Cant get college financial aid/loans due to high EFC?

Stafford Loans are offered to everyone despite their EFC. The government recognizes that many students may technically be “dependents” of their parents, but not receiving any financial assistance from them. The TYPE of Stafford Loans offered – Subsidized or Unsubsidized DOES depend on your EFC. If you have a high EFC, you will most likely be offered an Unsubsidized Stafford Loan, which means that interest will accrue on the loan while you are a student. Stafford Loans DO NOT involve credit requirements or income verification. The amount offered depends on the amount of credits you are taking and what year you are in school.

Are you declared a dependent on your parents tax forms? If not, you can probably qualify as an independent student which may give you more financial aid options. Good luck!

You can get Stafford loans unless you are currently in default or have reached your loan limits. Your parents info will be taken into account on your fafsa ( and thus boost your efc) until you are over 24, married, supporting a dependent, working on a masters or a veteran. It does not matter if you live on your own and your parents dont support you at all, they will still look at their income until one of the above happens.

You may want to review your fafsa application again. Just to make sure everything and number was entered correctly. You should still be able to qualify for student loans. Most loans are not based on your income, since it is a loan from the bank, they just look at your credit history.

I have never seen someone who didn’t qualify for a loan. Make sure you talk to someone in the financial aid office at the school you are attending. They may know of other options.

Even if you have a high EFC you should still be able to qualify for a Stafford Loan. It may be all Unsubsidized, but you should still be able to qualify for it.

You should talk to your financial aid officer for more information/guidance!

Good luck!

There are loans even with a high EFC. Ours is over $20,000 and my son still got a subsidized student loan and a perkins loan.