<p>My parents are currently in chapter 13. I'm going to apply to a full ride scholarship soon, and one of the requirements are that my EFC has to be zero. If my parents filed chapter 13, does that automatically make my EFC zero? There have a good income, my parents make good money, so what do you think will happen once I file my fafsa? </p>
<p>Thank you so so much!</p>
<p>No, declaring bankruptcy will not necessarily give you a 0 EFC. FAFSA takes both income and assets into account but income is the primary source of EFC for most people. You and your parents should run your numbers through the EFC calculators to see what your EFC will be. College board has one or you can do the fafsa4caster which will allow you to save a profile to use later when you actually file FAFSA.</p>
<p>Your parents will likely be ineligible for loans to help you with your education. Make sure you’ve got some financial safeties to apply to.</p>
<p>Bankruptcy has no effect on your EFC and debts are not taken into account by FAFSA. So no you will not automatically have a 0 EFC.</p>
<p>The automatic 0 EFC requires a parent income of below $30,000 a year plus meeting one of several other criteria.</p>
<p>I’m very disappointed, and I don’t know what to do. I just did one of those quick EFC calculators, and apparently my EFC is 17000. My parents are in chapter 13 though, how will I be able to afford college? I can only take out 5500, on stafford loans, so what am I supposed to do?</p>
<p>Perhaps since your parents are in bankruptcy you should look at your local CC.</p>
<p>Well, if your parents are in bankruptcy, then will their debts be erased?</p>
<p>If so, then they should have more money to spend on college because less money will be going towards debts.</p>
<p>Until now, much of your parents income has gone towards monthly debt payments. If those are gone, then they should be able to help more with college.</p>
<p>As your parents how their monthly debt payments will now change.</p>
<p>BTW…</p>
<p>What are your stats?</p>
<p>Maybe you could get a merit scholarship somewhere.</p>
<p>What state are you in? Do you live close to a state school?</p>
<p>I think chapter 13 simply gives the debtor time to pay off debts and the court decides the interest/payments, etc. -it does not erase the debt.</p>
<p>Have you discussed this with your parents? Hopefully they, and their attorney, are planning to reorganize their finances so that some income is available to help you. Are you looking at schools that would give you merit scholarships (without a need component)? If you post your stats, state, and academic interests, perhaps someone here can suggest schools to consider.</p>
<p>^^^</p>
<p>Yes, you’re right…I wasn’t thinking about the chapter 7 vs chapter 13 differences.</p>
<p>Well, if the parents’ position is that they can’t contribute anything for college, then the student only has a couple of options - depending on his stats.</p>
<p>1) if stats are high, then some big merit scholarships are possible.</p>
<p>2) if stats are not high, then commuting to a very low cost public or community college may be the only answer.</p>
<p>Are you in Oregon?</p>
<p>What are your stats?</p>
<p>I know that they will not be able to contribute basically, anything. They screwed up real bad, and now I’m in a bad position. I live in Portland, Oregon. My top choice school would have been University of Washington, but I’m understanding now that it won’t happen. I really do not want to go to a community school, and I’m going to try that at all costs.
Right now my GPA is 3.7, and I’m hoping if I get super good grades this year, it’ll go up higher. I’m a taking a few AP classes, so it MIGHT go up to a 4.0. I took the ACT and I got a 28, and for the SAT I got a 1750. I’ve taken multiple SAT classes this summer…so maybe it might go up a bit when I take it again.</p>
<p>School acceptances come out before senior grades can have much impact on GPA. Only half a year of senior grades get included for transcripts sent after first semester.</p>
<p>Your best bet is increasing your test scores. Those are what will net you merit money. </p>
<p>So, take the SAT and ACT again and apply to schools that give big merit for stats. Small merit won’t help. </p>
<p>What school can you commute to?</p>