How is EFC calculated for graduate students?
The FAFSA calculates your EFC based on a combination of questions regarding your earnings for the previous year, and what you own. This can include real estate (including and in addition to the home you live in), trust funds, how many people live in your household, and number of dependents.
Does EFC matter for grad school?
Your EFC is a dollar amount that reflects how much you can afford to pay for college/grad school for the following academic year. The lower your EFC, the more aid you’re eligible to receive.
Does EFC affect Grad PLUS loan?
Need-based loan programs are not available to graduate students, so your EFC does not impact the type or amount of loans we offer to you.
Is an EFC of 4000 Good?
So, a lower EFC is more beneficial. For a student with the average American household AGI of $50,000, their EFC typically ranges from $3,000-$4,000. Very wealthy families may receive an EFC that is greater than the cost of an expensive private university.
Is there a different FAFSA for graduate school?
While the FAFSA for grad school has slightly different requirements than it does for undergraduate students, it can help you qualify for grants, work-study programs and federal student loans. To get the maximum amount of financial aid you deserve, apply as early as possible.
How does financial aid work for grad school?
Aid options: Graduate students have different loan and aid options than undergraduate students. As a graduate student, you are ineligible for direct subsidized loans. The only loans you can qualify for are direct unsubsidized and grad PLUS, so you’re responsible for all interest that accrues on your loan.
Is there a limit on Grad PLUS loans?
The Graduate PLUS Loan can cover the full cost of attendance for your graduate program, with the exception of other financial aid received – like scholarships, fellowships, grants, etc. There is no aggregate loan limit.