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<li><p>my efc is $5,000. I know it means that my family has to come with 5k. But i was wondering does this mean that the respective college will fill most of the void between the COA and the EFC? Like i got into the u of Minnesota CLA. And i want to be independent and get my own apartment. Im assuming COA will border around 24k so i was wondering if that means that the U will cover most of the COA thru fiinancial aid, grants, or loans? </p></li>
<li><p>Also im planing to get a job as a Certified nursing assistant(cna) as a part time job and work 25 hours a week while going to the U of M. As i work towards my bachalors in nursing. Im aware of work reimbursement and sponsorships available if i work thru certain hospitals. I plan to get a small studio near the college. Do u think if i have this job i can afford to live on my own and go to school?</p></li>
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<p>Main thing EFC is used for is to qualify for Pell grants.
Otherwise, it is up to the college.
Most colleges do not meet all of need, so your college expenses may well be well over $5,000.</p>
<p>Rules governing independence are strict.
[Can</a> I be Independent for Financial Aid Purposes? - Ask The Dean](<a href=“http://www.collegeconfidential.com/dean/archives/can-i-be-independent-for-financial-aid-purposes.htm]Can”>http://www.collegeconfidential.com/dean/archives/can-i-be-independent-for-financial-aid-purposes.htm)</p>
<p>If you can be awarded work study, you may be better off than if all your work hours were outside of the college, because work study income will not be considered next year when determining need.</p>
<p>Emeraldkitty was being optimistic when she said expenses may well be over $5K. MOST schools do not meet need so you will be paying more than $5K. Also, MOST schools only offer federal financial aid so you will pay owe everything not covered by a grant. What is Uof M? What is the COA?</p>
<p>U of M = Univ. of Minnesota</p>
<p>Your earnings from your job will have to cover rent, utilities, food, and any other expenses like your car if you have one. The U of MN does not guarantee to meet full need for its students. SO some of your earnings will have to pay any gap between the aid you are offered and the cost of attending. You will be guaranteed a direct loan of $5500, and with an EFC of $5000 you will get a a very small (a couple hundred dollars) Pell grant. Beyond that it is very hard to predict what you will receive in need based aid from your college.</p>
<p>I would suggest you run the net price calculator for U of MN to get an estimate. </p>
<p>Are your parents able to help you at all with college costs?</p>
<p>i only live with my dad and and estranged from my mother. my father is my only family help that i COULD get. He is currently looking into buying a house with his girlfriend and i dont want to have to bother them too much with expenses thats why i want to get only feet. My dad could at most cover a couple of thousand but most of it will be on me.</p>
<p>Also this may sound like a stupid question but do i have to pay back while attending college or after im done can i pay them back with loan money</p>
<p>You can borrow $5,500 in federal loans your freshman year, and you won’t need to pay that back until you leave or graduate.</p>
<p>" my efc is $5,000. I know it means that my family has to come with 5k" Nope, not at all. Very few, if any colleges will just let you off the hook for the just the rest. All that $5k does is make you eligible for a little bit of PELL and, yest the $5500 of federal loans. That’s it. The rest is up to the school. Also half of what you earn next year over a given threshhold ($6K? not sure the exact amount) will go on your next year’s EFC as well as any money/assets sitting around. Your assets will be hit up 20 cents to the dollar, those sitting there on the day you are filling out FAFSA.</p>
<p>As THumper says, UMN does not guarantee to meet need It usually does not. So whether you can make a go of it or not, depends on your financial aid package and how much you can make. If either parent lets you have a room and some meal/living expense subsidiation, it can make a big difference in your expenses. Room and board are about $7-10K a year, or more. You have a car? it’ll be more.</p>