<p>I will be turning 24 in June and filed my FAFSa for Fall 2008. I made $24k last year and my report said I have an EFC of $7k and no eligibility for federal pell grants. I'm wondering if perhaps I did something wrong in filling out the paperwork?? I am genuinely an 'independant.' I work full-time and support myself. My rent and utilities alone account for 50% of my income. Factor in commuting costs for my job, groceries and living expenses...and I just don't see how I'm supposed to have managed to save up $7k....Is it possible that I made a mistake somewhere in there? Or is this a normal EFC for an independant student with my income?</p>
<p><a href=“http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf[/url]”>http://www.ifap.ed.gov/efcformulaguide/attachments/111408EFCFormulaGuide0910.pdf</a></p>
<p>look at the formula’s and worksheets/tables for independent students (assuming you have no dependents)</p>
<p>Wow. Looks like that is right. That’s absolutely ridiculous. I mean I see it on paper but how exactly I’m supposed to live with $7k of my income taken away is beyond me. I just barely make ends meet as it is. Looks like I will be taking on more loans than I had wanted to. Fantastic.</p>
<p>EFC is usually about 1/3 of the income, so $7k is perfect. Independent students are judged pretty harshly. My income for a family of 3 is about the same, but our EFC is 0.</p>
<p>appliannot, but your family of 3 is living on the same amount as the independent student. Your EFC should be 0!</p>
<p>Single independent students have much less income protection that parents - around $7,000 plus a little more in allowances for taxes and FICA. After that 50% of the remaining income goes to the EFC.</p>
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EFC is usually about 1/3 of the income, so $7k is perfect. Independent students are judged pretty harshly. My income for a family of 3 is about the same, but our EFC is 0.
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You probably qualify for the automatic 0 EFC (income under $30,000 plus some other criteria). Independent students without dependents other than a spouse are not eligible for the automatic 0 EFC.</p>
<p>So how exactly am I supposed to afford to not be homeless and go to college? lol. Oh well such is life. I thought maybe I missed something on the forms. haha. No such luck! Thanks for the replies anyways!</p>
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<p>Sorry, that’s what I meant to say. I meant to show the OP why his/her EFC is so high: it’s because he/she is independent without a family. I was trying to show him/her how much adding a dependent changes the game.</p>
<p>Well many kudos for stretching it across 3 people. I have no idea how you manage! I’m in the market for a second job as it is and I only support myself.</p>
<p>The EFC is counted towards your entire Cost of Attendence, not just tuition. The COA includes rent, food, transportation, etc.</p>
<p>"The EFC is counted towards your entire Cost of Attendence, not just tuition. The COA includes rent, food, transportation, etc. "</p>
<p>That’s a good point. The 7K you’re expected to pay (if the school meets full need) may be less than you’re already paying for rent and food.</p>
<p>Where are you applying? What’s the COA, and how much do they estimate for room/board off campus?</p>
<p>I’m going to community college. The cost of attendance is estimated at $13000 or so for independent students. So it works out to about half. I should be able to get subsidized/unsubsidized stafford loans to cover the actual tuition, books, etc etc. The schools estimate of $6000 for room and board is low…but if I have my income to cover all of that and loans to cover the actual bills from the school I should be OK. I know there are ways for me to pay because the cost of attendance is so low. I was just really shocked when I saw that because I don’t feel like my income is high enough to have an EFC of $7000.</p>
<p>OK-- so if the COA is 13K and, with 5K tuition, 6K r/b and 2K misc and books, and EFC is 7K, your need is 6K (13L COA less the 7K EFC). The 6K will likely be met through a combination of subsidized and unsubsidized loans, and maybe a small grant.</p>
<p>So you take out student loans for tuition and books-- and if you’re able to continue working to support your room/board, it looks like it will work.</p>
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<p>Work full time, school full time, and a second job? Sounds like a recipe for a low gpa and not graduating on time, which will not help you in the long run! Can you talk to your employer about a raise or tuition reimbursement? Can you get a roommate or rent a room to save on living expenses?</p>
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<p>It’s not easy! My mom is taking a forced 10% pay cut this summer and she had to take three unpaid days off. We’re down to $20,600 for the year. But I’m competitive for scholarships and I definitely qualify for need-based aid, so I’m comfortable with my college situation, at least.</p>
<p>Thanks for the concern sk8rmom. The second job is only for the summer to try and get a small savings built. I’ve worked full-time since I was in high school and went to college full-time/worked full-time when I decided to go to college through the 2007-2008 school year. I did well, I had a 3.8 GPA and was an honors student. I don’t really have any option but to work full-time while pursuing my education. It is difficult and tiring at times but it’s what I have to do so I just hunker down and do it. I won’t be eligible for a raise until August of this year and I already know it will be 3%. Tuition reimbursement is an option but only if I pay out of pocket. I’d much rather just take out the loans and not have to stretch myself that thin financially. And I do already have two roomates. Cost of living is just high in the Boston area.</p>
<p>Typically, paying your tuition with loans is considered out of pocket to most employers. Therefore, you can pay your tuition with the loans and then use the reimburement from your employer to repay the loans. Many of my adult students do that all the time…just use the loan money to get them by until the reimbursement is received.</p>
<p>Well that’s good to know. I’ll have to check with my employer and see specifically what their policy is. I know I don’t get any reimbursement until I finish the course and then the reimbursement is a percentage based on my grades.</p>
<p>Jamelle, I don’t have any real advice other than to say, YOU GO GIRL. </p>
<p>I know it’s rough out there but from the little I’ve read here, you are doing everything right. This too will pass and you will emerge all the better for it. </p>
<p>I just wanted to wish you well</p>