage, utilities, credit cards, etc.? Because if they really believe I can afford 50 grand a year out of my pocket - they're nuts.

 

[Cindy B]

I just filled out my FAFSA. Yes, I don't make a lot of money, but I didn't qualify for a Pell !

But it is worth filling out just to see what I can get loan wise (subsidized and unsubsidized)

I did find out something interesting though. I am down to no income because of going to school full time. I can adjust my FAFSA once I know how my lack of income effects my EFC.

 

[Aimeedyan]

Both schools I attended refused to consider you for ANY scholarship (merit based included) if you didn't have a FAFSA on file each year. I'm sure each school has different requirements but just be sure and read that fine print so you don't shoot yourself in the foot!

I agree the FAFSA is a joke; the amt they thought DH and I would be able to contribute made us laugh out loud but without taking the time to fill it out, we wouldn't have received ANY merit based scholarship nor AND federal loans. Def worth the hassle to avoid private loans!

 

[caitycaity]

It's not true that you have to do the FAFSA to get any type of scholarship. I've never done a FAFSA, and my son had an academic scholarship for four years.

some schools may not require it, but a lot do. my alma mater requires it in order to get merit aid. (at least it did when i was there).

i don't have to fill it out for my grad program's merit aid.

 

[LindaR]

Once a school makes an "offer" and states what everything (aid, scholarships, etc) they would offer and you know that your amount is $$$, then that's when you can call and talk directly to the financial aid office of the school that your kiddo is applying to. You can discuss your financial situation, and if you don't lose your cool, most places will give you a chance to "prove" (copies of financial statements) what you can afford and cannot afford. That does NOT mean that they will automatically give you more aid, but they DO have the ability to adjust what they give you, if they are so inclined. Now think about it, EVERYONE will SAY that they can't afford the EFC to try to avoid loans............but some folks can afford a little more than others. The aid office has the ability and means to make some adjustments if they feel it is necessary.

 

[Michie]

OK, you guys have answered alot for me so far. Can I throw another question at you?

Will all these other loan services/etc. take into consideration the money we OWE to other things - mortgage, utilities, credit cards, etc.? Because if they really believe I can afford 50 grand a year out of my pocket - they're nuts.

I am sorry, but no Sorta like Uncle Sam, taking out all those deductions out of your paycheck they don't care!

Grinningghost, have you thought about selling a kidney?