<p>Does the EFC include the amount you are expected to borrow in Stafford loans and Parent Plus loans etc or is that extra on top of your calculated EFC, ie we have a fairly high income due to fact I work 2 jobs to cover things, our EFC per on line calculator is about $25000, does that include what we can borrow in Staffords dont have good credit so denied parent plus or is it $25000 + the approx $10000 we will have to take in Staffords?
Sorry we are new to this</p>
<p>The EFC is what your FAMILY is expected to contribute towards your kiddo’s education. The Stafford loans are in the kid’s names…not included in the EFC.</p>
<p>And don’t forget that not all schools meet full need with grants. Some schools will needs with loans and some schools will not meet your need at all. It is important that you research schools and find a financial safety that your child (assuming you are a parent) will love attending.</p>
<p>The EFC isn’t necessarily what you’re expected to pay. It’s just a number that determines what aid you might be eligible for, if any. In any case, any loans you have to take out are not included in the EFC. (Although, that doesn’t preclude the possibility that you might also have to take out loans merely to meet your EFC. Some families find their EFC impossible to meet without loans.) </p>
<p>But the basic thinking is that the EFC is what you can pay. The remaining amount required to pay for college may come from grants, loans (student & parent), and/or work.</p>
<p>What schools is your child looking at.</p>
<p>With an EFC of $25k, most schools won’t give you anything but loans and a gap.</p>
<p>*</p>
<p>our EFC per on line calculator is about $25000…</p>
<p>Sorry we are new to this *</p>
<p>You posted the following last spring…</p>
<p>*</p>
<p>Daughter was admitted to Mount St Marys Los Angeles, luckily MSMC give some sort of scholarship ours was $12000, but our federal funding is only about $5000 with other things we stillhave to come ypwith $18000 a year to cover her *</p>
<p>Is your child in school now? Don’t you already know the answers to these questions. Don’t you already have a REAL EFC?</p>
<p>The EFC did not really seem to be considered and payments were too much</p>
<p>^^^</p>
<p>Schools don’t really need to so ANYTHING with EFC except determine whether you qualify for any federal aid.</p>
<p>Most schools don’t meet need and gap.</p>
<p>Many people mistakenly think a school is going to take their EFC and give them free money to pay the rest. That doesn’t happen at most schools. Most schools only have federal aid to give - which as you know isn’t much.</p>
<p>Is your child doing a gap year?</p>
<p>But…didn’t you say that your EFC was $25k and you were expected to pay $18k? How can you say that your EFC wasn’t considered??? Your need was more than met AND your $25k EFC was effectively reduced to $18k.</p>
<p>
</p>
<p>What do you mean by this? As Mom2 pointed out…if your EFC was $25K and you were asked to pay $18K, your need was met…it was MORE than met.</p>
<p>Your EFC is the minimum amount your FAMILY would be expected to pay for college. MOST schools do not meet full need…so you would be paying your EFC, plus whatever gap there was between that and the cost of attendance.</p>
<p>Another thing about FAFSA EFC, it really is used primarily for the awarding of federally funded need based aid. With an EFC of $20K or so…the ONLY federally funded aid you would be eligible for would be the Stafford Loan.</p>
<p>It doesn’t sound like you are “new to this” at all…it sounds like you are not happy with the aid your kiddo has this year. But really, did they ask you to pay MORE than your EFC…no, they asked you to pay LESS.</p>