<p>The disadvantage to having a 0 EFC is that too many schools either can’t meet need at all…or they can’t meet need without lots of student loans. </p>
<p>IF a student borrows around $12k per year, and ends up with a debt of $50k, his monthly repayments are going to be about $600 a month for 10 years. That’s like 2 extra car payments ( in addition to a person’s own car payment) for 10 years. How many young workers can afford to pay for 3 car payments all by themselves?</p>
<p>It might not be so bad to have a 0 EFC if a student can live with his family and commute to a state school with low tuition, or can get accepted to a top ranked school that meets 100% of need without loans.</p>
<p>Personally, I don’t like low income kids taking out student loans because -</p>
<p>1) they are at most risk for needing to drop out before they get their degrees (making repayment often impossible.</p>
<p>2) their families can’t help with repayment of student loans</p>
<p>3) their families can’t often help them with unexpected expenses during their college - a pricey car repair or some other pricey expense - which can also lead to dropping out of school early.</p>
<p>What are your stats? Looking for merit money might also be a solution.</p>